Certified Global Research Member
Key Questions Answered
- Global Market Outlook
- In-depth analysis of global and regional trends
- Analyze and identify the major players in the market, their market share, key developments, etc.
- To understand the capability of the major players based on products offered, financials, and strategies.
- Identify disrupting products, companies, and trends.
- To identify opportunities in the market.
- Analyze the key challenges in the market.
- Analyze the regional penetration of players, products, and services in the market.
- Comparison of major players’ financial performance.
- Evaluate strategies adopted by major players.
- Recommendations
Why Choose Market Research Future?
- Vigorous research methodologies for specific market.
- Knowledge partners across the globe
- Large network of partner consultants.
- Ever-increasing/ Escalating data base with quarterly monitoring of various markets
- Trusted by fortune 500 companies/startups/ universities/organizations
- Large database of 5000+ markets reports.
- Effective and prompt pre- and post-sales support.
The palm recognition market has been displaying marked growth in the last few years, due to several market trends that have emerged to meet the present high demand for secure and contactless biometric identification technology.
An increasing demand for accurate biometric security systems is a market trend that is enhancing the growth of the palm recognition market. Today, the legacy methods of authentication, including password and PIN, have grown less secure, being prone to breach. As a consequence, more and more companies and organizations deploy biometric authentication technology to protect their assets and information. Biometrics is appealing, especially palm recognition, which allows a highly accurate identification of users and offers a secure and convenient substitute mode of verification. In just few years, this tendency has led to a rising demand for palm recognition technologies making the palm recognition market to grow faster and faster.
Moreover, the environment is going to see the introduction of contactless biometric technologies. The current coronavirus outbreak has made establishing physical boundaries and eliminating the chance of infection a prime concern. Palm recognition technology is a versatile technology as it depends on a contactless authentication method, users only have to put their palm close to a sensor for the identification. This all touchless experience, with improved hygiene measures but also convenience and speed, assure the security of authentication. A great number of sectors, such as health care, finance, and transportation observed significant rise in the demand for contactless biometric solutions based on palm recognition.
Besides that the share in palm recognition usage in access control and time attendance systems also increases. Palm recognition is becoming preferred biometric technology by organizations and businesses for security enhancement and attendance tracking efficiency. The feature of the invisible palm recognition system that can promptly and accurately identify people opens the possibility of using it for access control and time tracking systems. This trend is becoming increasingly popular as organizations are looking for strong and efficient systems to monitor the participation of employees and to restrict access to the physical sites.
Besides trend in palm recognition market is integration with other systems as well as technologies. Palm scanning technology is one of the currently most used biometric authentication methods, and it already can be integrated with different devices and platforms, for example, smartphones and smart locks. With this implementation, users unlock the capability to authenticate themselves via palm biometrics for various apps and devices on different platforms thus making the experience more convenient and secure. The palm recognition has been incorporated with the existing access control systems, that is automatically taking place without the significant disruption of regular workflow for the organizations.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | 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 |
| Market Dynamics | 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 Growing partnerships and collaborations between vendors in the ecosystem boosting market proliferation |
Palm Recognition Market Highlights:
Palm Recognition Market Overview
Palm Recognition Market Size was valued at USD 741.68 million in 2022. The Palm Recognition Market industry is projected to grow from USD 903.80 million in 2023 to USD 2,567.23 million by 2032, exhibiting a compound annual growth rate (CAGR) of 12.3% during the forecast period (2023 - 2032). The emerging superior benefits of palm vein scanners over other biometric technologies, and the increasing need to secure confidential information and data for organizations are driving the growth of the market.
Palm Recognition Market: Market growth
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Covid-19 Analysis
Post-COVID-19, the Palm Recognition Market size was valued at USD 741.68 million in 2022 and is projected to reach USD 2,567.23 million by 2032, growing at a CAGR of 12.3% from 2023 to 2032. The COVID-19 pandemic has highlighted the importance of touchless technologies to minimize the spread of the virus. Palm recognition, being a contactless biometric technology, has witnessed increased demand in applications where hygiene and safety are paramount. The pandemic has led to a heightened focus on hygiene and sanitation measures across various industries.
