Market Size of Palm Vein Biometrics Industry
| 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
*Disclaimer: Major Players sorted in no particular order |
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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.
