The global palm vein scanner market size is estimated to be USD 416 million in 2020 and is projected to reach 1,150 million by 2025, at a CAGR of 22.6% during the forecast period. The market has a promising growth potential due to several factors, including the emerging superior benefits of palm vein scanners over other biometric technologies, increasing need to secure confidential information and data for organizations, and surging adoption of biometric identification systems in BFSI, healthcare, and commercial sectors. Moreover, the expanding government support in Europe for internal biometric techniques owing to GDPR compliance and growing partnerships and collaborations between vendors in the ecosystem, boosting market proliferation, could play a key role in driving the growth of the palm vein scanner market. The high growth of the segment can be attributed to the growing compatibility of biometric software with various biometric authentication and verification products and platforms The software and services segment is projected to register the largest market share in 2025 for the palm vein scanner market by offering.The segment’s high growth can be attributed to the growing compatibility of biometric software with various biometric authentication and verification products and platforms.
Most of the finger vein and palm vein biometric software and SDKs developed today are compatible with various OS, including Windows, Linux, and Android. Further, the growing acceptance of subscription models for software among businesses incorporating biometric solutions has led to their strong adoption in the market.
Embedded system segment is estimated to register higher CAGR growth during the forecast period The embedded system segment for palm vein scanner market is estimated to register higher CAGR growth during the forecast period by functionality.The high growth of embedded devices in consumer electronics, industrial, and residential sectors has led to their increasing adoption in the past years.
These sectors have seen an increase in demand for laptops, smartphones, tablets, and industrial-embedded devices such as HMI.Additionally, the adoption of palm vein and finger vein readers has also increased in recent years as authenticated access to secured data on PC systems has become vital for various companies.
Finger vein recognition systems are also being readily incorporated in ATMs. These developments are expected to drive the market growth of embedded palm vein biometric systems.
Europe is projected to become the second-fastest geographical market between 2020 and 2025 Europe is projected to grow at the second highest CAGR for palm vein scanner market during the forecast period.Financial companies in the UK, Germany, Poland, France, and other European countries have deployed biometric-based POS terminals and other POS solutions in the last few years for retail and commercial businesses.
The implementation of general data protection regulation (GDPR) laws by the European Union (EU) in 2018 has forced businesses to ensure that personal data, including biometric data, is kept safe from misuse and exploitation.Failure to do so could lead to heavy penalties being levied.
This is expected to increase the adoption of advanced and highly secure biometric solutions, including palm vein and finger vein biometric technology.
Breakdown of profiles of primary participants: • By Company: Tier 1 = 30%, Tier 2 = 50%, and Tier 3 = 20% • By Designation: C-level Executives = 25%, Directors = 35%, and Others (sales, marketing, and product managers, as well as members of various organizations) = 40% • By Region: APAC = 25%, North America = 35%, Europe=30%, and ROW=10%
Major players profiled in this report: The palm vein scanner market is dominated by a few established players such as Fujitsu Ltd. (Japan), Hitachi, Ltd. (Japan), NEC Corporation (Japan), M2SYS Technology (US), BioSec Group Ltd (Hungary), Recogtech B.V. (Netherlands), iDLink Systems Pte Ltd. (Singapore), ePortation, Inc. (US), Mofiria Corporation (Japan), BioEnable Technologies (India), and Dakar Software Systems (Malta).
Research coverage This report offers detailed insights into the palm vein scanner market based on offering (hardware, software & services), product(finger vein biometrics, palm vein biometrics), authentication(unimodal biometric system, multimodal biometric system), functionality (physical access control & biometric authentication, logical access control & biometric authentication, embedded system), end-user vertical (BFSI, commercial, industrial), application (access control and biometric identification, user authentication, OEM terminal devices), and region (North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW) which includes the Middle East, Africa, and South America. The report also provides a comprehensive review of market drivers, restraints, opportunities, and challenges in the palm vein scanner market. The report also covers qualitative aspects in addition to the quantitative aspects of these markets.
Key Benefits of Buying the Report The report will help the leaders/new entrants in this market with information on the revenue numbers’ closest approximations for the overall market and the sub-segments.This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
The report also helps stakeholders understand the palm vein scanner market’s pulse and provides them information on key market drivers, restraints, challenges, and opportunities.
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