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.
Growth Drivers
Challenges
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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 500 Million |
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Forecast Year Market Size (2035) |
~ USD 2.0 Billion |
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Regional Scope |
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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:
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Offering |
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Product |
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Functionality |
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End User |
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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.
Author Credits: Abhishek Verma, Hetal Singh
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