Palm recognition offers a touch-free solution, reducing the risk of virus transmission compared to traditional fingerprint scanners. This has prompted organizations to adopt palm recognition systems for access control, time and attendance management, and other applications. Many organizations have integrated palm recognition technology with their existing access control or identity verification systems to enhance security while adhering to COVID-19 safety guidelines. This integration has facilitated seamless adoption of palm recognition technology and accelerated its market growth.
Palm Recognition Market Dynamics
Emerging superior benefits of palm vein scanners over other biometric technologies
The patterns of palm veins are unique to every individual, even identical twins. By using palm vein biometric technology, an image of the vein pattern beneath the skin can be captured so that individuals can be identified based on that image. The palm vein pattern is captured using near-infrared light, so high-quality skin integrity is not required for accurate identification. Using palm vein biometrics, which is based on scanning the vein pattern under the skin, is one of the most secure and reliable methods of performing biometric identification.
The integrity of the skin on the fingertip is not an issue with palm vein biometrics, unlike fingerprint biometric technology, which depends on it for accurate identification and can be adversely affected by age, environment, cuts, scrapes, bruises, scars, dirt, grime, and grease. An individual's facial geometry, such as the distance between the chin, forehead, and eyes, as well as the length of the jawline, is mapped by facial recognition technology. With palm vein technology, over 5 million data points are measured in the vein structure of an individual's palm, using infrared light to map the unique vein pattern of the hand.
Face recognition cameras can easily identify people from a distance because all users' faces are exposed everywhere they go. This creates serious privacy risks, as users can be tracked in public. Unlike palm veins, which are concealed inside hands, palm veins must be captured under infrared light and with a close-up camera to be captured. Unlike with facial recognition, palm vein patterns cannot be recognized at a distance. This is what makes palm vein a consent-based biometric, giving it clear advantages over facial recognition in terms of privacy.
Palm Recognition Market Segment Insights
Palm Recognition Market Offering Insights
The Palm Recognition Market segmentation, based on Offering, includes Hardware, and Software & Services.
Palm recognition software includes advanced algorithms that process and analyze palm vein patterns or palm prints captured by the palm recognition system. These algorithms compare the captured patterns with stored templates to authenticate or identify individuals. Palm recognition software often provides integration capabilities and APIs (Application Programming Interfaces) to enable seamless integration with existing access control systems, identity management platforms, or other applications within an organization's infrastructure.
Service providers assist organizations in the installation and integration of palm recognition systems into their premises or existing infrastructure. This involves physical installation of hardware components, software configuration, and integration with other systems or databases. In some cases, service providers offer customization services to tailor the palm recognition software to meet specific organizational requirements. They may develop custom features, interfaces, or integrations based on client needs.
November 2022: Keyo announced the launch of the Keyo Network, a global biometric identity system featuring the industry’s most powerful palm scanner and software platform. Keyo allows anyone to verify who they are and access what is theirs with a contactless scan of their hand, giving people the power to open doors, pay at stores, redeem tickets, and more without needing phones, fobs, cards, or keys.
Palm Recognition Market: Offering Insights
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Palm Recognition Market Product Insights
According to Product segment, the Palm Recognition Market is segmented into Finger Vein Biometrics, and Palm Vein Biometrics.
Palm vein biometrics is a highly secure and reliable form of biometric authentication that utilizes near-infrared light to capture and analyze the unique vein patterns within an individual's palm. This non-contact and non-invasive technology provide accurate and reliable identification, as the vein patterns within the palm are unique to each individual and remain stable over time. By leveraging the distinctive vein patterns beneath the skin, palm vein biometrics offers a robust and privacy-enhancing method for verifying and authenticating individuals in various applications, including access control, identity verification, and financial transactions.
Palm Recognition Market: Product Insights
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Palm Recognition Market Authentication Insights
According to Authentication segment, the Palm Recognition Market is segmented into Unimodal Biometric System, and Multimodal Biometric System.
A multimodal biometric system is an advanced technology that combines two or more distinct biometric modalities, such as fingerprint, iris, face, voice, or behavioral characteristics, to create a more accurate and reliable method of identification or authentication. By leveraging multiple biometric traits, the system enhances security and reduces the risk of false positives or false negatives. The fusion of multiple modalities in a multimodal biometric system ensures robustness, making it suitable for applications that demand high levels of accuracy and security. It is anticipated that the Finger Vein Biometrics segment will experience the highest growth during the forecasted period.
