Reports
Global Palm Vein Scanner Market Size, Share, Trends, Growth: By Product: Finger Vein Biometrics, Palm Vein Biometrics; By Offering: Hardware, Software and Services; By Authentication; By Functionality; By Application; By End User; Regional Analysis; Market Dynamics: SWOT Analysis; Competitive Landscape; 2024-2032
Global Palm Vein Scanner Market Outlook
The global palm vein scanner market stood at a value of more than USD 420 million in 2021. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 22.4% to reach over USD 1,406.60 million by 2027.
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.
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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.
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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.
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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, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Market Dynamics | SWOT, Porter's Five Forces, Key Indicators for Price and Demand |
| 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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| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Palm Vein Scanner Market Analysis
8.1 Key Industry Highlights
8.2 Global Palm Vein Scanner Historical Market (2018-2023)
8.3 Global Palm Vein Scanner Market Forecast (2024-2032)
8.4 Global Palm Vein Scanner Market by Product
8.4.1 Finger Vein Biometrics
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Palm Vein Biometrics
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.5 Global Palm Vein Scanner Market by Offering
8.5.1 Hardware
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Software and Services
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.6 Global Palm Vein Scanner Market by Authentication
8.6.1 Unimodal Biometric System
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Multimodal Biometric System
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.7 Global Palm Vein Scanner Market by Functionality
8.7.1 Physical Access and Biometric Authentication
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Logical Access and Biometric Authentication
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Embedded System
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.8 Global Palm Vein Scanner Market by Application
8.8.1 User Identification
8.8.1.1 Historical Trend (2018-2023)
8.8.1.2 Forecast Trend (2024-2032)
8.8.2 Access Control and Biometric Authentication
8.8.2.1 Historical Trend (2018-2023)
8.8.2.2 Forecast Trend (2024-2032)
8.8.3 OEM Terminal Devices
8.8.3.1 Historical Trend (2018-2023)
8.8.3.2 Forecast Trend (2024-2032)
8.9 Global Palm Vein Scanner Market by End User
8.9.1 Banking, Financial Services, and Institutions
8.9.1.1 Historical Trend (2018-2023)
8.9.1.2 Forecast Trend (2024-2032)
8.9.2 Defence
8.9.2.1 Historical Trend (2018-2023)
8.9.2.2 Forecast Trend (2024-2032)
8.9.3 Government
8.9.3.1 Historical Trend (2018-2023)
8.9.3.2 Forecast Trend (2024-2032)
8.9.4 Healthcare
8.9.4.1 Historical Trend (2018-2023)
8.9.4.2 Forecast Trend (2024-2032)
8.9.5 Others
8.10 Global Palm Vein Scanner Market by Region
8.10.1 North America
8.10.1.1 Historical Trend (2018-2023)
8.10.1.2 Forecast Trend (2024-2032)
8.10.2 Europe
8.10.2.1 Historical Trend (2018-2023)
8.10.2.2 Forecast Trend (2024-2032)
8.10.3 Asia Pacific
8.10.3.1 Historical Trend (2018-2023)
8.10.3.2 Forecast Trend (2024-2032)
8.10.4 Latin America
8.10.4.1 Historical Trend (2018-2023)
8.10.4.2 Forecast Trend (2024-2032)
8.10.5 Middle East and Africa
8.10.5.1 Historical Trend (2018-2023)
8.10.5.2 Forecast Trend (2024-2032)
9 North America Palm Vein Scanner Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Palm Vein Scanner Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Palm Vein Scanner Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Palm Vein Scanner Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Palm Vein Scanner Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 M2SYS Technology
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Fujitsu Limited
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 Recogtech BV
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 NEC Corporation
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 mofiria Corporation
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 ePortation, Inc
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Palm Vein Scanner Market: Key Industry Highlights, 2018 and 2032
