MarketsandMarkets is reporting that the demand for palm vein scanners will double in the next five years. However, the overall size of that market will still be relatively modest, at least when measured against the demand for other biometric modalities.
In that regard, the firm predicts that the market will climb from $416 million to $1.15 billion between 2020 and 2025. Those figures correspond to a CAGR of 22.6 percent for the five-year forecast period.
MarketsandMarkets attributes that growth to the need for secure identity verification technologies in sensitive industries like finance and healthcare, and to the advantages of palm vein recognition over other forms of authentication. The firm believes that GDPR will drive that demand in Europe, though Asia Pacific is expected to be the biggest market for palm vein tech throughout the forecast period. Businesses and governments in the region have been early adopters of palm vein tech, thanks in large part to the presence of leading developers like Fujitsu, Hitachi, and NEC.
The software and services segment will display the highest CAGR, while access control will be the fastest-growing application. In the latter case, the fact that the technology is contactless will make it an increasingly popular security option at physical venues like office buildings and educational facilities, especially in the wake of COVID-19. Meanwhile, recent software innovations will make it easier to integrate palm vein technology into a wider range of devices.
MarketsandMarkets recently predicted that the biometric systems market as a whole will reach $68.6 billion by 2025. The $1.15 billion market for palm vein technology is smaller than comparable markets for biometric modalities like face and iris recognition, which are expected to hit $8.5 billion and $4.3 billion, respectively.
The firm identified M2SYS Technology, BioSec, and iDLink Systems as some of the other leading developers of palm vein technology.
December 7, 2020 – by Eric Weiss