The global palm vein scanner market size is estimated to be USD 416 million in 2020 and is projected to reach 1,150 million by 2025, at a CAGR of 22.6% during the forecast period. The key factors fueling the growth of this market include emerging superior benefits of palm vein scanners over other biometric technologies, increasing need to secure confidential information and data for organizations, surging adoption of biometric identification systems in BFSI, healthcare, and commercial sectors, expanding government support in Europe for internal biometric techniques owing to GDPR compliance, and growing partnerships and collaborations between vendors in the ecosystem boosting market proliferation
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The palm vein scanner market has promising growth potential due to several factors, including ongoing technological advancements such as palm biometric smart cards, increasing adoption of mobile devices, growing demand for touchless biometric systems due to COVID-19, emerging initiatives taken by governments to provide unique identity cards to citizens, rising demand for all-in-one biometric solutions.
Countries in the APAC and Europe region have also witnessed an increasing adoption of palm vein scanner products for various applications, which has aided in the palm vein biometrics industry's growth. The rise in the demand for biometric products that offer a high level of accuracy, security, and efficiency in these regions drives the palm vein scanner market's development. The launch of multimodal biometric solutions that integrate finger vein and palm vein pattern recognition technology in the last few years by the manufacturers in North America has contributed to the palm vein scanner's market growth. Additionally, the growing preference for biometric access control solutions in the commercial and government sectors are expected to drive the market demand for palm vein scanner globally.
The palm vein scanner market for finger vein biometrics is projected to register the highest CAGR during the forecast period, by product. The high level of robustness, convenience, and security offered by finger vein biometrics has resulted in its wide acceptance across various industries and applications. The development and integration of neural networks or deep learning algorithms into finger vein biometric systems to develop on-the-fly biometric systems are expected to globally drive the future growth of finger vein biometrics.
The multimodal biometric system segment of the palm vein scanner market is estimated to register the largest market share in 2025 by authentication. Multimodal biometric systems have a high level of user acceptance owing to the high accuracy, reliability, and safety options offered by these systems—this is also expected to drive their market growth in the coming years. Also, governments and institutions of several developing countries are willing to replace unimodal biometrics with multimodal biometric-based palm vein scanners for added convenience and security and to improve the overall project and IT infrastructure in their respective countries. This would spur the market growth of multimodal biometric systems worldwide, leading to the palm vein scanner market's growth.
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