Palm Recognition Biometrics Market Size

Palm Recognition Biometrics Market size was valued at USD 1.47 billion in 2024 and is likely to exceed USD 18.99 billion by the end of 2037, registering over 21.5% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of palm recognition biometrics is evaluated at USD 1.73 billion.

The growth of the market can be attributed to the rising concern for data and asset security amongst government organizations, banks, enterprises, hospitals, telecommunication organizations, and, individuals, among others, are endorsing for greater use of advanced biometric verification systems. Hence, the rising number of banks is also expected to boost the demand for palm recognition biometrics across the globe. As of 2021, approximately 100 thousand scheduled banks were observed to be functioning in India alone.

In addition to these, the global palm recognition biometrics market trends include the increasing number of crimes worldwide, as well as the need for forensic organizations to adapt to technologies that can help them stay ahead of criminals. Additionally, the adoption of biometric technology by the FBI is further anticipated to be a major growth factor in the market. There is escalating need for accurate patient identification systems in the healthcare sector, which in turn is anticipated to promote the demand for palm recognition biometrics over the forecast period. Furthermore, the higher accuracy rate of palm recognition biometrics, and the need for touchless palm recognition biometric systems amidst the emergence of COVID-19 as a global pandemic, are some of the additional significant factors anticipated to raise the demand for palm recognition biometrics in the coming years.