The new report by Expert Market Research titled, ‘Global Palm Vein Scanner Market Size, Report and Forecast 2023-2028’, gives an in-depth analysis of the global palm vein scanner market, assessing the market based on its segments like products, offerings, authentications, functionalities, applications, end-users, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2021): USD 420 Million
- Forecast CAGR ( 2023-2028): 22.4%
- Forecast Market Size (2027): USD 1,406.6 Million
The increasing adoption of palm vein scanner in the healthcare industry is driving the market growth. This can be attributed to the fact that the pattern of palm veins can be directly linked to the medical history of patients and can facilitate quick procurement of all the necessary information.
Moreover, it also eradicates the chance of medical-record mix-ups, thereby, bolstering the safety of patients. Furthermore, this method is secure, private, accurate, and hygienic, as it does not involve any contact with the device. Geographically, North America accounts for a significant share in the market owing to the rapid digitalisation in the end-use industries of the product.
Industry Definition and Major Segments
Palm vein scanner is defined as a biometric authentication method in which the unique patterns of veins in human’s palm are recognised using infrared light. It is a relatively new technology which scans the image of the veins and compares it with the previously collected materials in the database. This method is fast, easy, and the equipment used is portable.
On the basis of product, the market can be bifurcated into:
- Finger Vein Biometrics
- Palm Vein Biometrics
The market can be broadly classified based on offering into:
- Software and Services
On the basis of authentication, the market can be bifurcated into:
- Unimodal Biometric System
- Multimodal Biometric System
By functionality, the market can be segmented into:
- Physical Access and Biometric Authentication
- Logical Access and Biometric Authentication
- Embedded System
The significant applications included in the market are as follows:
- User Identification
- Access Control and Biometric Authentication
- OEM Terminal Devices
On the basis of end user, the market has been divided into:
- Banking, Financial Services, and Institutions
The regional markets for palm vein scanner include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The key trends in the palm vein scanner market include the technological advancements in the BFSI sector, aimed towards streamlining the records of clients, making it more safe and secure. Palm vein scanner reduces the chance of identity theft, frauds, and bolsters the communication of the workforce, which is extremely beneficial in the BFSI sector.
Meanwhile, the rapid digitalisation and technological advancements in the law enforcement agencies is anticipated to propel the demand for palm vein scanners in the forecast period. The growing risk of foreign intrusion in sovereign nations, increasing cases of tampering of criminal records, and rising geopolitical terrorism can be efficiently countered using this technology.
Key Market Players
The major players in the market are M2SYS Technology, Fujitsu Limited, Recogtech BV, NEC Corporation, mofiria Corporation, and ePortation, Inc, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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