Research Nester assesses the growth of the global palm recognition biometrics market which is anticipated to be on account of the growing importance of biometrics in mobile phones.
New York – October 10, 2022 - Research Nester’s recent market research analysis on “Palm Recognition Biometrics Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitor’s analysis and a detailed overview of the global palm recognition biometrics market in terms of market segmentation by type, component, technique, application, end-user industry, and by region.
Growing Number of Financial Institution in the Global Palm Recognition Biometrics Market
The global palm recognition biometrics market is estimated to grow majorly on account of the increasing instances of cybercrimes across the globe. Cybercrime can be prevented by using palm recognition biometrics since hackers need physical access to break through these electronics.
Many financial institutions are noticed to place palm recognition biometrics into their system. As of 2022, nearly 200,000 cybercrimes were observed to take place worldwide. Palm print recognition is an authentication method that is based on biometrics. Palm printing devices contain scanners to interpret the image captured. It examines all the scars, bumps, and other specifications of the palm to match it with the stored image.
On the other hand, the rise in e-commerce fraud baked by the higher penetration of the internet is also anticipated to boost market growth over the forecast period. The cases of E-commerce fraud can be reduced by using palm recognition biometrics since they are difficult to breach.
Furthermore, rapid growth in biometric payment among the global population is anticipated to hike the market growth over the forecast period. biometrics are considered to be safer than PINs since they cannot be stolen easily for any type of malicious activity.
For instance, in 2021, more than 72% of people were noticed to prefer fingerprint authentication to a PIN code in the United States while this figure was estimated to be quite high in Saudi Arabia reaching nearly 88%. On the other hand, the escalating sales volume of smartphones worldwide is driving market growth.
The latest model of smartphones worldwide is installed with fingerprint biometrics owing to the rising awareness of cybercrimes and the involvement of smartphones in every aspect of people’s lives. For instance, the sales volume of smartphones was expected to reach around 1.5 billion in 2021, while the shipment of devices was anticipated to be around 1 billion across the globe.
As of 2022, around USD 40 billion were noticed to be lost owing to payment fraud worldwide.
Some of the major growth factors and challenges that are associated with the growth of the global palm recognition biometrics market are:
Growth Drivers:
- Surge in Vaccination Drive for COVID-19 Globally
- Rising Need for Digital Drug Delivery
Challenges:
The fear of privacy intrusions and the lack of IT professionals to operate palm recognition biometrics are some of the major factors anticipated to hamper the growth of the global palm recognition biometrics market. Furthermore, the deployment cost of palm recognition biometrics is observed to be very higher which is also anticipated to be one of the major restraints to the market over the forecast period.
By type, the global palm recognition biometrics market is segmented into palmprint and palm vein biometrics. The palmprint segment is to garner the highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period.
Palmprint recognition authentication systems are used to read the structure of the palm of a person to use it for security. Palmprint recognition authentication systems are very user-friendly and flexible. These systems are highly required in the criminal, forensic, or commercial sectors. It was anticipated that nearly 30% of the latent prints are derived from fingerprints found at crime scenes.
On the other hand, by component, the global palm recognition biometrics market is segmented into hardware, software, and services. Out of these sub-segments, the hardware segment is anticipated to acquire the largest share over the forecast period. The main examples of biometric hardware are readers, scanners, and cameras. For instance, the scanner segment was estimated to reach around USD 16 million in 2021.
By region, the North American palm recognition biometrics market is to generate the highest revenue by the end of 2035. This growth is anticipated by escalating the implementation of biometric payment systems and facial recognition systems in various institutions and organizations owing to their high accuracy and better performance. These institutions are estimated to include offices, banks, and educational institutions.
On the other hand, the rising number of smartphone users backed by the presence of major key players in the region is further anticipated to boost the market growth over the forecast period. For instance, it was anticipated that around 300 million people were using smartphones in the United States in 2021.
Furthermore, the Asia Pacific palm recognition biometrics market is also estimated to obtain the second-largest share in the market over the forecast period. increasing population in the region with higher demand for smartphones coupled with escalated financial activities and higher online payment procedures are projected to expand the market share in the region over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global palm recognition biometrics market which includes company profiling of Imprivata, Inc.
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