Palm Vein Biometric Market Size, Share and Trends 2025 to 2034

Palm Vein Biometric Market Size and Forecast 2025 to 2034

The global palm vein biometric market size accounted for USD 694.67 million in 2024 and is expected to exceed around USD 3,556.45 million by 2034, growing at a CAGR of 17.74% from 2025 to 2034. Rising demand for reliable and secure authentication methods across different industries is the key factor driving the palm vein biometric market. Also, increasing instances of security breaches coupled with the escalating business competition across market players can fuel market growth further.

Palm Vein Biometric Market Key Takeaways 

• North America led the palm vein biometric market with the largest market share of 33% in 2024. 
• Asia Pacific is expected to grow at the fastest growth over the forecast period.
• By technology, the contact-based segment dominated the market in 2024.
• By technology, the contactless segment is expected to grow at the fastest rate over the forecast period. 
• By component, the hardware segment dominated the market in 2024.
• By application, the healthcare segment contributed the maximum market share in 2024.
• By end use, the commercial segment has held a major market share in 2024. 
• By end use, the residential segment is anticipated to grow at the fastest rate over the projected period.

Impact of Artificial Intelligence (AI) on the Palm Vein Biometric Market

The integration of Artificial Intelligence with palm vein biometric systems for access control and identification of systems is expected to boost the palm vein biometric market, as many institutions and businesses are seeking more reliable and secure biometric solutions. Furthermore, this integration of two cutting-edge technologies can significantly improve their accuracy and efficiency by enhancing the pattern recognition capabilities of the whole system. 

U.S. Palm Vein Biometric Market Size and Growth 2025 to 2034

The U.S. palm vein biometric market size was exhibited at USD 160.47 million in 2024 and is projected to be worth around USD 839.94 million by 2034, growing at a CAGR of 18.00% from 2025 to 2034.

North America dominated the palm vein biometric market in 2024. The dominance of the region can be attributed to the increasing urbanization along with the innovations in technology, which creates market opportunities for emerging market players. However, high disposable income in developed countries like the U.S. and Canada will impact positive market expansion in the region.

Asia Pacific is expected to show the fastest growth over the studied period. The growth of the region can be credited to the rising awareness of the palm vein biometric market technologies, a growing number of production companies, and the rising population base in emerging nations such as China and India. Furthermore, the increasing adoption of biometrics in commercial and homeland security is expected to fuel market growth in the region shortly. 

• In May 2024, Norway-based card manufacturer IDEX Biometrics announced that it opened an additional market in South Asia by partnering with a challenger bank. By entering a strategic collaboration with the challenger bank, IDEX Biometrics advances the opening of an additional market in the region. 

Market Overview

Palm vein biometrics is a touchless innovative authentication technology that depends on the vascular patterns of the palm as private identification data. It captures an image of the vein pattern under the skin of a person by using IR light and then compares and verifies it with the already existing patterns in the database for authentication. The palm vein biometric market has several benefits, such as higher accuracy, optimum security, and improved reliability.

Palm Vein Biometric Market Growth Factors 

• The increasing use of palm vein biometrics in the BFSI sector is expected to boost palm vein biometric market growth shortly. 
• The extensive adoption of this technology in the healthcare industry for precise and automatic patient identification can propel market expansion soon.
• Growing national security concerns will likely contribute to the market growth over the forecast period.

Market Scope

Market Dynamics

Drivers

Increasing demand for advanced security solutions

Organizations are rapidly seeking advanced methods to improve their security infrastructure from potential cyber threats. This technology gives a significant solution by using g unique vein patterns within the palm, which is quite challenging for traditional biometric systems like facial recognition and fingerprints. In addition, this technology also enhances the overall user convenience and mitigates risks related to unauthorized access. 

• In September 2024, Tencent Cloud launched a palm verification system that utilizes infrared cameras to capture and analyze unique palm vein patterns and prints. It can be integrated into various applications, such as contactless payments and access management. Tencent has shared that the biometric system has been deployed in several locations in China since last year.

Restraint 

Limited awareness among end users

The lack of awareness regarding the innovative technology among the palm vein biometric market end users is the major factor hampering its growth. Also, the high implementation and maintenance costs of this technology pose a significant challenge to its market expansion. However, the large reliance of palm vein biometrics on specific environmental conditions, including temperature and lighting, can affect its accuracy and reliability negatively.

Opportunity

Rising awareness of biometric solutions

There is an increasing awareness of this solution among many demographics, such as governments, businesses, and consumers. Because stakeholders become more aware of the advantages of the palm vein biometric market technology. Furthermore, governments across the globe are realising the need for secure identification systems. 

