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The report "Palm Vein Scanner Market with COVID-19 Impact Analysis by Offering (Hardware, Software & Services), Product (Palm Vein Biometrics, Finger Vein Biometrics), Authentication, Functionality, End-User Vertical, Application, and Region - Global Forecast to 2025", size will grow to USD 1,150 million by 2025 (forecast year) from USD 416 million in 2020 (estimated year), at a CAGR of 22.6% between 2020 to 2025.
The key drivers fueling this market's growth include emerging superior benefits of palm vein scanners over other biometric technologies, increasing need to secure confidential information and data for organizations, surging adoption of biometric identification systems in BFSI, healthcare, and commercial sectors.
Moreover, several organizations and institutions are insisting on setting up multimodal biometric systems for their offices and secured premises.
Additionally, improving cloud infrastructure has made it possible to manage and control users' personal data from portable devices, including smartphones and tablets.
Demand for and integration of palm vein scanners into the access control systems used in commercial office buildings, government institutions, and education premises have fueled palm vein scanners' market growth in the past years.
The commercial and BFSI sectors in the region have readily adopted palm vein biometric systems for various purposes and applications in past years.