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Report Overview

2023

Base Year

2018-2023

Historical Year

2024-2032

Forecast Year

Global Palm Vein Scanner Market Outlook

The global palm vein scanner market stood at a value of more than USD 629.23 million in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 22.3% to reach over USD 3,864.36 million by 2032.

BFSI is Predicted to Hold the Largest Market Share in the Palm Vein Scanner Industry over the Forecast Period

Based on end user, BFSI is expected to hold the largest market share during the forecast period. With the rising level of security breaches, the demand for highly secure identification and verification systems has expanded in the BFSI sector. Various banks and financial institutions are using biometrics technologies such as palm vein scanner technology to provide customers with better and secure access.

Global Palm Vein Scanner Market

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North America Predicted to Hold a Significant Market Share in the Palm Vein Scanner Industry

Geographically, North America is expected to account for a significant market share in the palm vein scanner industry. An increasing number of domestic manufacturers and the rapid technological developments are a few of the key factors propelling the expansion of the palm vein scanner industry in the region. Moreover, the region is also observing a growing interest among companies in adopting palm vein scanner systems that use biometric characteristics to identify people.

Palm Vein Scanner Market Segmentation

A palm vein scanner is a biometric device that works by using infrared light to map the vein structure of the user’s palm. The technology detects blood flowing through the palm, and it is one of the secure methods for authentication and verification through vein mapping. It uses a vein pattern in the human palm to confirm person's identity.

Global Palm Vein Scanner Market

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By product, the industry can be segmented into:

  • Finger Vein Biometrics
  • Palm Vein Biometrics

Based on offering, the industry can be bifurcated into:

  • Hardware
  • Software and Services

On the basis of authentication, the industry can be segmented into:

  • Unimodal Biometric System
  • Multimodal Biometric System

By functionality, the industry can be divided into:

  • Physical Access and Biometric Authentication
  • Logical Access and Biometric Authentication
  • Embedded System

Based on application, the industry can be categorised into:

  • User Identification
  • Access Control and Biometric Authentication
  • OEM Terminal Devices

The industry can be segmented based on end user into:

  • Banking, Financial Services, and Institutions
  • Defence
  • Government
  • Healthcare
  • Others

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Global Palm Vein Scanner Market

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Growing Demand for Touchless Biometric Systems to Bolster the Growth of the Global Palm Vein Scanner Industry

The global palm vein scanner industry is predicted to grow significantly during the forecast period driven by the ongoing technological advancements, such as the increasing adoption of mobile devices and the rising initiatives taken by governments to supply unique identity cards to citizens. Additionally, there has been a rise in preference for touchless biometric systems due to COVID-19. This is expected to enhance the demand for all-in-one biometric solutions and the use of palm biometric smart cards in the forecast period, thus, favouring the market growth.

Key Industry Players in the Global Palm Vein Scanner Market

The report gives a detailed analysis of the following key players in the global palm vein scanner market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

  • M2SYS Technology 
  • Fujitsu Limited 
  • Recogtech BV 
  • NEC Corporation 
  • mofiria Corporation 
  • ePortation, Inc 
  • Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Product
  • Offering
  • Authentication
  • Functionality
  • Application
  • End User
  • Region
Breakup by Product
  • Finger Vein Biometrics
  • Palm Vein Biometrics
Breakup by Offering
  • Hardware
  • Software and Services
Breakup by Authentication
  • Unimodal Biometric System
  • Multimodal Biometric System
Breakup by Functionality
  • Physical Access and Biometric Authentication
  • Logical Access and Biometric Authentication
  • Embedded System
Breakup by Application
  • User Identification
  • Access Control and Biometric Authentication
  • OEM Terminal Devices
Breakup by End User
  • Banking, Financial Services, and Institutions
  • Defence
  • Government
  • Healthcare
  • Others
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • M2SYS Technology 
  • Fujitsu Limited 
  • Recogtech BV 
  • NEC Corporation 
  • mofiria Corporation 
  • ePortation, Inc 
  • Others
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*

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Key Questions Answered in the Report

In 2023, the global palm vein scanner market attained a value of more than USD 629.23 million.

The market is projected to grow at a CAGR of 22.3% between 2024 and 2032.

The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach over USD 3,864.36 million by 2032.

The rapid adoption of biometric systems for identification, rapid technological advancements, and the surging need for safety and security in various sectors such as finance, banking, defence, healthcare, and government sector are expected to be the major drivers for the market growth.

The key market trends guiding the growth of the industry include the increasing adoption of mobile devices and the growing demand for touchless biometric systems due to COVID-19.

The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

Finger vein biometrics and palm vein biometrics are the major products in the market.

The major product offerings in the industry are hardware, and software and services.

The different segments based on authentication include unimodal biometric system and multimodal biometric system.

The different functionalities include physical access and biometric authentication, logical access and biometric authentication, and embedded system.

The different applications of the product are user identification, access control and biometric authentication, and OEM terminal devices.

Banking, financial services and institutions, defence, government, and healthcare, among others are the major end users of the product in the market.

The major players in the industry are M2SYS Technology Fujitsu Limited, Recogtech BV, NEC Corporation, mofiria Corporation, and ePortation, Inc, among others.

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30 North Gould Street, Sheridan, WY 82801

+1-415-325-5166

63 Fiona Drive, Tamworth, NSW

+61-448-061-727

C130 Sector 2 Noida, Uttar Pradesh 201301

+91-858-608-1494

40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.

+63-287-899-028, +63-967-048-3306

6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London

+44-753-713-2163

193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City

+84-865-399-124