Palm Recognition Market: Authentication Insights
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Palm Recognition Market Functionality Insights
According to Functionality segment, the Palm Recognition Market is segmented into Physical Access Control & Biometric Identification, Logical Access Control & Biometric Identification, and Embedded System.
A multimodal biometric system is an advanced technology that combines two or more distinct biometric modalities, such as fingerprint, iris, face, voice, or behavioral characteristics, to create a more accurate and reliable method of identification or authentication. By leveraging multiple biometric traits, the system enhances security and reduces the risk of false positives or false negatives. The fusion of multiple modalities in a multimodal biometric system ensures robustness, making it suitable for applications that demand high levels of accuracy and security. It is anticipated that the Physical Access Control & Biometric Identification segment will experience the highest growth during the forecasted period.
Palm Recognition Market: Functionality Insights
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Palm Recognition Market Vertical Insights
According to Vertical segment, the Palm Recognition Market is segmented into BFSI, Commercial, Industrial, and Others.
Palm recognition offers enhanced security by utilizing the unique vein patterns in an individual's palm for biometric authentication. This ensures that only authorized personnel can access accounts, perform transactions, and access sensitive financial information. With its high level of accuracy and reliability, palm recognition is well-suited for securing customer data and preventing unauthorized access in the BFSI sector. It is anticipated that the BFSI segment will experience the highest growth during the forecasted period.
Palm Recognition Market: Vertical Insights
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Palm Recognition Market Application Insights
According to Application segment, the Palm Recognition Market is segmented into Access Control & Biometric Identification, OEM Terminal Devices, User Authentication, and Others.
OEM terminal devices play a crucial role in the Palm Recognition Market. These devices are specifically designed and manufactured by OEMs to capture and process palm vein patterns or palm prints for authentication purposes. OEM terminal devices typically consist of hardware components, such as palm scanners or sensors, and associated software for image processing and matching algorithms. These devices are essential for deploying palm recognition systems in various applications, including access control, time and attendance management, and identity verification in industries like banking, healthcare, and commercial sectors. It is anticipated that the Access Control & Biometric Identification segment will experience the highest growth during the forecasted period.
Palm Recognition Market: Application Insights
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Palm Recognition Market Regional Insights
By Region, the study segments the market into North America, Europe, Asia-Pacific, Middle East & Africa, and South America.
As a result of the proliferation of government regulations and standards for regulating the collection and use of personal data and the protection and security of biometric data in the region, biometric technologies for authentication and verification have been promoted. These developments are expected to provide an opportunity for palm vein scanners to grow in the region. Fingopay (Canada) and Amazon (US) are two of the major manufacturers of finger vein and palm vein biometric devices in North America. There is extensive exposure to biometric technology in the region, which is being used in a variety of commercial and government sectors, such as government, defense, BFSI, healthcare, IT, and home security. Â
The Palm Recognition Market in the Asia-Pacific region is exhibiting a significant growth due to several factors. The region's large population, rapid urbanization, and technological advancements are driving the adoption of palm recognition technology across various sectors, including finance, healthcare, and government. With increasing concerns about data breaches and identity theft, organizations in the region are actively seeking secure and reliable authentication solutions, making palm recognition an attractive option with its high accuracy and non-invasive nature. Additionally, several governments in the region are promoting the use of biometrics for identity verification and access control, creating a favorable regulatory environment.
Further, the countries considered in the scope of the Palm Recognition Market are the US, Canada, Mexico, UK, Germany, France, Italy, Spain, Switzerland, Austria, Belgium, Denmark, Finland, Greece, Hungary, Italy, Luxembourg, Netherlands, Norway, Poland, Portugal, Slovakia, Sweden, Romania, Ireland, China, Japan, Singapore, Malaysia, Indonesia, Philippines, South Korea, Hong Kong, Macau, Singapore, Brunei, India, Australia & New Zealand, South Africa, Egypt, Nigeria, Saudi Arabia, Qatar, United Arab Emirates, Bahrain, Kuwait, and Oman, Brazil, Argentina, Chile, and others.
