The access control and biometric identification segment of the palm vein scanner market
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 key factors fueling the growth of this market include emerging superior benefits of palm vein scanners over other biometric technologies, increasing need to secure confidential information and data for organizations, surging adoption of biometric identification systems in BFSI, healthcare, and commercial sectors, 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
The palm vein scanner market has promising growth potential due to
several factors, including ongoing technological advancements such as palm
biometric smart cards, increasing adoption of mobile devices, growing demand
for touchless biometric systems due to COVID-19, emerging initiatives taken by
governments to provide unique identity cards to citizens, rising demand for
all-in-one biometric solutions.
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Countries in the APAC and Europe region have also witnessed an increasing
adoption of palm vein scanner products for various applications, which has aided
in the palm vein biometrics industry's growth. The rise in the demand for biometric
products that offer a high level of accuracy, security, and efficiency in these
regions drives the palm vein scanner market's development. The launch of multimodal
biometric solutions that integrate finger vein and palm vein pattern
recognition technology in the last few years by the manufacturers in North
America has contributed to the palm vein scanner's market growth. Additionally, the growing
preference for biometric access control solutions in the commercial and
government sectors are expected to drive the market demand for palm vein
scanner globally.
The palm vein scanner market for finger vein biometrics is projected
to register the highest CAGR during the forecast period, by product. The high
level of robustness, convenience, and security offered by finger vein
biometrics has resulted in its wide acceptance across various industries and
applications. The development and integration of neural networks or deep
learning algorithms into finger vein biometric systems to develop on-the-fly
biometric systems are expected to globally drive the future growth of finger
vein biometrics.
The
multimodal biometric system segment of the palm vein scanner market is estimated
to register the largest market share in 2025 by authentication. Multimodal
biometric systems have a high level of user acceptance owing to the high
accuracy, reliability, and safety options offered by these systems—this is also
expected to drive their market growth in the coming years. Also, governments
and institutions of several developing countries are willing to replace
unimodal biometrics with multimodal biometric-based palm vein scanners for
added convenience and security and to improve the overall project and IT
infrastructure in their respective countries. This would spur the market growth
of multimodal biometric systems worldwide, leading to the palm vein scanner
market's growth.
The palm vein scanner market in APAC
is estimated to grow at a higher CAGR in terms of value during the forecast
period. Increasing customer spending supported by various government
initiatives to promote foreign and domestic investments in various countries in
the region has contributed to the palm vein scanner market's growth. The
region is also witnessing the emergence of various startups and technology
companies involved in the R&D of palm vein biometric solutions. Finger vein
and palm vein scanner-based biometric systems are also increasingly being
adopted by various governmental organizations in the region for several
purposes, including residential permits, nationality registration, and passport
authentication.
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