Palm Vein Scanner Market Analysis

Functionality (Logical Access Control & Biometric Authentication, Embedded System, Physical Access Control & Biometric Authentication)

The physical access control & biometric authentication segment is estimated to account for 45% share of the global palm vein scanner market in the year 2037. The growth of the segment can be attributed to the rising use of palm vein scanners for physical access control in high-security areas, such as defense and military camps, and the areas that require high security where security can be breached with unauthorized entry. Furthermore, many organizations have adopted physical access control over traditional security technology which in turn is also boosting the segment’s growth.

End User (BSFI, Commercial, Industrial, Government, Military & Defense, Business Organization)

Palm vein scanner market from the BFSI segment is expected to garner a significant share of around 35% in the year 2037. The BFSI sector often handles highly confidential information about the client. Palm vein scanner has become increasingly important to ensure the authenticity of the person accessing the data to avoid any instance of fraudulence. The rising cases of fraud in the BFSI industry are to increase its adoption and thus contributed to the market growth. In 2020, malware cases jumped 150%, and a new attack is launched somewhere on the internet every 39 seconds.

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