Global Palm Vein Biometrics Market, By Product (Hardware, Software and Services), Application (Banking and Finance Sector, Healthcare, Home Security, Commercial Security, Consumer Electronics, Education Sector, Gaming, Transportation, Government Sectors) – Industry Trends and Forecast to 2029
Palm Vein Biometrics Market Analysis and Size
Palm vein biometrics is a biometric and contactless authentication technology that compares the image of the palm vein scan of the separate captured at that instant to the image of the palm vein scan stored in the database. It mainly uses vascular patterns as individual identification data. It is very secure technology and is difficult to copy as the data is retrieved from the body. Therefore, it finds many applications in commercial security, gaming sector, banking & finance, consumer electronics, healthcare, and others. Innovations in the scanning and biometrics technologies make way for the growth of the palm vein biometrics market.
Data Bridge Market Research analyses that the palm vein biometrics market was valued at USD 0.70 billion in 2021 and is expected to reach USD 3.26 billion by 2029, registering a CAGR of 21.20% during the forecast period of 2022 to 2029. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
Palm Vein Biometrics Market Scope and Segmentation
2022 to 2029
2020 (Customizable to 2014 - 2019)
Revenue in USD Billion, Volumes in Units, Pricing in USD
Product (Hardware, Software and Services), Application (Banking and Finance Sector, Healthcare, Home Security, Commercial Security, Consumer Electronics, Education Sector, Gaming, Transportation, Government Sectors)
U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
Market Players Covered
Safran (France), NEC Technologies India Private Limited (India), FUJITSU (Japan), Aware, Inc. (U.S.), Gemalto Cogent, Inc. (U.S.), BIO-key International, Inc. (U.S.), Precise Biometrics AB (Sweden), secunet Security Networks AG. (Germany), Thales Group (France), Cognitec Systems GmbH (Germany), Crossmatch. (U.S.), Fulcrum Biometrics, LLC. (U.S.), Daon (Ireland), Facebanx (U.S.), HID Global Corporation/ASSA ABLOY AB. (U.S.), SUPREMA. (South Korea), IRITECH, INC. (U.S.), and M2SYS Technology (U.S.)
Palm vein biometric is a biometric authentication method which is mainly based on the specific patterns of veins in the palms of public's hands. Palm vein biometric palm vein such as many other biometric technologies, capture an image of an objective, acquire and process the image data and then compare it to a stored record for that individual target.
Palm Vein Biometrics Market Dynamics
- Government initiatives
Rising competition in the market has increased the need for securing an organization's confidential information and data to sustain its position in the market. Several initiatives which has taken by the governments to offer unique identity cards for every citizen is anticipated to drive the growth of the market. For instance, the aadhar cards initiative for individual persons has undertaken by the Indian government consists of biometric data collection.
- Rising usage for security purpose
There is an increase in the usage of highly secured palm vein biometrics identification and verification systems in the banking and finance industry because of their augmented security breaches overall the sector. Palm vein biometrics have been adopted by several banking and financial institutions to offer consumers with secure access which are expected to drive the revenue growth of the market.
- Rising awareness regarding profits and convenience
Moreover, the increasing consumer awareness about the profits and convenience offered by these palm vein biometrics in many sectors will further create the profitable opportunities for the growth of palm vein biometrics during forecast period of 2022 to 2029.
Also, growing preferences towards convenience and safety features increase the demand for palm vein biometrics, which will further create several opportunities for the growth of the palm vein biometrics market during the mentioned forecast period.
- High cost
The high cost of the product and the high cost for the installation of the system act as market restraints and obstruct the growth rate of the palm vein biometrics in the above mentioned period.
- Threat of Hackers
The risk of cyber-attacks and hackers also hampers the consumers' perception of the dependability of finger print vehicle access system which are expected to the major factor for challenging the palm vein biometrics growth rate
This palm vein biometrics market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the palm vein biometrics market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays
Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.
Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.
COVID-19 Impact on Palm Vein Biometrics Market
The global palm vein biometrics market has been considerably affected by the outbreak of COVID-19 pandemic. The global industries have struggled to the production of palm vein biometrics during this pandemic. The supply chain of palm vein biometrics sector has been disrupted badly. So, during this meantime, this would be an opportunity for the manufacturer or companies to improve and research their product and also develop some new ways to upsurge the production of Palm Vein Biometrics.
Expected Impact of Economic Slowdown on the Pricing and Availability of Products
When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.
Global Palm Vein Biometrics Market Scope
The palm vein biometrics market is segmented on the basis of product and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
- Software and Services
- Banking and Finance Sector
- Home Security
- Commercial Security
- Consumer Electronics
- Education Sector
- Government Sectors
Palm Vein Biometrics Market Regional Analysis/Insights
The palm vein biometrics market is analysed and market size insights and trends are provided by country, product and application as referenced above.
The countries covered in the palm vein biometrics market report U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the palm vein biometrics market in terms of revenue and market share during the forecast period. This is due to the growing levels of investment for the growth of the software technologies along with the prevalence of several manufacturers in this region.
Asia-Pacific is anticipated to be the fastest developing region due to the growing population and the adoption of biometric technologies.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Palm Vein Biometrics Market Share Analysis
The palm vein biometrics market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to palm vein biometrics market.
Some of the major players operating in the palm vein biometrics market are:
- Safran (France)
- NEC Technologies India Private Limited (India)
- FUJITSU (Japan)
- Aware, Inc. (U.S.)
- Gemalto Cogent, Inc. (U.S.)
- BIO-key International, Inc. (U.S.)
- Precise Biometrics AB (Sweden)
- secunet Security Networks AG. (Germany)
- Thales Group (France)
- Cognitec Systems GmbH (Germany)
- Crossmatch. (U.S.)
- Fulcrum Biometrics, LLC. (U.S.)
- Daon (Ireland)
- Facebanx (U.S.)
- HID Global Corporation/ASSA ABLOY AB. (U.S.)
- SUPREMA. (South Korea)
- IRITECH, INC. (U.S.)
- M2SYS Technology (U.S.)