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Global Palm Vein Biometrics Market to reach USD 3.7 billion by the end of 2030

Global Palm Vein Biometrics Market Size study & Forecast, by Product (Hardware, Software and Services), by Application (Banking and Finance Sector, Healthcare, Home Security, Commercial Security, Consumer Electronics, Education Sector, Gaming, Transportation, Government Sectors) and Regional Analysis, 2023-2030

Product Code: EESC-97138131
Publish Date: 29-02-2024
Page: 200

Global Palm Vein Biometrics Market is valued at approximately USD 0.8 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 21.20% during the forecast period 2023-2030. Palm vein biometrics represents a contactless authentication technology that relies on comparing real-time palm vein scans with stored database images. This biometric method primarily utilizes vascular patterns as unique identification data, ensuring a high level of security. Because the data is extracted directly from the body, palm vein biometrics stands out as a highly secure technology, making it challenging to replicate or copy. The market growth is driven by key factors such as increasing Data Privacy Protection Concerns and increasing Need to Secure Financial Transactions.

As per Statista, in the year 2022, the global financial industry reported 1,829 cyber incidents, exhibiting a decline from the previous year’s count of 2,527. Correspondingly, there was a reduction in the number of data breaches over the past two years, decreasing from 690 incidents in 2021 to 477 in 2022. also, 2021 marked the year with the highest recorded number of cyber incidents in the financial sector since 2013. Moreover, as an increasing number of social and economic activities shift to the online realm, there is a growing acknowledgement of the significance of privacy and data protection. Similarly troubling is the practice of collecting, utilizing, and sharing personal information with third parties without the awareness or consent of consumers. Presently, 137 out of 194 countries have enacted legislation aimed at ensuring the safeguarding of data and privacy. Particularly, there are variations in the adoption levels across continents, with Africa and Asia demonstrating adoption rates of 61% and 57% of countries, respectively. In the least developed countries, the adoption rate stands at 48%. However, the high risk of cyber-attacks and high cost of the product and installation stifle market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Palm Vein Biometrics Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America emerges as the primary revenue driver and market leader in the Palm Vein Biometrics Market. This is attributed to escalating investments in software technologies and the presence of numerous manufacturers in the region actively contributing to market expansion. Meanwhile, Asia-Pacific is poised to witness the most rapid development, fueled by a burgeoning population and widespread adoption of biometric technologies.

Major market player included in this report are:
Secunet Security Networks AG. (Germany)
NEC Technologies India Private Limited (India)
Fulcrum Biometrics, LLC. (U.S.)
Precise Biometrics AB (Sweden)
Aware, Inc. (U.S.)
Gemalto Cogent, Inc. (U.S.)
BIO-key International, Inc. (U.S.)
Thales Group (France)
Cognitec Systems GmbH (Germany)

Recent Developments in the Market:
Ø In June 2019, Redrock Biometrics unveiled PalmID-X, an innovative identification solution that extends the scope of biometric identification to multiple individuals. This advancement creates a foundation for seamless services and transactions without the need for physical tokens. PalmID-X captures palm prints and/or subdermal veins, generating unique palm signatures to enhance security and convenience in various applications.

Global Palm Vein Biometrics Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Product, Application, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Product:
Software and Services

By Application:
Banking and Finance Sector
Home Security
Commercial Security
Consumer Electronics
Education Sector
Government Sectors

By Region:

