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Palm Recognition Market Analysis
In 2022, the palm recognition market size was estimated to be around USD 741.68 million. According to projections, the palm recognition market will increase at a compound annual growth rate (CAGR) of 12.3% from USD 903.80 million in 2023 to USD 2,567.23 million by 2032. The market is expanding because to the growing advantages that palm vein scanners have over other biometric technologies as well as the growing requirement for businesses to protect sensitive data.
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Key Companies in the Palm Recognition Market include
Unlike fingerprint biometric technology, which depends on the integrity of the skin on the fingertip for precise identification and can be negatively impacted by factors including age, environment, wounds, scrapes, bruises, scars, filth, grime, and grease, palm vein biometrics does not have this problem.
face recognition technology maps an individual’s face geometry, including the length of the jawline, the distance between the chin, forehead, and eyes, among other measurements. Using infrared light to map each person’s own vein pattern, palm vein technology measures more than 5 million data points in the vein structure of their palm.
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Face recognition cameras are able to recognise individuals at a distance because everyone’s face is visible wherever they go. Users’ privacy is seriously jeopardised because of this public tracking. In contrast, palm veins are hidden within the hands and can only be photographed under infrared light using a close-up camera. Palm vein patterns cannot be identified at all, in contrast to facial identification.
Because of this, palm vein is a consent-based biometric, which gives it definite privacy advantages over facial recognition.
Palm Recognition Market Sectoral Insights
Hardware, Software & Services, and Offering make up the Palm Recognition Market segmentation.
Finger Vein Biometrics and Palm Vein Biometrics are the two product segments that make up the Palm Recognition Market.
The Unimodal Biometric System and Multimodal Biometric System segments make up the Authentication section of the Palm Recognition Market.
The Physical Access Control & Biometric Identification, Logical Access Control & Biometric Identification, and Embedded System segments make up the Palm Recognition Market’s functionality segment.
The Palm Recognition Market is divided into four vertical segments: BFSI, Commercial, Industrial, and Others.
The OEM Terminal Devices, User Authentication, Access Control & Biometric Identification, and others application segments make up the Palm Recognition Market.
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Regional Analysis
North America, Europe, Asia-Pacific, Middle East & Africa, and South America are the regions into which the market is divided by the study. Biometric technologies for authentication and verification have been encouraged as a result of the expansion of government rules and standards for controlling the gathering and use of personal data as well as the security and protection of biometric data in the area. It is anticipated that these advancements will present a chance for palm vein scanners to expand in the area.
A number of factors are contributing to the Asia-Pacific region’s palm recognition market’s notable expansion. The adoption of palm recognition technology is being driven by the region’s vast population, fast urbanisation, and technical improvements in a number of areas, including government, healthcare, and banking.
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