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Report
Palm Vein Biometrics Market by Component (Hardware, Software and Services), Application (Banking and Financial Sector, Healthcare, Home Security, Commercial Security, Consumer Electronics, Education, Gaming, Transportation, Government), and Region 2024-2032
Market Report I 2024-04-08 I 137 Pages I IMARC Group
The global palm vein biometrics market size reached US$ 1.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 6.3 Billion by 2032, exhibiting a growth rate (CAGR) of 18.77% during 2024-2032. The rising instances of security breaches in the BFSI sector, the growing need for advanced authentication services, and increasing concerns regarding data privacy protection represent some of the key factors driving the market.
Palm vein biometrics refers to an advanced, contactless authentication technology that relies on the vascular patterns of the palm as personal identification data. It works by capturing an image of the vein pattern beneath the skin of an individual using near-infrared light and then comparing and verifying it with the patterns stored in the database for authentication purposes. It involves pairing a biometric scanner with a database server or smart card that contains user information and matches it with the scanned data to provide access. It offers several advantages, such as optimum security, higher accuracy, ease of use, and enhanced reliability. In recent years, palm vein biometrics has gained immense popularity across the globe as a highly secure biometric modality since the data is retrieved from the body, making it difficult to forge.
Palm Vein Biometrics Market Trends:
Due to the rising instances of security breaches, there is a surge in need for advanced security systems across numerous industry verticals, including banking, financial services and insurance (BFSI), government, healthcare, defense, and manufacturing. This, along with the increasing adoption of biometrics for high-security applications, represents the primary factor driving the market growth. Besides this, several favorable initiatives undertaken by governments of various countries to provide unique identity cards to every citizen have augmented the demand for palm vein biometrics. Additionally, the growing business competition across the globe has strengthened the need for securing confidential data among organizations to retain their position in the market. In line with this, the surging utilization of palm vein biometrics in the BFSI sector for secure access control, mobile banking, kiosks, and safe deposit lockers to protect customers against data breaches and identity thefts has catalyzed market growth. Furthermore, there has been widespread product adoption in the healthcare industry for automatic and accurate patient identification, fast retrieval of individual records, and easy patient enrollment. Along with this, the increasing deployment of palm vein biometrics across various government organizations and departments to improve their security, prevent unauthorized access, and combat security issues has propelled market growth. Other factors, including the escalating demand for all-in-one biometric solutions, rising national security concerns, stringent data protection regulations, ongoing product innovations, and continual technological advancements, are also anticipated to provide a positive thrust to the market growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global palm vein biometrics market, along with forecasts at the global, regional, and country levels from 2024-2032. Our report has categorized the market based on component and application.
Component Insights:
Hardware
Software and Services
The report has provided a detailed breakup and analysis of the palm vein biometrics market based on the component. This includes hardware and software and services. According to the report, hardware represented the largest segment.
Application Insights:
Banking and Financial Sector
Healthcare
Home Security
Commercial Security
Consumer Electronics
Education
Gaming
Transportation
Government
A detailed breakup and analysis of the palm vein biometrics market based on the application has also been provided in the report. This includes banking and financial sector, healthcare, home security, commercial security, consumer electronics, education, gaming, transportation, and government. According to the report, the banking and financial sector accounted for the largest market share.
Regional Insights:
North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America was the largest market for palm vein biometrics. Some of the factors driving the North America palm vein biometrics market included its high number of established manufacturing companies, extensive investments in software technologies, rising adoption of biometrics in the homeland and commercial security, etc.
Competitive Landscape:
The report has also provided a comprehensive analysis of the competitive landscape in the global palm vein biometrics market. Detailed profiles of all major companies have also been provided. Some of the companies covered include BioEnable Technologies Pvt. Ltd, BioSec Group Ltd., Fujitsu Limited, Identytech Solutions America Inc., iDLink Systems Pte Ltd., M2SYS Technology, Mantra Softech India Pvt Ltd, Matrix Comsec Pvt. Ltd., NEC Corporation, Tyco Security Products (Johnson Controls International plc), etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
