Palm Vein Scanner Market Size & Share, Growth Forecasts 2035

Global Market Size, Forecast, and Trend Highlights Over 2023 - 2035

Palm Vein Scanner Market size is poised to surpass USD 2 Billion by the end of 2035, growing at a CAGR of 22% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of palm vein scanner was USD 500 Million. The growth of the market can be attributed to the higher efficiency of palm vein technology. The false rejection rate of palm vein technology is around 0.01%, which is significantly lower when compared to the 2.6% rate of facial recognition. Furthermore, the overall accuracy of palm vein is 260 times higher than other recognition mediums. The better efficacy of palm vein technology over other technology is to increase its adoption.

In addition to these, another factor that is believed to fuel the market growth of palm vein scanner is government initiatives to provide unique cards to citizens. Government-issued identification cards are frequently used as the main kind of identity verification. Authorities can provide a higher level of precision and security in confirming an individual's identity by integrating palm vein scanners with these cards.

Get more information on this report: Request Free Sample PDF

Palm Vein Scanner Market: Key Insights

Base Year	2022
Forecast Year	2023-2035
CAGR	~22%
Base Year Market Size (2022)	~ USD 500 Million
Forecast Year Market Size (2035)	~ USD 2.0 Billion
Regional Scope	North America (U.S., and Canada) Latin America (Mexico, Argentina, Rest of Latin America) Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific) Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

Palm Vein Scanner Sector: Growth Drivers and Challenges

Growth Drivers

Growing Adoption of Digitalization of Databases- Globally, around 89% of major businesses have already implemented a digital shift in their company. This has increasingly shifted the entire database to online mode. Digital shit has increased the usage of logical access control offered by palm vein scanners to protect sensitive data over the web.
Increasing Adoption of Biometric Recognition– Biometric recognition, including palm vein screening, are much more reliable than traditional authentication technology, such as PINs and password. This has increased the usage of contactless biometric recognition. A survey of over 490 professionals in Europe and North America stated that nearly 62% of organizations were using biometric identification in 2018, and 24% were added by 2021.
Advancing Technology of Identification– Anti-spoofing techniques are built into advanced palm vein scanners to detect phony palm patterns or efforts to fool the device. This improves security and helps to avoid fraudulent actions.

Challenges

Complexity With Integration- The incorporation of the palm vein scanning authentication with the existing infrastructure and systems is quite complex. The complexity increases in the government system and the company that has long-running legacies. These factors slow down the adoption of palm vein scanners.
More Expensive than Other Alternatives
Unreliable and Unregistered Scanner

Palm Vein Scanner Segmentation

Functionality (Logical Access Control & Biometric Authentication, Embedded System, Physical Access Control & Biometric Authentication)

The physical access control & biometric authentication segment is estimated to account for 45% share of the global palm vein scanner market in the year 2035. The growth of the segment can be attributed to the rising use of palm vein scanners for physical access control in high-security areas, such as defense and military camps, and the areas that require high security where security can be breached with unauthorized entry. Furthermore, many organizations have adopted physical access control over traditional security technology which in turn is also boosting the segment’s growth.

End User (BSFI, Commercial, Industrial, Government, Military & Defense, Business Organization)

Palm vein scanner market from the BFSI segment is expected to garner a significant share of around 35% in the year 2035. The BFSI sector often handles highly confidential information about the client. Palm vein scanner has become increasingly important to ensure the authenticity of the person accessing the data to avoid any instance of fraudulence. The rising cases of fraud in the BFSI industry are to increase its adoption and thus contributed to the market growth. In 2020, malware cases jumped 150%, and a new attack is launched somewhere on the internet every 39 seconds.

Our in-depth analysis of the global market includes the following segments:

Offering	Hardware Software & Services
Product	Finger Vein Biometrics Palm Vein Biometrics
Functionality	Logical Access Control & Biometric Authentication Embedded System Physical Access Control & Biometric Authentication
End User	BSFI Commercial Industrial Government Military & Defense Business Organization

Want to customize this research report as per your requirements? Our research team will cover the information you require to help you take effective business decisions.

Customize this Report

Palm Vein Scanner Industry- Regional Synopsis

North American Market Forecast

The palm vein scanner market in North America is projected to be the largest with a share of about 36% by the end of 2035. The growth of the market can be attributed majorly to the rising government initiative to secure hospital data and prevent network breaches. U.S. Department of Health and Human Services has presented a new security structure for healthcare. The department has announced to prioritize cyber security and privacy of patients in the hospitals. This initiative is likely to increase the demand for safety technology including palm vein scanners.

APAC Market Statistics

The Asia Pacific palm vein scanner market is estimated to be the second largest, registering a share of about 24% by the end of 2035. The growth of the market can be attributed majorly to the rising cases of security breaches and fraudulence in the banking sector. Between June 2018 and March 2022, Indian banks reported 248 successful data breaches perpetrated by thieves and hackers. Furthermore, in 2022, the Indian government reported 11,60,000 cyber-attacks. It is expected to be three times greater than in 2019. Moreover, the expanding IT sector in the region is also expected to increase the adoption of palm veins scanner.

Key Questions Answered in the Report

1) What are the major factors driving the growth of the palm vein scanner market?

Ans: Increasing demand for advanced biometrics, and growing cases of fraudulence are the major factors driving the market growth.

2) What would be the CAGR of the palm vein scanner market over the forecast period?

Ans: The market size of palm vein scanner is anticipated to attain a CAGR of ~22% over the forecast period, i.e., 2023 â€“ 2035.

3) Who are the major players dominating the palm vein scanner market?

Ans: The major players in the market are NEC Corporation, M2SYS Technology, BioSec Group Ltd., Eportation Inc., Mantra Softtech Pvt Ltd., BioEnable Technologies Pvt Ltd., Imprivata, Inc., Recogtech B.V., Neurotechnology, and Mofiria Corporation

4) Which segment captures the largest market size in the functionality segment in the palm vein scanner market?

Ans: The physical access control & biometric authentication segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

5) Which region will provide more business opportunities for the growth of the palm vein scanner market in the future?

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.