Glоbаl Palm Vein Scanner Market By Product (Finger Vein Biometrics, Palm Vein Biometrics), By Application (Access Control & Biometric Identification, User Authentication, OEM Terminal Devices), By Offering, By Authentication, By Functionality, By Rеgіоn аnd Кеу Соmраnіеѕ - Іnduѕtrу Ѕеgmеnt Оutlооk, Маrkеt Аѕѕеѕѕmеnt, Соmреtіtіоn Ѕсеnаrіо, Тrеndѕ аnd Fоrесаѕt 2021–2031

Introduction –

A palm vein scanner is a biometric device that captures over 5 million data points by using infrared light to map the unique vein anatomy of an individual’s palm. Following which, a palm vein scanner turns these data points into a unique encrypted code that serves as a biometric ID.

Owing to high levels of accuracy and ease of use, biometric palm scanners are commonly considered to be the most useful and widely accepted form of technology that is used for recognition purposes. Biometric palm scanners are more precise when compared to fingerprint scanners. The fingerprints of twin siblings may be similar in certain situations, but the vein patterns of a palm are unique to each person, allowing a biometric palm scanner to accurately identify a person of interest.

An important feature of biometric palm scanner technology is that its accuracy in scanning a palm is not affected or influenced by any external injuries on a palm, be it burns or other skin-related issues. As the vein pattern in a palm is subcutaneous, it is unaffected by exterior trauma. The need for biometric palm scanners is further augmented by safety and security concerns in both public and private sectors.

Detailed Segmentation –

Based on Product

• Finger Vein Biometrics
• Palm Vein Biometrics

Based on Offering

• Hardware
• Software & Services

Based on Authentication

• Unimodal Biometric System
• Multimodal Biometric System

Based on Functionality

• Physical Access Control & Biometric Authentication
• Logical Access Control & Biometric Authentication
• Embedded System

Based on Application

• Access Control & Biometric Identification
• User Authentication
• OEM Terminal Devices

Based on Vertical

• BFSI
• Commercial
• Industrial

Based on Region:

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

Market Dynamics –

Drivers:

The use of biometrics in banking has increased as consumers now understand the potential this technology offers as a predominant method of identification in order to access banking services such as branch banking, online banking, ATM networks, and mobile banking facilities. Palm vein biometrics are used in the healthcare industry as well. It has distinct advantages in terms of achieving and maintaining 100 percent accurate patient identification, patient safety, and revenue cycle management in the healthcare industry.

Palm vein identification is used in a variety of business settings, including stadiums and retail stores. The installation of a biometric palm vein authentication system by the BioSec Group at the Hungarian Groupama Arena in July 2017, put an end to football spectator violence that had previously plagued the 23,500-seat soccer stadium.

Restraints:

When compared to other technologies such as the face, iris, and voice-based biometric systems, palm vein biometrics offer a greater number of advantages including, increased security, privacy, and accuracy as well. However, a possible drawback to using palm vein scanner technology is that it may not offer the same level of ease or comfort when compared to other biometric systems.

Since palm vein scanner-based biometric systems do not have long-range identifying capabilities, their usage in the personal devices segment may be limited in comparison to other existing biometric systems.

Opportunity:

Existing views concerning contact with touch-based solutions are also being influenced by the ongoing global health crisis, making it critical for businesses to prioritize user safety during enrollment and authentication when integrating advanced biometric technology. Palm vein authentication techniques capture an image of vein patterns beneath the physical skin of a user’s palm using near-infrared light.

Near-infrared light allows users to avoid making physical contact with a scanning device’s sensor, in turn, extending the sensor’s life and the device’s overall lifespan. Owing to recent advancements in palm vein authentication technology, certain scanning devices are now capable of processing finger vein authentication, fingerprint authentication, palm vein authentication, and iris authentication, all from a single scanning unit.

Trends:

The necessity for highly secure verification and identity systems has increased in the BFSI sector as the number of security breaches has subsequently increased as well. To provide consumers with secure access, certain banks and financial institutions incorporate biometrics technologies such as palm vein recognition technology with access control systems. For example, the Bank of Tokyo-Mitsubishi, a commercial bank in Japan, deployed a palm vein biometric system, to lend safe and cost-effective banking solutions to its customers.

Several startups are also investing in new product developments. For example, Redrock Biometrics, a manufacturer of palm-based biometrics for authentication and identification, announced the debut of PalmID-X, their version of an identification solution, at the invitation-only Finovate Spring 2019 conference in June 2019.

Competitive Landscape –

• Fujitsu Ltd.
• Hitachi Ltd.
• NEC Corporation
• M2SYS Technology
• BioSec Group Ltd.
• ID Link Systems
• Dakar Software Systems
• ePortation Incorporation
• Impricata Incorporation

Recent Developments

• In May 2020, the fundamental technology of NEC’s multimodal biometric authentication brand “Bio-Idiom” has been recognized as the world’s No. 1 in benchmark testing for identifying technologies conducted by the US National Institute of Standards and Technology (NIST).
• In December 2019, Recogtech teamed with Nedap (Netherlands), a premier technology company specializing in RFID and access solutions, to create a highly secure palm vein recognition technology.
• In November 2019, Fujitsu released the Fujitsu Security Solution AuthConductor V2, which offers customers comprehensive biometric authentication capabilities by using a variety of authentication methods, including palm vein authentication, etc.

For the Palm Vein Scanner Market research study, the following years have been considered to estimate the market size: