The global palm vein biometrics market revenue was around US$ 1.06 billion in 2022 and is estimated to reach US$ 6.11 billion by 2031, growing at a compound annual growth rate (CAGR) of 21.5% during the forecast period from 2023 to 2031.
The term "palm vein biometrics" refers to a sophisticated, contactless authentication technology that uses the vascular patterns of the palm to identify data. It functions by employing near-infrared light to take a picture of a person's vein pattern beneath the skin, which is then compared and verified with the vein patterns recorded in a database for authentication purposes.
Market Driving Factors
Government initiatives propel the market growth. Increasing competition in the market has surged the need for securing an organization's confidential data and information and to sustain its position in the market. As a result, many initiatives have been taken by the governments to provide unique identity cards for every citizen. For instance, the Aadhar card initiative for every person undertaken by the Indian government consists of biometric data collection.
Increasing use for security purposes creates a positive impact on the market. The surge in the usage of highly secure palm vein biometric identification and verification systems in the finance and banking industry because of their augmented security breaches overall the sector and palm vein provide consumers with secure access.
The high price of the product and the high cost of installing the system are hampering the market growth.
Regional Analysis
North America is estimated to dominate the market in terms of the largest shares. This is due to the huge number of established manufacturing firms and growing investment in software technology. Additionally, extensive distribution networks and strong R&D skills are driving this region's growth. Palm vein biometric technology is widely used in the US in several industries, including commercial, homeland, state security, and defense.
Asia Pacific is estimated to dominate the market in terms of revenue. This is due to the increase in awareness of biometric technologies, the surge in population base, and an increasing number of production companies. Furthermore, high levels of disposable income also favorably influence market expansion. Emerging countries such as China and India are estimated to witness significant growth over the decade owing to the projects taken by the government like UIDAI (Unique Identification Authority of India) project in India which offers new potential for the palm vein biometric.
Segmentation Insights
In terms of application insight, the healthcare segment dominates the market. Palm vein biometrics technology helps in recovering patients’ records, accurately and automatically. Patients appreciate the ease of use of scanners, the safety advantages associated with them, and the convenience of technology. For instance, Imprivata, a company, has provided Imprivata PatientSecure, a palm vein recognition technology solution. This solution delivers high acceptance rates, simple deployment, easy enrollment and identification processes for patients, shorter wait times, better patient experiences, and a high return on investment with low maintenance prices.
Prominent Companies
Segmentation Outline
The global palm vein biometrics market segmentation focuses on Component, Application, and Region.
By Component
By Application
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL PALM VEIN BIOMETRICS MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: PALM VEIN BIOMETRICS MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL PALM VEIN BIOMETRICS MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL PALM VEIN BIOMETRICS MARKET, BY COMPONENT