2. Global Palm Vein Scanner Historical Market: Breakup by Product (USD Million), 2018-2023
3. Global Palm Vein Scanner Market Forecast: Breakup by Product (USD Million), 2024-2032
4. Global Palm Vein Scanner Historical Market: Breakup by Offering (USD Million), 2018-2023
5. Global Palm Vein Scanner Market Forecast: Breakup by Offering (USD Million), 2024-2032
6. Global Palm Vein Scanner Historical Market: Breakup by Authentication (USD Million), 2018-2023
7. Global Palm Vein Scanner Market Forecast: Breakup by Authentication (USD Million), 2024-2032
8. Global Palm Vein Scanner Historical Market: Breakup by Functionality (USD Million), 2018-2023
9. Global Palm Vein Scanner Market Forecast: Breakup by Functionality (USD Million), 2024-2032
10. Global Palm Vein Scanner Historical Market: Breakup by Application (USD Million), 2018-2023
11. Global Palm Vein Scanner Market Forecast: Breakup by Application (USD Million), 2024-2032
12. Global Palm Vein Scanner Historical Market: Breakup by End-User (USD Million), 2018-2023
13. Global Palm Vein Scanner Market Forecast: Breakup by End-User (USD Million), 2024-2032
14. Global Palm Vein Scanner Historical Market: Breakup by Region (USD Million), 2018-2023
15. Global Palm Vein Scanner Market Forecast: Breakup by Region (USD Million), 2024-2032
16. North America Palm Vein Scanner Historical Market: Breakup by Country (USD Million), 2018-2023
17. North America Palm Vein Scanner Market Forecast: Breakup by Country (USD Million), 2024-2032
18. Europe Palm Vein Scanner Historical Market: Breakup by Country (USD Million), 2018-2023
19. Europe Palm Vein Scanner Market Forecast: Breakup by Country (USD Million), 2024-2032
20. Asia Pacific Palm Vein Scanner Historical Market: Breakup by Country (USD Million), 2018-2023
21. Asia Pacific Palm Vein Scanner Market Forecast: Breakup by Country (USD Million), 2024-2032
22. Latin America Palm Vein Scanner Historical Market: Breakup by Country (USD Million), 2018-2023
23. Latin America Palm Vein Scanner Market Forecast: Breakup by Country (USD Million), 2024-2032
24. Middle East and Africa Palm Vein Scanner Historical Market: Breakup by Country (USD Million), 2018-2023
25. Middle East and Africa Palm Vein Scanner Market Forecast: Breakup by Country (USD Million), 2024-2032
26. Global Palm Vein Scanner Market Structure
Key Questions Answered in the Report
In 2021, the global palm vein scanner market attained a value of more than USD 420 million.
The market is projected to grow at a CAGR of 22.4% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach over USD 1,406.60 million by 2027.
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.
What are the major regional markets of global palm vein scanner market, according to the EMR report?
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.
Analyst Review
The global palm vein scanner market attained a value of more than USD 420 million in 2021, driven by the rapid adoption of biometric systems for identification and the surging need for safety and security in various sectors. Aided by the increasing adoption of mobile devices and the favourable government initiatives, the market is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 22.4%. The market is projected to reach a value of over USD 1,406.60 million by 2027.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on product, the palm vein scanner industry can be segmented into finger vein biometrics and palm vein biometrics. By offering, the industry can be segmented into hardware, software and services. Based on authentication, the industry can be segmented into unimodal biometric system and multimodal biometric system. On the basis of functionality, the palm vein scanner industry can be segmented into physical access and biometric authentication, logical access and biometric authentication, and embedded system. Based on application, the industry can be segmented into user identification, access control and biometric authentication, and OEM terminal devices. Based on end user, the palm vein scanner industry can be segmented into banking, financial services and institutions, defence, government, and healthcare, among others. The major regional markets for palm vein scanner are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include M2SYS Technology Fujitsu Limited, Recogtech BV, NEC Corporation, mofiria Corporation, and ePortation, Inc, among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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