Key Questions Answered in This Report
1. How big is the global palm vein biometrics market?
2. What is the expected growth rate of the global palm vein biometrics market during 2024-2032?
3. What are the key factors driving the global palm vein biometrics market?
4. What has been the impact of COVID-19 on the global palm vein biometrics market?
5. What is the breakup of the global palm vein biometrics market based on the component?
6. What is the breakup of the global palm vein biometrics market based on the application?
7. What are the key regions in the global palm vein biometrics market?
8. Who are the key players/companies in the global palm vein biometrics market?
1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Palm Vein Biometrics Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Component
6.1 Hardware
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Software and Services
6.2.1 Market Trends
6.2.2 Market Forecast
7 Market Breakup by Application
7.1 Banking and Financial Sector
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Healthcare
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Home Security
7.3.1 Market Trends
7.3.2 Market Forecast
7.4 Commercial Security
7.4.1 Market Trends
7.4.2 Market Forecast
7.5 Consumer Electronics
7.5.1 Market Trends
7.5.2 Market Forecast
7.6 Education
7.6.1 Market Trends
7.6.2 Market Forecast
7.7 Gaming
7.7.1 Market Trends
7.7.2 Market Forecast
7.8 Transportation
7.8.1 Market Trends
7.8.2 Market Forecast
7.9 Government
7.9.1 Market Trends
7.9.2 Market Forecast
8 Market Breakup by Region
8.1 North America
8.1.1 United States
8.1.1.1 Market Trends
8.1.1.2 Market Forecast
8.1.2 Canada
8.1.2.1 Market Trends
8.1.2.2 Market Forecast
8.2 Asia-Pacific
8.2.1 China
8.2.1.1 Market Trends
8.2.1.2 Market Forecast
8.2.2 Japan
8.2.2.1 Market Trends
8.2.2.2 Market Forecast
8.2.3 India
8.2.3.1 Market Trends
8.2.3.2 Market Forecast
8.2.4 South Korea
8.2.4.1 Market Trends
8.2.4.2 Market Forecast
8.2.5 Australia
8.2.5.1 Market Trends
8.2.5.2 Market Forecast
8.2.6 Indonesia
8.2.6.1 Market Trends
8.2.6.2 Market Forecast
8.2.7 Others
8.2.7.1 Market Trends
8.2.7.2 Market Forecast
8.3 Europe
8.3.1 Germany
8.3.1.1 Market Trends
8.3.1.2 Market Forecast
8.3.2 France
8.3.2.1 Market Trends
8.3.2.2 Market Forecast
8.3.3 United Kingdom
8.3.3.1 Market Trends
8.3.3.2 Market Forecast
8.3.4 Italy
8.3.4.1 Market Trends
8.3.4.2 Market Forecast
8.3.5 Spain
8.3.5.1 Market Trends
8.3.5.2 Market Forecast
8.3.6 Russia
8.3.6.1 Market Trends
8.3.6.2 Market Forecast
8.3.7 Others
8.3.7.1 Market Trends
8.3.7.2 Market Forecast
8.4 Latin America
8.4.1 Brazil
8.4.1.1 Market Trends
8.4.1.2 Market Forecast
8.4.2 Mexico
8.4.2.1 Market Trends
8.4.2.2 Market Forecast
8.4.3 Others
8.4.3.1 Market Trends
8.4.3.2 Market Forecast
8.5 Middle East and Africa
8.5.1 Market Trends
8.5.2 Market Breakup by Country
8.5.3 Market Forecast
9 Drivers, Restraints, and Opportunities
9.1 Overview
9.2 Drivers
9.3 Restraints
9.4 Opportunities
10 Value Chain Analysis
11 Porters Five Forces Analysis
11.1 Overview
11.2 Bargaining Power of Buyers
11.3 Bargaining Power of Suppliers
11.4 Degree of Competition
11.5 Threat of New Entrants
11.6 Threat of Substitutes
12 Price Analysis
13 Competitive Landscape
13.1 Market Structure
13.2 Key Players
13.3 Profiles of Key Players
13.3.1 BioEnable Technologies Pvt. Ltd
13.3.1.1 Company Overview
13.3.1.2 Product Portfolio
13.3.2 BioSec Group Ltd.
13.3.2.1 Company Overview
13.3.2.2 Product Portfolio
13.3.3 Fujitsu Limited
13.3.3.1 Company Overview
13.3.3.2 Product Portfolio
13.3.3.3 Financials
13.3.3.4 SWOT Analysis
13.3.4 Identytech Solutions America Inc.
13.3.4.1 Company Overview
13.3.4.2 Product Portfolio
13.3.5 iDLink Systems Pte Ltd.
