BFSI segment to register highest CAGR in global palm vein scanner market during 2020- 2025.

The global palm vein scanner market is projected to grow from USD 416 million in 2020 to USD 1,150 million by 2025; it is expected to grow at a CAGR of 22.6% from 2020 to 2025. The most significant factors driving the growth of the palm vein scanner market are 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.

Hardware segment accounted for significant market share of the global palm vein scanner market.

The hardware component of a palm vein biometric system is important to the biometric system ecosystem in the sense that the end user interacts with the hardware component during physical access control or logic access control authentication. Several advancements in the design of palm sensors have led to the development of small and slim palm sensors that offer uniform illumination by making use of an updated lighting system. This has led to their growing use in portable applications, including mobile devices.

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Embedded system segment to register highest CAGR in global palm vein scanner market during 2020- 2025.

Embedded devices are gaining increased attention in biometrics due to reliability and cost-efficient systems. An embedded palm vein recognition system is used in institutions, industries, places that need security, among others. Palm vein authentication devices are available for embedded use to various equipment, devices, and systems. Some of these devices include palm vein authentication units and palm vein readers. Such devices are used to perform operations such as capturing a vein image, vein pattern verification, and authentication within the unit. This also aids in reducing the processing load on the host system or PC. Such biometric devices also offer support for operating systems other than Windows, thereby delivering a high level of compatibility.

BFSI segment to register highest CAGR in global palm vein scanner market during 2020- 2025.

Growing incidences of data breach and theft are raising concerns regarding security measures, specifically in the finance industry. Therefore, palm vein recognition biometrics are a suitable and reliable solution as they are used for security purposes in the BFSI vertical to protect customers from data theft and identity theft. Banks and financial institutions in developing countries, such as India, Japan, China, Argentina, and Brazil, are adopting vein recognition biometrics to verify customer identities. Palm vein recognition biometrics are relatively more efficient and accurate than other conventional types of biometric systems and exhibit lower False Acceptance Rate (FAR) and False Rejection Rate (FRR), which is a vital reason behind the surge in demand for these systems.

Asia Pacific to register highest CAGR in global palm vein scanner market during 2020- 2025.

The highest CAGR of the palm vein scanner market in APAC is attributed to the increasing demand for biometric solutions in the BFSI and commercial sectors in this region. The presence of major players in advanced biometric technologies such as finger vein and palm vein biometrics in APAC has led to the growth of the palm vein scanner market in the region. The region is also witnessing a growing awareness amongst consumers about the benefits offered by finger vein and palm vein biometrics in residential security control systems. China is expected to claim the largest share of the market in APAC by 2025. Moreover, the growing IT industry and the increasing acceptance of biometric solutions by governmental organizations in India and Singapore are expected to provide new growth opportunities to the palm vein scanner market.

Major players in the palm vein scanner market include 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). The top players have adopted merger & acquisition, partnership, collaboration, and product launch strategies to grow in the global palm vein scanner market.

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