Palm Vein Scanner: Introduction
- The biometric palm scanner is a palm-vein based authentication system that offers advanced biometric security technology.
- Palm vein scanner is the most suitable and widely accepted technology for person recognition as it provides a high level of accuracy and is easy to use.
- In terms of offering, palm vein scanners are divided into two types: hardware, and software & services, and these are used in various applications such as healthcare, BFSI, consumer electronics, commercial security, and the gaming sector.
Rise in Demand from the BFSI Segment
- BFSI is the fastest growing segment of the palm vein scanner market.
- The rising level of security breaches and the increasing level of security needed in BFSI is expected to propel the demand for palm vein scanners during the forecast period. Many BFSI organizations are adopting palm vein scanners, which is also fueling the growth of the market.
- Moreover, several banks and financial institutions have integrated biometric technologies such as palm vein recognition with access control systems on mobile devices such as smartphones to offer customers secure access to online accounts, thus fueling the growth of the global palm vein scanner market.
- The software & services segment is expected to expand at a substantial rate during the forecast period due to the rising popularity of software developed palm vein scanners compatible with various OS, including Windows, Linux, and Android
- However, some potential limitations such as the fact that palm vein scanners do not offer long-range identification capabilities like other alternative biometric systems is a major restraint of the market.
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Asia Pacific to Lead the Palm Vein Scanner Market
- In terms of region, the global palm vein scanner market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- Asia Pacific is anticipated to dominate the global palm vein scanner market throughout the forecast period, as a large number of manufacturers of palm vein scanners operate in the region.
- Governments of Asian countries such as China, Japan, India, and Australia majorly use palm vein scanners for several purposes such as issuing residential permits, for nationality registration, and passport authentication, which propels the growth of the palm vein scanner market.
- Moreover, rising awareness of biometric technology and an increasing number of manufacturing companies setting up their operations in APAC is expected to boost the growth of the palm vein scanner market during the forecast period.
- The markets in North America and Europe are expected to expand at a substantial rate during the forecast period since many BFSI organizations are adopting palm vein scanners.
- On the other hand, the palm vein scanner market in Middle East & Africa, and South America is estimated to expand at a moderate pace during the forecast period.
Key Players Operating in the Global Palm Vein Scanner Market
The global palm vein scanner market was highly fragmented in 2019. Major players operating in the global market are focusing on technological advancements and expansion to meet the rising demand for palm vein scanners. Moreover, manufacturers are undertaking mergers and acquisitions for the development of innovative products.
Key players operating in the global palm vein scanner market include:
- Fujitsu Ltd.
- Hitachi, Ltd.
- NEC Corporation
- M2SYS Technology
- BioSec Group Ltd.
- Matrix Security Solutions
- IdentyTech Solutions America, LLC
- Dakar Software Systems
- ePortation Inc.
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Global Palm Vein Scanner Market: Research Scope
Global Palm Vein Scanner Market, by Offering
- Software & Services
Global Palm Vein Scanner Market, by Applications
- Consumer Electronics
- Commercial Security
- Gaming Sector
Global Palm Vein Scanner Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
Disclaimer: This ongoing market research study is a meticulously planned activity where a broad array of factors and aspects that shape the marketing environment and industry are taken into account. However, keeping in mind the constantly changing nature of business dynamics and changing strategic intents, we are always actively making iterations and modifications in our approaches. As always, we are ready to tailor our insights and guidance to suit your requirements. Engage with us to know what more is there for your CXOs.