5.1 OVERVIEW
5.2 HARDWARE
5.3 SOFTWARE AND SERVICES
6 GLOBAL PALM VEIN BIOMETRICS MARKET, BY APPLICATION
6.1 OVERVIEW
6.2 BANKING AND FINANCIAL SECTOR
6.3 HEALTHCARE
6.4 HOME SECURITY
6.5 COMMERCIAL SECURITY
6.6 CONSUMER ELECTRONICS
6.7 EDUCATION
6.8 GAMING
6.9 TRANSPORTATION
6.10 GOVERNMENT
7 GLOBAL PALM VEIN BIOMETRICS MARKET, BY GEOGRAPHY
7.1 OVERVIEW
7.2 NORTH AMERICA
7.2.1 NORTH AMERICA MARKET SNAPSHOT
7.2.2 U.S.
7.2.3 CANADA
7.2.4 MEXICO
7.3 EUROPE
7.3.1 EUROPE MARKET SNAPSHOT
7.3.2 WESTERN EUROPE
7.3.2.1 THE UK
7.3.2.2 GERMANY
7.3.2.3 FRANCE
7.3.2.4 ITALY
7.3.2.5 SPAIN
7.3.2.6 REST OF WESTERN EUROPE
7.3.3 EASTERN EUROPE
7.3.3.1 POLAND
7.3.3.2 RUSSIA
7.3.3.3 REST OF EASTERN EUROPE
7.4 ASIA PACIFIC
7.4.1 ASIA PACIFIC MARKET SNAPSHOT
7.4.2 CHINA
7.4.3 JAPAN
7.4.4 INDIA
7.4.5 AUSTRALIA & NEW ZEALAND
7.4.6 ASEAN
7.4.7 REST OF ASIA PACIFIC
7.5 MIDDLE EAST & AFRICA
7.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
7.5.2 UAE
7.5.3 SAUDI ARABIA
7.5.4 SOUTH AFRICA
7.5.5 REST OF MEA
7.6 SOUTH AMERICA
7.6.1 SOUTH AMERICA MARKET SNAPSHOT
7.6.2 BRAZIL
7.6.3 ARGENTINA
7.6.4 REST OF SOUTH AMERICA
8 GLOBAL PALM VEIN BIOMETRICS MARKET COMPETITIVE LANDSCAPE
8.1 OVERVIEW
8.2 COMPANY MARKET RANKING
8.3 KEY DEVELOPMENT STRATEGIES
8.4 COMPETITIVE DASHBOARD
8.5 PRODUCT MAPPING
8.6 TOP PLAYER POSITIONING, 2022
8.7 COMPETITIVE HEATMAP
8.8 TOP WINNING STRATEGIES
9 COMPANY PROFILES
9.1 BIOENABLE TECHNOLOGIES PVT LTD
9.1.1 OVERVIEW
9.1.2 FINANCIAL PERFORMANCE
9.1.3 PRODUCT OUTLOOK
9.1.4 KEY DEVELOPMENTS
9.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.2 BIOSEC GROUP LTD
9.2.1 OVERVIEW
9.2.2 FINANCIAL PERFORMANCE
9.2.3 PRODUCT OUTLOOK
9.2.4 KEY DEVELOPMENTS
9.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.3 FUJITSU LIMITED
9.3.1 OVERVIEW
9.3.2 FINANCIAL PERFORMANCE
9.3.3 PRODUCT OUTLOOK
9.3.4 KEY DEVELOPMENTS
9.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.4 IDENTYTECH SOLUTIONS AMERICA INC
9.4.1 OVERVIEW
9.4.2 FINANCIAL PERFORMANCE
9.4.3 PRODUCT OUTLOOK
9.4.4 KEY DEVELOPMENTS
9.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.5 iDLINK SYSTEMS PTE LTD
9.5.1 OVERVIEW
9.5.2 FINANCIAL PERFORMANCE
9.5.3 PRODUCT OUTLOOK
9.5.4 KEY DEVELOPMENTS
9.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.6 M2SYS TECHNOLOGY
9.6.1 OVERVIEW
9.6.2 FINANCIAL PERFORMANCE
9.6.3 PRODUCT OUTLOOK
9.6.4 KEY DEVELOPMENTS
9.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.7 MANTRA SOFTECH INDIA PVT LTD
9.7.1 OVERVIEW
9.7.2 FINANCIAL PERFORMANCE
9.7.3 PRODUCT OUTLOOK
9.7.4 KEY DEVELOPMENTS
9.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.8 MATRIX COMSEC PVT. LTD
9.8.1 OVERVIEW
9.8.2 FINANCIAL PERFORMANCE
9.8.3 PRODUCT OUTLOOK
9.8.4 KEY DEVELOPMENTS
9.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.9 NEC CORPORATION
9.9.1 OVERVIEW
9.9.2 FINANCIAL PERFORMANCE
9.9.3 PRODUCT OUTLOOK
9.9.4 KEY DEVELOPMENTS
9.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.10 TYCO SECURITY PRODUCTS
9.10.1 OVERVIEW
9.10.2 FINANCIAL PERFORMANCE
9.10.3 PRODUCT OUTLOOK
9.10.4 KEY DEVELOPMENTS
9.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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