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Global Palm Vein Scanner Market: 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; Historical Market and Forecast (2017-2027); Market Dynamics; Competitive Landscape; Industry Events and Developments

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 2022-2027 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.

 

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.

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.

 

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.

 

REPORT FEATURES DETAILS
Base Year 2021
Historical Period 2017-2021
Forecast Period 2022-2027
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
Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs.
Delivery Format Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

 

*We at Expert Market Research always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual 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    Industry Opportunities and Challenges
8    Global Palm Vein Scanner Market Analysis

    8.1    Key Industry Highlights
    8.2    Global Palm Vein Scanner Historical Market (2017-2021) 
    8.3    Global Palm Vein Scanner Market Forecast (2022-2027)
    8.4    Global Palm Vein Scanner Market by Product
        8.4.1    Finger Vein Biometrics
            8.4.1.1    Market Share
            8.4.1.2    Historical Trend (2017-2021)
            8.4.1.3    Forecast Trend (2022-2027)
        8.4.2    Palm Vein Biometrics
            8.4.2.1    Market Share
            8.4.2.2    Historical Trend (2017-2021)
            8.4.2.3    Forecast Trend (2022-2027)
    8.5    Global Palm Vein Scanner Market by Offering
        8.5.1    Hardware
            8.5.1.1    Market Share
            8.5.1.2    Historical Trend (2017-2021)
            8.5.1.3    Forecast Trend (2022-2027)
        8.5.2    Software and Services
            8.5.2.1    Market Share
            8.5.2.2    Historical Trend (2017-2021)
            8.5.2.3    Forecast Trend (2022-2027)
    8.6    Global Palm Vein Scanner Market by Authentication
        8.6.1    Unimodal Biometric System
            8.6.1.1    Market Share
            8.6.1.2    Historical Trend (2017-2021)
            8.6.1.3    Forecast Trend (2022-2027)
        8.6.2    Multimodal Biometric System 
            8.6.2.1    Market Share
            8.6.2.2    Historical Trend (2017-2021)
            8.6.2.3    Forecast Trend (2022-2027)
    8.7    Global Palm Vein Scanner Market by Functionality
        8.7.1    Physical Access and Biometric Authentication
            8.7.1.1    Market Share
            8.7.1.2    Historical Trend (2017-2021)
            8.7.1.3    Forecast Trend (2022-2027)
        8.7.2    Logical Access and Biometric Authentication
            8.7.2.1    Market Share
            8.7.2.2    Historical Trend (2017-2021)
            8.7.2.3    Forecast Trend (2022-2027)
        8.7.3    Embedded System
            8.7.3.1    Market Share
            8.7.3.2    Historical Trend (2017-2021)
            8.7.3.3    Forecast Trend (2022-2027)
    8.8    Global Palm Vein Scanner Market by Application
        8.8.1    User Identification
            8.8.1.1    Market Share
            8.8.1.2    Historical Trend (2017-2021)
            8.8.1.3    Forecast Trend (2022-2027)
        8.8.2    Access Control and Biometric Authentication
            8.8.2.1    Market Share
            8.8.2.2    Historical Trend (2017-2021)
            8.8.2.3    Forecast Trend (2022-2027)
        8.8.3    OEM Terminal Devices
            8.8.3.1    Market Share
            8.8.3.2    Historical Trend (2017-2021)
            8.8.3.3    Forecast Trend (2022-2027)
    8.9    Global Palm Vein Scanner Market by End User
        8.9.1    Banking, Financial Services, and Institutions
            8.9.1.1    Market Share
            8.9.1.2    Historical Trend (2017-2021)
            8.9.1.3    Forecast Trend (2022-2027)
        8.9.2    Defence
            8.9.2.1    Market Share
            8.9.2.2    Historical Trend (2017-2021)
            8.9.2.3    Forecast Trend (2022-2027)
        8.9.3    Government
            8.9.3.1    Market Share
            8.9.3.2    Historical Trend (2017-2021)
            8.9.3.3    Forecast Trend (2022-2027)
        8.9.4    Healthcare
            8.9.4.1    Market Share
            8.9.4.2    Historical Trend (2017-2021)
            8.9.4.3    Forecast Trend (2022-2027)
        8.9.5    Others
    8.10    Global Palm Vein Scanner Market by Region
        8.10.1    Market Share
            8.10.1.1    North America
            8.10.1.2    Europe
            8.10.1.3    Asia Pacific
            8.10.1.4    Latin America
            8.10.1.5    Middle East and Africa
9    Regional Analysis
    9.1    North America
        9.1.1    Historical Trend (2017-2021)
        9.1.2    Forecast Trend (2022-2027)
        9.1.3    Breakup by Country
            9.1.3.1    United States of America 
            9.1.3.2    Canada
    9.2    Europe
        9.2.1    Historical Trend (2017-2021)
        9.2.2    Forecast Trend (2022-2027)
        9.2.3    Breakup by Country 
            9.2.3.1    United Kingdom
            9.2.3.2    Germany
            9.2.3.3    France
            9.2.3.4    Italy
            9.2.3.5    Others
    9.3    Asia Pacific
        9.3.1    Historical Trend (2017-2021)
        9.3.2    Forecast Trend (2022-2027)
        9.3.3    Breakup by Country
            9.3.3.1    China
            9.3.3.2    Japan
            9.3.3.3    India
            9.3.3.4    ASEAN
            9.3.3.5    Australia
            9.3.3.6    Others
    9.4    Latin America
        9.4.1    Historical Trend (2017-2021)
        9.4.2    Forecast Trend (2022-2027)
        9.4.3    Breakup by Country
            9.4.3.1    Brazil
            9.4.3.2    Argentina
            9.4.3.3    Mexico
            9.4.3.4    Others
    9.5    Middle East and Africa
        9.5.1    Historical Trend (2017-2021)
        9.5.2    Forecast Trend (2022-2027)
        9.5.3    Breakup by Country
            9.5.3.1    Saudi Arabia
            9.5.3.2    United Arab Emirates
            9.5.3.3    Nigeria
            9.5.3.4    South Africa
            9.5.3.5    Others
10    Market Dynamics
    10.1    SWOT Analysis
        10.1.1    Strengths
        10.1.2    Weaknesses
        10.1.3    Opportunities
        10.1.4    Threats
    10.2    Porter’s Five Forces Analysis
        10.2.1    Supplier’s Power
        10.2.2    Buyer’s Power
        10.2.3    Threat of New Entrants
        10.2.4    Degree of Rivalry
        10.2.5    Threat of Substitutes
    10.3    Key Indicators for Demand
    10.4    Key Indicators for Price
11    Value Chain Analysis
12    Competitive Landscape