North America


Asia Pacific
South Korea

Latin America

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
1.2.1. Palm Vein Biometrics Market, by Region, 2020-2030 (USD Billion)
1.2.2. Palm Vein Biometrics Market, by Product, 2020-2030 (USD Billion)
1.2.3. Palm Vein Biometrics Market, by Application, 2020-2030 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Palm Vein Biometrics Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Industry Evolution
2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Palm Vein Biometrics Market Dynamics
3.1. Palm Vein Biometrics Market Impact Analysis (2020-2030)
3.1.1. Market Drivers Increasing Data Privacy Protection Concerns Increasing Need to Secure Financial Transactions
3.1.2. Market Challenges High risk of cyber-attacks High cost of the product and installation
3.1.3. Market Opportunities Rising awareness regarding profits and convenience Technological advancement
Chapter 4. Global Palm Vein Biometrics Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Porter’s 5 Force Impact Analysis
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.3.5. Environmental
4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Industry Expert Perspective
4.9. Analyst Recommendation & Conclusion
Chapter 5. Global Palm Vein Biometrics Market, by Product
5.1. Market Snapshot
5.2. Global Palm Vein Biometrics Market by Product, Performance – Potential Analysis
5.3. Global Palm Vein Biometrics Market Estimates & Forecasts by Product 2020-2030 (USD Billion)
5.4. Palm Vein Biometrics Market, Sub Segment Analysis
5.4.1. Hardware
5.4.2. Software and Services
Chapter 6. Global Palm Vein Biometrics Market, by Application
6.1. Market Snapshot
6.2. Global Palm Vein Biometrics Market by Application, Performance – Potential Analysis
6.3. Global Palm Vein Biometrics Market Estimates & Forecasts by Application 2020-2030 (USD Billion)
6.4. Palm Vein Biometrics Market, Sub Segment Analysis
6.4.1. Banking and Finance Sector
6.4.2. Healthcare
6.4.3. Home Security
6.4.4. Commercial Security
6.4.5. Consumer Electronics
6.4.6. Education Sector
6.4.7. Gaming
6.4.8. Transportation
6.4.9. Government Sectors
Chapter 7. Global Palm Vein Biometrics Market, Regional Analysis
7.1. Top Leading Countries
7.2. Top Emerging Countries
7.3. Palm Vein Biometrics Market, Regional Market Snapshot
7.4. North America Palm Vein Biometrics Market
7.4.1. U.S. Palm Vein Biometrics Market Product breakdown estimates & forecasts, 2020-2030 Application breakdown estimates & forecasts, 2020-2030
7.4.2. Canada Palm Vein Biometrics Market
7.5. Europe Palm Vein Biometrics Market Snapshot
7.5.1. U.K. Palm Vein Biometrics Market
7.5.2. Germany Palm Vein Biometrics Market
7.5.3. France Palm Vein Biometrics Market
7.5.4. Spain Palm Vein Biometrics Market
7.5.5. Italy Palm Vein Biometrics Market
7.5.6. Rest of Europe Palm Vein Biometrics Market
7.6. Asia-Pacific Palm Vein Biometrics Market Snapshot
7.6.1. China Palm Vein Biometrics Market
7.6.2. India Palm Vein Biometrics Market
7.6.3. Japan Palm Vein Biometrics Market
7.6.4. Australia Palm Vein Biometrics Market
7.6.5. South Korea Palm Vein Biometrics Market
7.6.6. Rest of Asia Pacific Palm Vein Biometrics Market
7.7. Latin America Palm Vein Biometrics Market Snapshot
7.7.1. Brazil Palm Vein Biometrics Market
7.7.2. Mexico Palm Vein Biometrics Market
7.8. Middle East & Africa Palm Vein Biometrics Market
7.8.1. Saudi Arabia Palm Vein Biometrics Market
7.8.2. South Africa Palm Vein Biometrics Market
7.8.3. Rest of Middle East & Africa Palm Vein Biometrics Market
Chapter 8. Competitive Intelligence
8.1. Key Company SWOT Analysis
8.1.1. Company 1
8.1.2. Company 2
8.1.3. Company 3
8.2. Top Market Strategies
8.3. Company Profiles
8.3.1. secunet Security Networks AG. (Germany) Key Information Overview Financial (Subject to Data Availability) Product Summary Recent Developments
8.3.2. NEC Technologies India Private Limited (India)
8.3.3. Fulcrum Biometrics, LLC. (U.S.)
8.3.4. Precise Biometrics AB (Sweden)
8.3.5. FUJITSU (Japan)
8.3.6. Aware, Inc. (U.S.)
8.3.7. Gemalto Cogent, Inc. (U.S.)
8.3.8. BIO-key International, Inc. (U.S.)
8.3.9. Thales Group (France)
8.3.10. Cognitec Systems GmbH (Germany)
Chapter 9. Research Process
9.1. Research Process
9.1.1. Data Mining
9.1.2. Analysis
9.1.3. Market Estimation
9.1.4. Validation
9.1.5. Publishing
9.2. Research Attributes
9.3. Research Assumption

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Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts. This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
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Data Analysis:
Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
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