Palm Vein Scanner Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020 - 2030
Palm vein scanner refers to a biometric authentication device used for scanning vein patterns in the palm of an individual for authenticating the identity. It uses infrared light to capture the image of vein patterns located underneath the skin. This technology works on the principle of comparing and authenticating stored vein pattern in databases with the vein pattern present in the palm of an individual providing high level of accuracy for recognizing the identity of that individual.
The market for palm vein scanners is gaining taction due to rising need for safety and security purposes in private and public sectors. Palm vein scanners are used in a number of sectors including heathcare sectors, banking sectors, business organisations, military and defense sectors etc leading to high investments in this market.
Palm vein scanner market is anticipated to grow at a formidable rate throughout the world on account of rising government support and initiatives for security and safety purposes. It is estimated to witness steady CAGR rate through 2030.
The growing need for securing confidential information is gaining the attention of several business organisations to include palm vein scanners in their organisations leading to global surge in the market growth as these scanners provide ideal security, accuracy, reliability, ease of use etc.
Due to digitalisation, the incidences of online scams and crimes are on the rise which is posing a threat to the security. Cybercrimes, thefts, hacking, frauds etc are forcing the public as well as private sectors to keep and use palm vein scanners for accurate identity authentication of users and prevent such frauds.
Government initiatives to encourage the adoption of latest technologies like biometric palm vein scanners is propelling the demand for these scanners. The government is itself using this technology for residential permits, passport authentication, national registration etc to authenticate the identity of individuals and avoid scams.
Rising demand from BFSI, healthcare, industrial and commercial sectors for securing data and preventing crimes is contributing potentially for the progress in this market.
The cost of palm vein scanners and their implementation is high making it unaffordable for some organisations which can create interruption in its market growth.
Speed issue is a major detterent in the progress of palm vein scanner market. The processing speed of these scanners is extremely low as compared to fingerprinter scanners.
The palm vein scanners are not convenient to use in comparison to its substitutes like facial iris, voice scanners etc. They do not provide long-range identification capabilities leading to decline in market progress.
The outbreak of Covid-19 pandemic has drastically impacted the operations of manufacturers in palm vein scanner market. The global sales of palm vein scanners witnessed a strong decline creating huge losses for the market players.They went through financial crisis, scarcity of resources, labor and raw materials, interuptions in production, warehousing, distribution etc. The import-export operations experienced complete decline creating issues for global manufacturers in this market. The complete lockdown ordered by the government not only influenced the manufacturers and suppliers but the economic conditions as well. However, the slowdown in economic conditions forced the goverment to give relaxations in the lockdown imposed. The companies are now working with less workers in their production units and has allowed other employees to work from home keeeping in view their safety. Online platforms for selling are increasingly preffered in the pandemic leading to increased sales of palm vein scanners. The manufacturers are regaining their earlier positions and are trying their level best to cope with the current challenging environment posed by the pandemic.
It is estimated that the market will achieve remarkable progress despite covid-19 pandemic on account of rising security issues, cyber crimes, thefts and frauds.
The market for palm vein scanners is flourishing throughout the globe with major demands from North America and Asia Pacific. It is predicted that North America will dominate the market with the fastest growing CAGR rate. It is estimated to occupy one-half of market share on account of rising need for data security in banks and hospitals in the United States and Canada. For instance, New Jersey based heathcare company called Atlantic Health System uses biometric palm vein scanning solutions to speed up intake of patients and improve record accuracy preventing other individuals from using someone else’s medical data.The growing adoption of latest inventions and technologies is further contributing to increasing market progress in Mexico.
China on the other hand is estimated to occupy the second largest position in this market due to the presence of leading market players like Fujitsu Corporation, Hitachi Corporation etc. The growing demands from BSFI sector of China, Japan and India is surging the growth in Asia Pacific. Rising government initiatives are adding their significant contributions towards the market progress. In India and China, the government is investing in this technology for residential permits, passport authentication, national registration etc. Rising frauds, online scams and cyber theft are putting a pressure on the government to keep these scanners for ensuring security of data. It has been forecasted that Asia Pacific will experience tremendous growth through 2030.
In addition to Asia Pacific, the growing demands from healthcare, public and banking sectors in Germany and France are creating prominent opportunities for the key players in this market. Europe is estimated to rise at a steady CAGR rate globally. The business organisations are opting for the most secure, safe, accurate and reliable methods for authenticating identities leading to rising demands for palm vein scanners in Europe. The rising digitalisation in Germany has increased online crimes such as hacking, cyber attacks, cyber thefts etc creating a need for a technique to prevent these issues leading to rising market progress .
Furthermore, the growing adoption of automated technologies in Middle East and Africa is surging the market growth. Currently, the market is experiencing expansions with growing demands from healthcare and software and service segments in Egypt and Turkey. The acceptance of subscription models for software among businesses incorporating biometric solutions is increasing its adoption in this market. It is predicted to register a stable CAGR rate through the predicted time frame.
Latin America is projected to grow considerably through 2030 on account of growing adoption of these scanners in financial sector. Financial companies are deploying biometric based POS solutions for retail and commercial purposes.
By End user:
The prominent manufacturers in this market are 3M, Dakar Software Systems, ePortation Incorporation, Fujitsu Corporation, Hitachi Corporation, Impricata Incorporation, NEC Corporation, M2SYS Corporation, Biosec Group Limited, ID Link Systems, Safran IdentyTech Solutions, LLC etc
These key players are actively involved in the adoption of organic as well as inorganic strategies and tactics to lead the global market for palm vein scanners. Making investments in research and development activities and focusing on strategic alliances, expansions, product upgradations, automating technologies, joint ventures, mergers and acquisitions, new product introductions, innovations etc to obtain largest market share, improve profitability and extend global presence in the market are the key focus areas ofleading market players.
For instance, Fujitsu Corporation introduced Fujitsu Security Solution AuthConductor V2 which uses several authentication methods including palm vein authentication to deliver comprehensive biometric authentication support for customers. In July 2019, Biosec Corporation entered into an OEM contract with Fujitsu Corporation and introduced a new PalmSecure product with the name Fujitsu Biosec. The new product range includes ID LifePass, ID Gatekeeper, ID Login V2 solutions etc. These product launches have helped both the corporations to expand their global presence and occupy major share in the market. In addition, Recogtech Corporation entered into a partnership agreement with Nedap Company specialising in RFID and access solutions to develop secured and safe palm vein recognition technology. This partnership proved beneficial by increasing sales and profitability of the corporations.
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The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
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