Palm Vein Scanner Market Size

Palm Vein Scanner Market size was valued at USD 747.86 million in 2024 and is set to exceed USD 10.13 billion by 2037, registering over 22.2% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of palm vein scanner is evaluated at USD 1.03 billion.

The growth of the market can be attributed to the higher efficiency of palm vein technology. The false rejection rate of palm vein technology is around 0.01%, which is significantly lower when compared to the 2.6% rate of facial recognition. Furthermore, the overall accuracy of palm vein is 260 times higher than other recognition mediums. The better efficacy of palm vein technology over other technology is to increase its adoption.

In addition to these, another factor that is believed to fuel the market growth of palm vein scanner is government initiatives to provide unique cards to citizens. Government-issued identification cards are frequently used as the main kind of identity verification. Authorities can provide a higher level of precision and security in confirming an individual's identity by integrating palm vein scanners with these cards.