Palm Recognition Market Size to Reach USD 2,567.23 Million, With a CAGR of 12.3% by 2032 – Report by Market Research Future (MRFR)
Research Reports
Oct 11, 2023
Palm Recognition Market Analysis
The global palm recognition market will touch USD 2,567.23 Million at 12.3% CAGR by 2032, as per the latest Market Research Future report.
Palm Recognition Market Key Players
Eminent market players profiled in the global palm recognition market report include
- FUJITSU LTD
- HITACHI, LTD
- NEC CORPORATION
- M2SYS TECHNOLOGY
- BIOSEC GROUP LTD
- EPORTATION, INC.
- IDLINK SYSTEMS PTE LTD
- BIOENABLE TECHNOLOGIES PVT LTD
- MOFIRIA CORPORATION,
- DAKAR SOFTWARE SYSTEMS
- RECOGTECH B.V
- IPROOV
- REDROCK BIOMETRICS
- FISERV, INC.
- others
Key players have incorporated myriad strategies to stay head and shoulders over others in the competition such as mergers, partnerships, acquisitions, new product development, geographic expansions, and more.
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Drivers
Integration of Advanced Features and Technologies to Boost Market Growth
The integration of advanced features and technologies to improve the user experience and capability of the palm recognition system will boost market growth over the forecast period. This comprises the integration of mobile applications, cloud-based services, machine learning algorithms, and artificial intelligence. The AI algorithm will augment the speed and accuracy of palm recognition and cloud-based services on the other hand allow seamless scalability and integration. Also mobile applications pave the way for secure and convenient palm recognition on tablets and smartphones. Such trends help in reflecting the focus of the industry on expanding application areas, improving performance, and offering a user-friendly experience that is fuelling the adoption and growth of palm recognition technology in various sectors.
Opportunities
Increasing Adoption in OEM Terminal Devices to offer Robust Opportunities
The increasing adoption of palm recognition in OEM terminal devices will offer robust opportunities in the market over the forecast period. OEM terminal devices in fact play a pivotal part in this market. These devices are designed and manufactured specifically by OEMs for capturing and processing palm prints or palm vein patterns for authentication needs. Typically, OEM terminal devices comprise hardware components like palm sensors or scanners and associated software especially for matching algorithms and image processing. Such devices are crucial to deploy the palm recognition system in varied applications like time & attendance management, access control, and also identity verification in industries such as commercial sectors, healthcare, and banking.
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Restraints and Challenges
Limited Compatibility to act as Market Restraint
The limited compatibility of palm recognition with existing systems may act as market restraints over the forecast period.
Palm Recognition Market Segmentation
The global palm recognition market is bifurcated based on vertical, functionality, authentication, product, and offering.
- By offering, software and services will lead the market over the forecast period.
- By product, finger vein biometrics will domineer the market over the forecast period.
- By authentication, multimodal biometric system will spearhead the market over the forecast period.
- By functionality, physical access control & biometric identification will spur the market over the forecast period.
- By vertical, BFSI will head the market over the forecast period.
- By application, access control & biometric identification will command the market over the forecast period.
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COVID-19 Analysis
The COVID-19 epidemic has thrown light on the significance of technologies that are touch-less for minimizing the spreading of the virus. The concept of palm recognition being a biometric technology that is contactless has witnessed rising need in apps where safety and hygiene are paramount. The epidemic has resulted in heightened focus on sanitation and hygiene measures across varied industries. The palm recognition provides a solution that is touch-free, reducing the danger of virus transmission over traditional fingerprint scanners. It had prompted organizations in adopting palm recognition systems for accessing control, attendance and time management, and other applications. Most enterprises have integrated the palm recognition technology along with their present access control/identity verification system for enhancing security while at the same time adhering to the safety guidelines of COVID-19. This integration had facilitated the seamless use of the palm recognition technology & accelerated the market growth.
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Regional Analysis
North America to Head Palm Recognition Market
North America will head the palm recognition market over the forecast period. Due to the proliferation of the government standards and regulations to regulate the use and collection of personal data as well as the security & protection of biometric data within the region, the biometric technologies for the authentication & verification in fact have been promoted. Such developments will offer a chance for the palm vein scanner for developing in the region. Amazon (US) and Fingopay (Canada) are two key manufacturers of the region’s finger vein & palm vein biometric gadgets. There is immense exposure to the biometric technology within the region that is being utilized in assorted government and commercial sectors like home security, IT, healthcare, BFSI, defense, and government.
APAC to Have Admirable Growth in Palm Recognition Market
The APAC region will have admirable growth in the palm recognition market over the forecast period for untold reasons. The region’s rapid urbanization, large population, and technological advances are fuelling the use of the palm recognition technology in different sectors such as government, healthcare, and finance. With rising concerns regarding identity theft and data breaches, organizations within the region are seeking reliable and secure authentication solutions actively thus making palm recognition a truly attractive choice with its non-invasive nature and high accuracy. Also, several governments here are promoting the usage of biometrics for access control and identity verification, making a favorable regulatory setting.
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