    12.1    Market Structure
    12.2    Company Profiles
        12.2.1    M2SYS Technology
            12.2.1.1    Company Overview
            12.2.1.2    Product Portfolio
            12.2.1.3    Demographic Reach and Achievements
            12.2.1.4    Certifications
        12.2.2    Fujitsu Limited
            12.2.2.1    Company Overview
            12.2.2.2    Product Portfolio
            12.2.2.3    Demographic Reach and Achievements
            12.2.2.4    Certifications
        12.2.3    Recogtech BV
            12.2.3.1    Company Overview
            12.2.3.2    Product Portfolio
            12.2.3.3    Demographic Reach and Achievements
            12.2.3.4    Certifications
        12.2.4    NEC Corporation
            12.2.4.1    Company Overview
            12.2.4.2    Product Portfolio
            12.2.4.3    Demographic Reach and Achievements
            12.2.4.4    Certifications
        12.2.5    mofiria Corporation
            12.2.5.1    Company Overview
            12.2.5.2    Product Portfolio
            12.2.5.3    Demographic Reach and Achievements
            12.2.5.4    Certifications
        12.2.6    ePortation, Inc
            12.2.6.1    Company Overview
            12.2.6.2    Product Portfolio
            12.2.6.3    Demographic Reach and Achievements
            12.2.6.4    Certifications
        12.2.7    Others
13    Industry Events and Developments

 

List of Key Figures and Tables

1.    Global Palm Vein Scanner Market: Key Industry Highlights, 2017 and 2027
2.    Global Palm Vein Scanner Historical Market: Breakup by Product (USD Million), 2017-2021
3.    Global Palm Vein Scanner Market Forecast: Breakup by Product (USD Million), 2022-2027
4.    Global Palm Vein Scanner Historical Market: Breakup by Offering (USD Million), 2017-2021
5.    Global Palm Vein Scanner Market Forecast: Breakup by Offering (USD Million), 2022-2027
6.    Global Palm Vein Scanner Historical Market: Breakup by Authentication (USD Million), 2017-2021
7.    Global Palm Vein Scanner Market Forecast: Breakup by Authentication (USD Million), 2022-2027
8.    Global Palm Vein Scanner Historical Market: Breakup by Functionality (USD Million), 2017-2021
9.    Global Palm Vein Scanner Market Forecast: Breakup by Functionality (USD Million), 2022-2027
10.    Global Palm Vein Scanner Historical Market: Breakup by Application (USD Million), 2017-2021
11.    Global Palm Vein Scanner Market Forecast: Breakup by Application (USD Million), 2022-2027
12.    Global Palm Vein Scanner Historical Market: Breakup by End-User (USD Million), 2017-2021
13.    Global Palm Vein Scanner Market Forecast: Breakup by End-User (USD Million), 2022-2027
14.    Global Palm Vein Scanner Historical Market: Breakup by Region (USD Million), 2017-2021
15.    Global Palm Vein Scanner Market Forecast: Breakup by Region (USD Million), 2022-2027
16.    North America Palm Vein Scanner Historical Market: Breakup by Country (USD Million), 2017-2021
17.    North America Palm Vein Scanner Market Forecast: Breakup by Country (USD Million), 2022-2027
18.    Europe Palm Vein Scanner Historical Market: Breakup by Country (USD Million), 2017-2021
19.    Europe Palm Vein Scanner Market Forecast: Breakup by Country (USD Million), 2022-2027
20.    Asia Pacific Palm Vein Scanner Historical Market: Breakup by Country (USD Million), 2017-2021
21.    Asia Pacific Palm Vein Scanner Market Forecast: Breakup by Country (USD Million), 2022-2027
22.    Latin America Palm Vein Scanner Historical Market: Breakup by Country (USD Million), 2017-2021
23.    Latin America Palm Vein Scanner Market Forecast: Breakup by Country (USD Million), 2022-2027
24.    Middle East and Africa Palm Vein Scanner Historical Market: Breakup by Country (USD Million), 2017-2021
25.    Middle East and Africa Palm Vein Scanner Market Forecast: Breakup by Country (USD Million), 2022-2027
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 2022 and 2027.

The market is estimated to witness a healthy growth in the forecast period of 2022-2027 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.

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 2022-2027, 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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