Palm Vein Biometrics Market Size (2024 - 2029)

The palm vein biometrics market is experiencing significant growth due to its reliability and security advantages over traditional biometric methods like fingerprint scanning. This market expansion is driven by the increasing need for secure access control solutions, as organizations move away from less secure methods such as passwords and cards. The adoption of palm vein biometrics is being propelled by its ability to provide accurate identification without being affected by skin integrity issues. Companies are increasingly integrating this technology to enhance security measures, which is expected to positively influence the market size.

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Market Size of Palm Vein Biometrics Industry

palm vein biometrics market
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR 22.30 %
Fastest Growing Market Asia Pacific
Largest Market North America
Market Concentration Medium

Major Players

Palm Vein Biometrics Market Major Players

*Disclaimer: Major Players sorted in no particular order

Palm Vein Biometrics Market Analysis

The Palm Vein Biometrics Market valued USD 0.58 billion in 2020 is expected to reach USD 1.86 billion by 2026 at a CAGR of over 22.3% during the forecast period (2021 - 2026). As palm vein biometrics relies on scanning the vein pattern under the skin, it is considered to be a reliable and extremely secure biometric modality. Unlike fingerprint biometric technology which depends on the integrity of the skin on the fingertip for precise identification and can be negatively impacted by cuts, bruises, and dirt, the integrity of the skin is not a problem with palm vein biometrics.

  • Over the years, the requirement to control access to premises, and systems has grown. Currently, many organizations rely on passwords, or cards to confirm people's identity for access. However, this traditional approach poses severe challenges. For instance, loss, or theft of cards causes security risks. With the correct combination of PIN and card, anyone could be granted access to restricted areas or data. Thus, increasing application of biometrics for security purpose is expected to positively impact the market growth.
  • For instance, Bharat Petroleum Corporation Limited in India is using palm vein recognition technology to keep track of employees and provide authorized access to them. Companies such as Fujitsu, in 2018, announced that it will deploy its palm vein authentication technology to its employees in Japan. The palm vein authentication will replace password-based measures, and allow the employees to gain access to buildings and log in to their desktops with only their hand.
  • With multiple options available for biometric identification, companies could choose to adopt multifactor authentication to reduce the probability of fraud even further. Such trends are also expected to influence market growth. For instance, Fujitsu has plans to combine its palm vein scanning technology with facial recognition in a new authentication concept for access control.

Palm Vein Biometrics Industry Segmentation

Palm vein patterns are unique for an individual. Palm vein biometric technology captures an image of the vein pattern beneath the skin and uses that image as the basis for identifying an individual. Palm vein biometric uses near-infrared light to capture a palm vein pattern, thus, it does not require high-quality skin integrity for precise identification. The market includes both hardware and software and solutions provided by companies. Companies such as M2SYS Technology offer scanners for palm vein biometrics whereas companies such as Fujitsu offers palm vein authentication technology.

Type
Hardware
Software and Solution
Application
Healthcare
BFSI
Other Applications
Geography
North America
Europe
Asia-Pacific
Rest of the World
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Palm Vein Biometrics Market Size Summary

The palm vein biometrics market is experiencing significant growth, driven by the increasing demand for secure and reliable identification systems. This technology, which scans vein patterns under the skin, offers a high level of security compared to traditional methods like fingerprint recognition, which can be compromised by skin conditions. The market is expanding as organizations seek to enhance security measures beyond passwords and cards, which are vulnerable to theft and loss. Companies such as Bharat Petroleum and Fujitsu are adopting palm vein technology to improve access control and employee authentication, replacing less secure password-based systems. The trend towards multifactor authentication, combining palm vein scanning with other biometric methods like facial recognition, is also contributing to market expansion.

In the banking, financial services, and insurance (BFSI) sector, the need for secure verification systems is driving the adoption of palm vein biometrics. Financial institutions are integrating this technology to provide secure access to customers, with examples like the Bank of Tokyo-Mitsubishi and Gesa Credit Union leveraging palm vein recognition. The technology is also gaining traction in contactless payment systems, as seen in trials by AEON Credit Service and Fujitsu. The market is further bolstered by innovations from startups such as Redrock Biometrics, which launched the PalmID-X solution to enhance biometric identification. The competitive landscape includes major players like Fujitsu and BioEnable Technologies, who are expanding their offerings and entering strategic partnerships to strengthen their market presence.

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Palm Vein Biometrics Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

      1. 1.2.1 Increasing Data Privacy Protection Concerns

      2. 1.2.2 Increasing Need to Secure Financial Transactions

    3. 1.3 Market Restraints

      1. 1.3.1 Technical Limitations of Palm Vein Biometrics

    4. 1.4 Industry Value Chain Analysis

    5. 1.5 Industry Attractiveness - Porters Five Force Analysis

      1. 1.5.1 Threat of New Entrants

      2. 1.5.2 Bargaining Power of Buyers/Consumers

      3. 1.5.3 Bargaining Power of Suppliers

      4. 1.5.4 Threat of Substitute Products

      5. 1.5.5 Intensity of Competitive Rivalry

    6. 1.6 Technology Snapshot

    7. 1.7 Impact of Covid-19 on the Market

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type

      1. 2.1.1 Hardware

      2. 2.1.2 Software and Solution

    2. 2.2 Application

      1. 2.2.1 Healthcare

      2. 2.2.2 BFSI

      3. 2.2.3 Other Applications

    3. 2.3 Geography

      1. 2.3.1 North America

      2. 2.3.2 Europe

      3. 2.3.3 Asia-Pacific

      4. 2.3.4 Rest of the World

Palm Vein Biometrics Market Size FAQs

The Palm Vein Biometrics Market is projected to register a CAGR of 22.30% during the forecast period (2024-2029)

Fujitsu Limited, BioEnable Technologies Pvt Ltd, M2SYS Technology - KernellÓ Inc., Mantra Softech Pvt Ltd and BioSec Group Ltd are the major companies operating in the Palm Vein Biometrics Market.

Palm Vein Biometrics Market Report Snapshots

Palm Vein Biometrics Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)