Palm Recognition Biometrics Market Analysis

Type (Palmprint, Palm Vein Biometrics)

The global palm recognition biometrics market is segmented and analyzed for demand and supply by type into palmprint and palm vein biometrics. Out of these segments, the palmprint segment is estimated to gain the largest market share in the year 2037. Palmprint recognition authentication systems are based on the information that has been acquired from the palm imprints of an individual. The key advantages of using palmprint recognition are its user-friendly nature and greater flexibility. Palmprints are used in the applications such as criminal, forensic, or commercial. For instance, it was estimated that 30% of the latent prints found at crime scenes come from palms. Upon the outbreak of the coronavirus pandemic, these palm recognition systems observed a significantly high demand from various end-users for their contactless authentication properties The palm vein biometrics segment, on the other hand, is also projected to grow by holding the second-largest share of the segment. Palm vein recognition authentication systems measure the vein patterns and utilize infrared light to map the vein structure underneath the skin of an individual’s palm. Moreover, as palm vein biometric systems use a contactless authentication technology, hence it finds massive utilization in hospitals and other environments where hygiene is a key factor.

Component (Hardware, Software, Services)

The global palm recognition biometrics market is also segmented and analyzed for demand and supply by component into hardware, software, and services. Amongst these three segments, the hardware segment is expected to garner a significant share in the year 2037. The common examples of hardware associated with palm recognition biometrics are readers, scanners, cameras, and others, out of which, the scanners segment was projected to cross USD 16 million in the year 2021. Hardware palm recognition equipment is good for integration, training, and maintenance. Additionally, the digital cameras segment is anticipated to reach approximately USD 1 billion in 2023.

Our in-depth analysis of the global market includes the following segments: