Palm Recognition Biometrics Market Trends

Growth Drivers

• Growing Prevalence Cybercrimes to Boost the Market Growth – cybercrimes are generally committed via the internet which to break palm recognition biometrics, a hacker needs physical access to it. This factor is a major restraint between a security system and a hacker. Hence, the surge in cybercrimes is projected to hike the market growth over the forecast period. For instance, in 2022, around 200,000 cybercrimes took place across the globe.

• Rising Cases of E-commerce Fraud – a surge in the cases of E-commerce fraud is stated to drive the market growth since biometrics are difficult to copy and use for malicious activities. Hence, the number of E-commerce fraudulent can be reduced using Recognition Biometrics. For instance, in 2022, approximately USD 40 billion were lost to online payment fraud around the world.

• Increasing Biometric Payment Method – nowadays, people prefer online methods to make payments. Online payments are more convenient and safer than using real money. For instance,  in the United States, around 72% of people were ready to use fingerprint authentication than PIN code in 2021 while this figure for Saudi Arabia was anticipated to be around 88%.

• Growing Sales of Smartphones across the Globe – fingerprints and biometrics are highly utilized in smartphones nowadays to enhance the security of these devices. For instance, the unit sales of smartphones were projected to be around 1.5 billion in 2021 while nearly 1 billion mobile phones were shipped across the globe.

Challenges

• High Deployment Costs of Palm Recognition Biometrics
• Most organizations restrict to technology updates owing to the fear of the high costs that they would have to pay for them. As palm recognition biometrics usually cost high, hence, upgrading the existing systems of the end-users to the new technology would require significant investments, which is anticipated to hamper the market growth during the forecast period. Moreover, as businesses and governments are under constant threat from hackers, the fear of data theft or fraud is also therefore anticipated to limit market growth over the forecast period.
• Fear of Privacy Intrusions to Hamper the Market Growth
• Lack of IT Professionals to Operate Palm Recognition Biometrics