Segmentation by Type (Palmprint, and Palm Vein Biometrics); by Component (Hardware, Software, and Services); by Technique (Line-Based, Subspace-Based, and Texture-Based); by Application (Security, User Authentication, Time & Attendance, and Others); and by End-User Industry (BFSI, Healthcare, Government, Home Security, Commercial Security, Education, Military & Defense, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2035
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The global palm recognition biometrics market is estimated to garner a revenue of ~ USD 2 Billion by the end of 2035 by growing at a CAGR of ~22% over the forecast period, i.e., 2023 – 2035. Further, the market generated a revenue of ~ USD 1 Billion in the year 2022. The growth of the market can be attributed to the rising concern for data and asset security amongst government organizations, banks, enterprises, hospitals, telecommunication organizations, and, individuals, among others, are endorsing for greater use of advanced biometric verification systems. Hence, the rising number of banks is also expected to boost the demand for palm recognition biometrics across the globe. As of 2021, approximately 100 thousand scheduled banks were observed to be functioning in India alone.
In addition to these, the global palm recognition biometrics market trends include the increasing number of crimes worldwide, as well as the need for forensic organizations to adapt to technologies that can help them stay ahead of criminals. Additionally, the adoption of biometric technology by the FBI is further anticipated to be a major growth factor in the market. There is escalating need for accurate patient identification systems in the healthcare sector, which in turn is anticipated to promote the demand for palm recognition biometrics over the forecast period. Furthermore, the higher accuracy rate of palm recognition biometrics, and the need for touchless palm recognition biometric systems amidst the emergence of COVID-19 as a global pandemic, are some of the additional significant factors anticipated to raise the demand for palm recognition biometrics in the coming years.
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~22% |
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Base Year Market Size (2022) |
~ USD 1 Billion |
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Forecast Year Market Size (2035) |
~ USD 2 Billion |
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Regional Scope |
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Growth Drivers
Growing Prevalence Cybercrimes to Boost the Market Growth – cybercrimes are generally committed via the internet which to break palm recognition biometrics, a hacker needs physical access to it. This factor is a major restraint between a security system and a hacker. Hence, the surge in cybercrimes is projected to hike the market growth over the forecast period. For instance, in 2022, around 200,000 cybercrimes took place across the globe.
Rising Cases of E-commerce Fraud – a surge in the cases of E-commerce fraud is stated to drive the market growth since biometrics are difficult to copy and use for malicious activities. Hence, the number of E-commerce fraudulent can be reduced using Recognition Biometrics. For instance, in 2022, approximately USD 40 billion were lost to online payment fraud around the world.
Increasing Biometric Payment Method – nowadays, people prefer online methods to make payments. Online payments are more convenient and safer than using real money. For instance, in the United States, around 72% of people were ready to use fingerprint authentication than PIN code in 2021 while this figure for Saudi Arabia was anticipated to be around 88%.
Growing Sales of Smartphones across the Globe – fingerprints and biometrics are highly utilized in smartphones nowadays to enhance the security of these devices. For instance, the unit sales of smartphones were projected to be around 1.5 billion in 2021 while nearly 1 billion mobile phones were shipped across the globe.
Challenges
The global palm recognition biometrics market is segmented and analyzed for demand and supply by type into palmprint and palm vein biometrics. Out of these segments, the palmprint segment is estimated to gain the largest market share in the year 2035. Palmprint recognition authentication systems are based on the information that has been acquired from the palm imprints of an individual. The key advantages of using palmprint recognition are its user-friendly nature and greater flexibility. Palmprints are used in the applications such as criminal, forensic, or commercial. For instance, it was estimated that 30% of the latent prints found at crime scenes come from palms. Upon the outbreak of the coronavirus pandemic, these palm recognition systems observed a significantly high demand from various end-users for their contactless authentication properties The palm vein biometrics segment, on the other hand, is also projected to grow by holding the second-largest share of the segment. Palm vein recognition authentication systems measure the vein patterns and utilize infrared light to map the vein structure underneath the skin of an individual’s palm. Moreover, as palm vein biometric systems use a contactless authentication technology, hence it finds massive utilization in hospitals and other environments where hygiene is a key factor.
The global palm recognition biometrics market is also segmented and analyzed for demand and supply by component into hardware, software, and services. Amongst these three segments, the hardware segment is expected to garner a significant share in the year 2035. The common examples of hardware associated with palm recognition biometrics are readers, scanners, cameras, and others, out of which, the scanners segment was projected to cross USD 16 million in the year 2021. Hardware palm recognition equipment is good for integration, training, and maintenance. Additionally, the digital cameras segment is anticipated to reach approximately USD 1 billion in 2023.
Our in-depth analysis of the global palm recognition biometrics market includes the following segments:
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By Type |
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By Component |
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By Technique |
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By Application |
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By End-User Industry |
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The North American palm recognition biometrics market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2035. The growth of the market can be attributed majorly to the increasing implementation of facial recognition and biometric payment systems in the region which is mainly installed in banks, offices, and other organizations. Apart from that surge in the regional population to purchase mobile phones and laptops with robust security features is further expected to propel the market growth over the forecast period. The United States is estimated to be the world’s largest region with smartphone users. For instance, as of 2021, nearly 300 million smartphone users were noticed to be living in the United States.
The Asia Pacific palm recognition biometrics market, amongst the market in all the other regions, is projected to hold the second largest share during the forecast period. The growth of the market can be attributed majorly to the increasing population in the region which is anticipated to boost smartphone sales and financial activities. Higher penetration of the internet in the region is anticipated to flourish these activities over the forecast period. Hence, such factors are expected to propel the market growth over the forecast period.
Imprivata, Inc. announced that it has launched the touchless biometric palm scanner, a solution designed by the joint expertise of Keyo, Inc. along with Imprivata. The touchless scanner is aimed at enabling healthcare organizations to ensure that clinicians have the access to the correct records of the patients.
BioSec Group ltd. announced that the integration of its LifePass biometric authentication middleware with the SIPORT access control and time tracking system of Siemens is under process. The integration of the middleware system of BioSec would benefit Siemens SIPORT system with the functionalities of palm vein recognition technology.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: Growing prevalence of cybercrimes to boost the market growth and growing sales of smartphones across the globe are the major factors driving the market growth.
Ans: The market is anticipated to attain a CAGR of ~22% over the forecast period, i.e., 2023 – 2035.
Ans: Lack of awareness regarding IBS treatment and the side effects of IBS drugs are estimated to be the growth hindering factors for the market expansion.
Ans: The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Ans: The major players in the market are BioSec Group Kft., Fujitsu Limited, iDLink Systems Pte Ltd., M2SYS Technology, Identytech Solutions America Inc., Mantra Softech (India) Pvt. Ltd., Redrock Biometrics, Matrix Comsec Pvt. Ltd., and others.
Ans: The company profiles are selected based on the revenues generated from segments, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by type, component, technique, application, end-user industry, and by region.
Ans: The palmprint segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
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