13.3.5.1 Company Overview
13.3.5.2 Product Portfolio
13.3.6 M2SYS Technology
13.3.6.1 Company Overview
13.3.6.2 Product Portfolio
13.3.7 Mantra Softech India Pvt Ltd
13.3.7.1 Company Overview
13.3.7.2 Product Portfolio
13.3.8 Matrix Comsec Pvt. Ltd
13.3.8.1 Company Overview
13.3.8.2 Product Portfolio
13.3.9 NEC Corporation
13.3.9.1 Company Overview
13.3.9.2 Product Portfolio
13.3.9.3 Financials
13.3.9.4 SWOT Analysis
13.3.10 Tyco Security Products (Johnson Controls International plc)
13.3.10.1 Company Overview
13.3.10.2 Product Portfolio
Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
Figure 1: Global: Palm Vein Biometrics Market: Major Drivers and Challenges
Figure 2: Global: Palm Vein Biometrics Market: Sales Value (in Billion US$), 2018-2023
Figure 3: Global: Palm Vein Biometrics Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 4: Global: Palm Vein Biometrics Market: Breakup by Component (in %), 2023
Figure 5: Global: Palm Vein Biometrics Market: Breakup by Application (in %), 2023
Figure 6: Global: Palm Vein Biometrics Market: Breakup by Region (in %), 2023
Figure 7: Global: Palm Vein Biometrics (Hardware) Market: Sales Value (in Million US$), 2018 & 2023
Figure 8: Global: Palm Vein Biometrics (Hardware) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 9: Global: Palm Vein Biometrics (Software and Services) Market: Sales Value (in Million US$), 2018 & 2023
Figure 10: Global: Palm Vein Biometrics (Software and Services) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 11: Global: Palm Vein Biometrics (Banking and Financial Sector) Market: Sales Value (in Million US$), 2018 & 2023
Figure 12: Global: Palm Vein Biometrics (Banking and Financial Sector) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 13: Global: Palm Vein Biometrics (Healthcare) Market: Sales Value (in Million US$), 2018 & 2023
Figure 14: Global: Palm Vein Biometrics (Healthcare) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 15: Global: Palm Vein Biometrics (Home Security) Market: Sales Value (in Million US$), 2018 & 2023
Figure 16: Global: Palm Vein Biometrics (Home Security) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 17: Global: Palm Vein Biometrics (Commercial Security) Market: Sales Value (in Million US$), 2018 & 2023
Figure 18: Global: Palm Vein Biometrics (Commercial Security) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 19: Global: Palm Vein Biometrics (Consumer Electronics) Market: Sales Value (in Million US$), 2018 & 2023
Figure 20: Global: Palm Vein Biometrics (Consumer Electronics) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 21: Global: Palm Vein Biometrics (Education) Market: Sales Value (in Million US$), 2018 & 2023
Figure 22: Global: Palm Vein Biometrics (Education) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 23: Global: Palm Vein Biometrics (Gaming) Market: Sales Value (in Million US$), 2018 & 2023
Figure 24: Global: Palm Vein Biometrics (Gaming) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 25: Global: Palm Vein Biometrics (Transportation) Market: Sales Value (in Million US$), 2018 & 2023
Figure 26: Global: Palm Vein Biometrics (Transportation) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 27: Global: Palm Vein Biometrics (Government) Market: Sales Value (in Million US$), 2018 & 2023
Figure 28: Global: Palm Vein Biometrics (Government) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 29: North America: Palm Vein Biometrics Market: Sales Value (in Million US$), 2018 & 2023
Figure 30: North America: Palm Vein Biometrics Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 31: United States: Palm Vein Biometrics Market: Sales Value (in Million US$), 2018 & 2023
Figure 32: United States: Palm Vein Biometrics Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 33: Canada: Palm Vein Biometrics Market: Sales Value (in Million US$), 2018 & 2023
Figure 34: Canada: Palm Vein Biometrics Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 35: Asia-Pacific: Palm Vein Biometrics Market: Sales Value (in Million US$), 2018 & 2023
Figure 36: Asia-Pacific: Palm Vein Biometrics Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 37: China: Palm Vein Biometrics Market: Sales Value (in Million US$), 2018 & 2023
Figure 38: China: Palm Vein Biometrics Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 39: Japan: Palm Vein Biometrics Market: Sales Value (in Million US$), 2018 & 2023
