Global Market Size, Forecast, and Trend Highlights Over 2025-2037
Palm Vein Scanner Market size was valued at USD 747.86 million in 2024 and is set to exceed USD 10.13 billion by 2037, registering over 22.2% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of palm vein scanner is evaluated at USD 1.03 billion.
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.
Palm Vein Scanner Sector: Growth Drivers and Challenges
Growth Drivers
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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
| Report Attribute | Details |
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
22.2% |
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Base Year Market Size (2024) |
USD 747.86 million |
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Forecast Year Market Size (2037) |
USD 10.13 billion |
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Regional Scope |
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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 2037. 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 2037. 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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Product |
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Vishnu Nair
Head - Global Business DevelopmentCustomize this report to your requirements — connect with our consultant for personalized insights and options.
Palm Vein Scanner Industry- Regional Synopsis
North American Market Forecast
North America industry is predicted to dominate majority revenue share of 36% by 2037. 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 2037. 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.
Companies Dominating the Palm Vein Scanner Landscape
- NEC Corporation
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- M2SYS Technology
- BioSec Group Ltd.
- Eportation Inc.
- Mantra Softtech Pvt Ltd.
- BioEnable Technologies Pvt Ltd.
- Imprivata, Inc.
- Recogtech B.V.
- Neurotechnology
- Mofiria Corporation
Recent Developments
- NEC Corporation has launched a complete marketing campaign for its newest multimodal biometric identification solution, which serves as the centerpiece of its "Bio-IDiom" brand (*1) of biometric authentication.
- Neurotechnology announced the launch of a new MegaMatcher identity management system, that offers identity management solutions for civil and criminal applications.
- Report ID: 5192
- Published Date: Dec 20, 2024
- Report Format: PDF, PPT
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