Palm Vein Scanner Market Trends

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 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)

Frequently Asked Questions (FAQ)

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

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

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

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.

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.

Palm Vein Scanner Market Trends