The global palm vein scanner market size is projected to grow from USD 416 million in 2020 to USD 1,150 million by 2025, at a CAGR of 22.6% from 2020 to 2025. The key factors fueling the growth of this market include emerging superior benefits of palm vein scanners over other biometric technologies, increasing need to secure confidential information and data for organizations, and surging adoption of biometric identification systems in BFSI, healthcare, and commercial sectors. Moreover, expanding government support in Europe for internal biometric techniques owing to GDPR compliance and growing partnerships and collaborations between vendors in the ecosystem is boosting market proliferation.
The palm vein scanner market is dominated by key global established players such as Fujitsu Ltd., Hitachi, Ltd., NEC Corporation, M2SYS Technology, BioSec Group Ltd, Recogtech B.V., iDLink Systems Pte Ltd., ePortation, Inc., Mofiria Corporation, BioEnable Technologies, and Dakar Software Systems. These companies focus on adopting both organic and inorganic growth strategies, such as product launches & developments, partnerships, contracts, agreements & collaborations, to strengthen their position in the market.
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Fujitsu Ltd has been a market leader in the palm vein scanner market in 2019. The company has focused on designing, developing, and manufacturing palm vein biometric scanner products of different designs and configurations for various applications leading to its market growth. Hitachi, Ltd. is another key player with a wide biometric product portfolio based on finger vein pattern recognition technology. The increase in the demand for biometric technologies that offer a high level of accuracy and security and the increasing adoption of contactless biometric solutions to prevent physical touch with the biometric device has led to the growing demand for contactless palm vein and finger vein scanners globally. On the other hand, the rising demand for biometric access control and identity authentication devices and systems has further boosted palm vein and finger vein scanners' market growth. These factors have together led to the market growth of these companies.
Fujitsu Ltd. or Fujitsu is a leading Japanese global information and communication technology (ICT) company, offering a full range of technology products, solutions, and services. Fujitsu delivers total solutions in the field of information and communication technology. Fujitsu offers PalmSecure, a market-proven biometric authentication technology based on palm vein pattern recognition. PalmSecure provides a high level of accuracy, is easy to implement, and uses a non-intrusive and contactless reader. The company has developed innovative products to cater to the palm vein scanning market. Therefore, the company has focused on organic and inorganic strategies to ensure the market leader position in palm vein scanner market. For instance, In November 2019, Fujitsu launched "Fujitsu Security Solution AuthConductor V2", which uses palm vein authentication to deliver comprehensive biometric authentication support for customers.
Another important player in the palm vein scanner market is Hitachi, Ltd. Hitachi, Ltd., or Hitachi is a Japanese multinational conglomerate company headquartered in Chiyoda, Tokyo, Japan. The company's main products and services include medical electronics products, smart life & eco-friendly systems, and automotive systems. The palm vein scanning products offered by the company offer logical as well as physical access control.
The company has engineering and manufacturing facilities and offices spread across the world, which has ensured a flexible supply chain for the company and its products. Additionally, the company is involved in several long-term social infrastructure projects with the government of different countries to deploy its biometric solutions. The company is focused on developing and nurturing partnerships with different companies worldwide to increase the market visibility of its finger vein biometric products and solutions. The growing emphasis has been on developing new products to improve finger vein technology compatibility for use in different applications.
Other major players in the palm vein scanner market mainly focus on collaborations, contracts, partnerships, and new product launches to achieve continuous and sustainable development.
Palm Vein Scanner Market with COVID-19 Impact Analysis by Offering (Hardware, Software & Services), Product (Palm Vein Biometrics, Finger Vein Biometrics), Authentication, Functionality, End-User Vertical, Application, and Region - Global Forecast to 2025
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