According to the recent research report titled ‘Global Palm Vein Biometrics market Size study, by Offering (Hardware, Software & Services), Product (Palm Vein Biometrics market , Finger Vein Biometrics), Authentication, Functionality, End-User Vertical, Application, and Region - Global Forecast to 2025 and Regional Forecasts 2021-2027’, available with MarketStudyReport, global palm vein biometrics market value stood at USD 0.6 billion in 2020 and is expected to a expand with a 22.3% CAGR over 2021-2027, subsequently accruing USD 2.5 billion valuation by the forecast period-end.
 

As per the report findings, global palm vein biometrics market growth is primarily driven by surging demand to safeguard data and confidential information for organizations, along with superior benefits of the technology over other body scanners. Moreover, escalating demand for all-in-one biometric solution and adoption of mobile devices is also adding to the overall industry progression.
 

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For the uninitiated, a palm vein biometrics is a scanner that scans the palm and maps the unique vein anatomy using infrared light. It records all the data points on the palm and converts them into a unique code that serves as a biometric identification. The scanner also offers accurate personal scanning to identify an individual in places such as exam centers.
 

Notably, as per the US National Institute of Standards and System (NIST), NEC Corporation, in May 2020, announced the development of a multimodal biometric identification technology, which has been ranked No. 1 in worldwide scanning tests for identification. Such advancements will continue enhance the market outlook in the coming years.
 

Speaking of challenges, availability of more easy-to-use alternatives to biometric methods such as voice, face, and iris recognition systems are likely to hinder worldwide palm vein biometrics industry remuneration over the study period.
 

Coming to regional landscape, Europe, North America, Asia Pacific, and Latin America are the key areas considered for the regional assessment of the market. The report cites that Asia Pacific presently accounts for considerable industry share, creditable to escalating demand for advanced and convenient biometric solution in the region.  
 

Elaborating on competitive terrain, Recogtech B.V., Dakar Software Systems, Mofiria Corporation, BioEnable Technologies Pvt. Ltd., D-Link Corporation, ePortation Inc., BioSec Group Ltd., M2SYS Technology, NEC Corporation, and Hitachi Ltd. are the leading organizations impacting global palm vein biometrics market dynamics.