The global palm vein scanner market will be driven by the growing adoption of palm vein scanner in the healthcare sector during the forecast period 2022-2027
Expert Market Research’s new report titled “Global palm vein scanner market Report and Forecast 2022-2027′, gives an in-depth analysis of the Global Palm Vein Scanner Market, assessing the market based on its segments such as Products, Offerings, Authentications, Features, Applications, Users final and main regions. The report tracks the latest industry trends and studies their impact on the overall market. It also assesses market dynamics, covering key demand and price indicators, as well as market analysis based on SWOT and Porter’s Five Forces models.
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Key highlights of the report include:
Market Overview (2017-2027)
• Historical market size (2021): 420 million USD
• Forecast CAGR (2022-2027): 4%
• Forecast market size (2027): 1,406.6 million USD
The increasing adoption of palm vein scanner in the healthcare industry is driving the market growth. This can be attributed to the fact that the pattern of palm veins can be directly related to patients’ medical history and can facilitate quick access to all necessary information. In addition, it also eliminates the risk of confusing medical records, thus enhancing patient safety. Moreover, this method is secure, private, accurate and hygienic, as it does not involve any contact with the device. Geographically, North America accounts for a large share of the market owing to the rapid digitization of product end-use industries.
Industry definition and major segments
Palm vein scanner is defined as a biometric authentication method in which the unique patterns of human palm veins are recognized using infrared light. This is a relatively new technology that scans the vein image and compares it with previously collected materials in the database. This method is quick, easy and the equipment used is portable.
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On the basis of product, the market can be divided into:
- Finger vein biometrics
- Palm vein biometrics
The market can be broadly categorized based on supply into:
- Software and services
Based on authentication, the market can be divided into:
- Single-mode biometric system
- Multimodal biometric system
By Functionality, the market can be segmented into:
- Physical access and biometric authentication
- Logical access and biometric authentication
- Embedded system
Important applications included in the market are as follows:
- User identification
- Access control and biometric authentication
- OEM terminals
On the basis of end-user, the market has been split into:
- Banking, financial services and institutions
- Health care
Regional palm vein scanner markets include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Major trends in the palm vein scanner market include technological advancements in the BFSI sector, aimed at streamlining customer records, making them more safe and secure. The Palm Vein Scanner reduces the risk of identity theft, fraud and strengthens workforce communication, which is extremely beneficial in the BFSI industry. Meanwhile, rapid digitization and technological advancements in law enforcement are expected to propel the demand for palm vein scanners during the forecast period. The growing risk of foreign intrusion into sovereign nations, increasing cases of falsified criminal records, and the rise of geopolitical terrorism can be effectively countered with this technology.
Main market players
Major market players include M2SYS Technology, Fujitsu Limited, Recogtech BV, NEC Corporation, mofiria Corporation, and ePortation, Inc, among others. The report covers market shares, capacities, plant rotations, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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