Figure 40: Japan: Palm Vein Biometrics Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 41: India: Palm Vein Biometrics Market: Sales Value (in Million US$), 2018 & 2023
Figure 42: India: Palm Vein Biometrics Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 43: South Korea: Palm Vein Biometrics Market: Sales Value (in Million US$), 2018 & 2023
Figure 44: South Korea: Palm Vein Biometrics Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 45: Australia: Palm Vein Biometrics Market: Sales Value (in Million US$), 2018 & 2023
Figure 46: Australia: Palm Vein Biometrics Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 47: Indonesia: Palm Vein Biometrics Market: Sales Value (in Million US$), 2018 & 2023
Figure 48: Indonesia: Palm Vein Biometrics Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 49: Others: Palm Vein Biometrics Market: Sales Value (in Million US$), 2018 & 2023
Figure 50: Others: Palm Vein Biometrics Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 51: Europe: Palm Vein Biometrics Market: Sales Value (in Million US$), 2018 & 2023
Figure 52: Europe: Palm Vein Biometrics Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 53: Germany: Palm Vein Biometrics Market: Sales Value (in Million US$), 2018 & 2023
Figure 54: Germany: Palm Vein Biometrics Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 55: France: Palm Vein Biometrics Market: Sales Value (in Million US$), 2018 & 2023
Figure 56: France: Palm Vein Biometrics Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 57: United Kingdom: Palm Vein Biometrics Market: Sales Value (in Million US$), 2018 & 2023
Figure 58: United Kingdom: Palm Vein Biometrics Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 59: Italy: Palm Vein Biometrics Market: Sales Value (in Million US$), 2018 & 2023
Figure 60: Italy: Palm Vein Biometrics Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 61: Spain: Palm Vein Biometrics Market: Sales Value (in Million US$), 2018 & 2023
Figure 62: Spain: Palm Vein Biometrics Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 63: Russia: Palm Vein Biometrics Market: Sales Value (in Million US$), 2018 & 2023
Figure 64: Russia: Palm Vein Biometrics Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 65: Others: Palm Vein Biometrics Market: Sales Value (in Million US$), 2018 & 2023
Figure 66: Others: Palm Vein Biometrics Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 67: Latin America: Palm Vein Biometrics Market: Sales Value (in Million US$), 2018 & 2023
Figure 68: Latin America: Palm Vein Biometrics Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 69: Brazil: Palm Vein Biometrics Market: Sales Value (in Million US$), 2018 & 2023
Figure 70: Brazil: Palm Vein Biometrics Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 71: Mexico: Palm Vein Biometrics Market: Sales Value (in Million US$), 2018 & 2023
Figure 72: Mexico: Palm Vein Biometrics Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 73: Others: Palm Vein Biometrics Market: Sales Value (in Million US$), 2018 & 2023
Figure 74: Others: Palm Vein Biometrics Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 75: Middle East and Africa: Palm Vein Biometrics Market: Sales Value (in Million US$), 2018 & 2023
Figure 76: Middle East and Africa: Palm Vein Biometrics Market: Breakup by Country (in %), 2023
Figure 77: Middle East and Africa: Palm Vein Biometrics Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 78: Global: Palm Vein Biometrics Industry: Drivers, Restraints, and Opportunities
Figure 79: Global: Palm Vein Biometrics Industry: Value Chain Analysis
Figure 80: Global: Palm Vein Biometrics Industry: Porter's Five Forces Analysis
Table 1: Global: Palm Vein Biometrics Market: Key Industry Highlights, 2023 & 2032
Table 2: Global: Palm Vein Biometrics Market Forecast: Breakup by Component (in Million US$), 2024-2032
Table 3: Global: Palm Vein Biometrics Market Forecast: Breakup by Application (in Million US$), 2024-2032
Table 4: Global: Palm Vein Biometrics Market Forecast: Breakup by Region (in Million US$), 2024-2032
Table 5: Global: Palm Vein Biometrics Market: Competitive Structure
Table 6: Global: Palm Vein Biometrics Market: Key Players
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