Palm Vein Scanner Market Size

Palm Vein Scanner Market size was valued at USD 612 Million in 2023 and is set to cross USD 8.47 Billion by the end of 2036, registering more than 22.4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of palm vein scanner is estimated at USD 735.38 Million. 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.