Global Palm Recognition Biometric Market Outlook 2028

Global Palm Recognition Biometrics Market Analysis 2019-2030

Palm recognition biometrics is one of the most advanced biometric authentication technologies which utilizes palm scan records for granting access to an individual. The global palm recognition biometrics market is anticipated to record a CAGR of 18.28% during the forecast period, i.e., 2020-2030. Factors such as the increasing number of crimes worldwide, rising need for accurate patient identification systems in the healthcare sector, rising need for touchless palm recognition biometric systems amidst the emergence of COVID-19 as a global pandemic, and the rising adoption of palm recognition biometrics by the government of nations worldwide are some of the key factors anticipated to promote the market growth in the coming years. Additionally, factors such as the rising adoption of palm recognition biometrics in the BFSI industry owing to the need for safeguarding personally identifiable information of individuals, is one of the major factors anticipated to drive the market growth during the forecast period.

The global palm recognition biometrics market consists of numerous segments, which include segmentation by type, component, technique, application, end-user industry, and by region. The component segment can further be divided into hardware, software, and services, out of which, the hardware segment for palmprint recognition biometrics is projected to register the largest market share of around 50% by the end of 2030. The hardware segment for palmprint recognition biometrics is further divided into readers, scanners, cameras, and others. Among these segments, the scanners segment is projected to cross USD 16 million in the year 2021.

Based on region, the global palm recognition biometrics market is segmented by regions into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa, out of which, the market in Asia Pacific is projected to grow with the highest CAGR of around 20% during the forecast period, backed by the rising trends of e-commerce and virtual payment systems across several countries in the region, such as China, India, Japan, South Korea, Taiwan, and others.

Some of the prominent players in the global palm recognition biometrics market are Imprivata, Inc., BioSec Group Ltd., Fujitsu Limited, iDLink Systems Pte. Ltd., M2SYS Technology, IdentyTech Solutions Ltd., Mantra Softech (India) Pvt. Ltd., Redrock Biometrics, and Matrix Comsec Pvt. Ltd.