Palm Recognition Market Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Palm Recognition Market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Palm Recognition industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
NEC Corporation, a global leader in biometric technology, has adopted a strategic approach to the Palm Recognition Market. Their strategy focuses on innovation, partnerships, and market expansion. NEC emphasizes continuous research and development to enhance the accuracy, speed, and usability of their palm recognition solutions. They collaborate with industry partners to integrate palm recognition technology into various applications and sectors. Additionally, NEC prioritizes market expansion by targeting key industries such as banking, finance, healthcare, and commercial sectors.
Key Companies in the Palm Recognition Market include
-
FUJITSU LTD
-
HITACHI, LTD
-
NEC CORPORATION
-
M2SYS TECHNOLOGY
-
BIOSEC GROUP LTD
-
EPORTATION, INC.
-
IDLINK SYSTEMS PTE LTD
-
BIOENABLE TECHNOLOGIES PVT LTD
-
MOFIRIA CORPORATION
-
DAKAR SOFTWARE SYSTEMS
-
RECOGTECH B.V
-
IPROOV
-
REDROCK BIOMETRICS
-
FISERV, INC.
-
RAVIRAJ TECHNOLOGIES
-
IMPRIVATA, INC.
-
TIME SYSTEMS (UK) LTD
-
GLOBAL ID SA
-
IDENTYTECH SOLUTIONS LTD
-
MANTRA SOFTECH (INDIA) PVT. LTD
-
MATRIX COMSEC PVT. LTD
-
IDEMIA
-
NEUROTECHNOLOGY, among others
Palm Recognition Industry Developments
April 2023: Amazon-owned retail chain, Whole Foods Market stores has rolled out Amazon One biometric palm-recognition technology at 11 outlets across greater Denver area in the US state of Colorado. It is also implementing Amazon’s Dash Cart smart shopping trolley at its outlet in SouthGlenn which tracks the items customers scan as they shop and enables them to exit the store without needing to visit a physical checkout.
December 2021: Hudson integrates Amazon’s palm-recognition payments at Hudson Nonstop, powered by Just Walk Out technology, at Dallas Love Field Airport (DAL). The integration of Amazon One into the company's technology portfolio demonstrates Hudson’s unique ability to continually redefine and elevate the travel experience.
Intended Audience
- Technology Investors
- Regulatory Industries
- Government Bodies
- Defense industry
- Public Safety Industry
- Cybersecurity vendors
- service providers
- consultants
- security analysts
- IT professionals
- security researchers
- investors
- venture capitalists
Palm Recognition Market Segmentation
Palm Recognition Market, By Offering Outlook
- Hardware
- Software & Services
Palm Recognition Market, By Product Outlook
- Finger Vein Biometrics
- Palm Vein Biometrics
Palm Recognition Market, By Authentication Outlook
- Unimodal Biometric System
- Multimodal Biometric System
Palm Recognition Market, By Functionality Outlook
- Physical Access Control & Biometric Identification
- Logical Access Control & Biometric Identification
- Embedded System
Palm Recognition Market, By Vertical Outlook
- BFSI
- Commercial
- Industrial
- Others
Palm Recognition Market, By Application Outlook
- Access Control & Biometric Identification
- OEM Terminal Devices
- User Authentication
- Others
Palm Recognition Market Regional Outlook
-
North America- US
- Canada
- Mexico
-
Europe- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
-
Asia-Pacific- China
- India
- Japan
- South Korea
- Singapore
- Rest of Asia-Pacific
-
Middle East & Africa- UAE
- Saudi Arabia
- Africa
- Rest of Middle East & Africa
-
South America- Brazil
- Argentina
- Rest of South America
Leading companies partner with us for data-driven Insights
Kindly complete the form below to receive a free sample of this Report
Tailored for You
- Dedicated Research on any specifics segment or region.
- Focused Research on specific players in the market.
- Custom Report based only on your requirements.
- Flexibility to add or subtract any chapter in the study.
- Historic data from 2014 and forecasts outlook till 2040.
- Flexibility of providing data/insights in formats (PDF, PPT, Excel).
- Provide cross segmentation in applicable scenario/markets.