• In September 2024, Anviz, a brand of Xthings, announced the upcoming release of its latest access control solution, the M7 Palm, equipped with cutting-edge Palm Vein Recognition technology. This innovative device is designed to provide superior accuracy, security, and convenience to high-security and privacy-sensitive environments in various industries. 

Technology Insights

The contact-based segment dominated the palm vein biometric market in 2024. The dominance of the segment can be attributed to the increasing need for advanced accuracy in identification, which makes it important for environments where security is essential. However, obstacles like data privacy concerns and requirements for strong regulatory frameworks can hamper market growth.

The contactless segment is expected to grow at the fastest rate over the forecast period. The growth of the segment can be credited to the rapid processing times and convenience provided by this technology, which makes it crucial for high-traffic areas, including public transportation and airports. The segment's significance is highlighted by its adaptability specific to diverse needs. 

• In June 2024, Germany-based biometric security company IDloop introduced the CFS flats, an optical contactless fingerprint scanner that incorporates 3D imaging. This product is designed to operate without physical contact in high-traffic environments, such as airports. Jörg Reinhold.

Component Insights

The hardware segment dominated the palm vein biometrics palm vein biometric market in 2024 and is expected to grow at the fastest rate over the forecast period. The dominance and growth of the segment can be credited to the rising development of advanced hardware materials to grow the overall efficiency of the biometric system. The hardware segment includes scanners, cameras, and readers. These hardware components enhance the efficiency of the system.

Application Insights

The healthcare segment dominated the palm vein biometric market in 2024 and is expected to grow at the fastest rate over the forecast period. The dominance and growth of the segment can be linked to the increasing use of this technology to improve patient identification and ensure proper access to datasets. In addition, it also helps track and monitor individual patient history based on the data provided to the system.

End Use Insights

The commercial segment dominated the palm vein biometric market in 2024. The dominance of the segment can be driven by the increasing adoption of advanced security solutions from businesses to safeguard confidential data and prevent unauthorized access. However, increasing business competition among end-use industries has raised the demand for the protection of confidential information of an organization. 

• In September 2024, Spain-based biometrics startup B-FY launched in the U.S. market and introduced its cloud-based identity verification and authentication software. B-FY's technology verifies user face biometrics against data stored on their own mobile device, side-stepping the risk of mass biometric data theft. The process also includes device verification through a QR code scan.

The residential segment is anticipated to grow at the fastest rate over the projected period. The growth of the segment is owing to the increasing use of smart home technologies consisting of biometric systems for improved security and convenience. Also, various government initiatives are enabling the higher adoption of this technology for residential use. 

Palm Vein Biometric Market Companies

• HID Global
• IDEMIA
• INFINIDAT
• Oak Ridge National Laboratory
• SRI International
• MorphoTrust USA
• Analogic
• ZKTECO
• BioSec Group
• Versasec
• Fujitsu
• Crossmatch
• SecuGen
• NEC Corporation

Latest Announcement by Industry Leaders 

• In July 2024, Fujitsu announced a strategic partnership with Cohere Inc., a security and data privacy-focused enterprise AI company headquartered in Toronto and San Francisco. The strategic partnership will focus on developing and providing a large language model (LLM) that enables enterprises to leverage industry-leading Japanese language capabilities. 
• In January 2023, NEC Corporation announced that a decision to transition its structure from a Company with an Audit and Supervisory Board to a Company with a Nominating Committee, etc., was made at the meeting of the Board of Directors held on January 30, 2023. NEC is promoting initiatives that combine strategy and culture in order to achieve the Mid-term Management Plan 2025.

Recent Developments

• In July 2024, Nigeria-based Quantum Space Dynamics introduced VerifyNG, an identity verification app using face biometrics to meet the demands of government agencies, financial institutions, healthcare providers, and businesses requiring security software in Nigeria. 
• In November 2022, BioIntelliSense, Inc., a company that provides continuous health monitoring and clinical intelligence, announced a collaboration with the Translational Research Institute for Space Health (TRISH) to advance the understanding of human health in space.
• In November 2022, Keyo, a palm vein biometrics developer based in New York, is introducing an identity management network to provide physical and logical access control with a focus on privacy.
• In June 2024, Mastercard announced the expansion of its global Biometric Checkout Program in Latin America (LAC). With partners Ingenico, Fulcrum Biometrics, Fujitsu Frontech, and Scanntech, Mastercard has launched an innovative in-store biometric payment experience at Tienda Inglesa's Red Expres in Uruguay. 

Segments covered in the report 

By Technology

• Contact-Based
• Contactless
• Hybrid

By Component

• Hardware
• Software
• Services

By Application

• Healthcare
• Banking
• Security Systems
• Automated Attendance

By End Use 

• Commercial
• Government
• Residential

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa