The market for palm-vein based biometrics has been forecast to expand in line with a compounded annual growth rate of 22.4% from 2023 to 2032, according to analysis by Prophecy Marketing Insights (PMI).
Global vendors including the likes of Hitachi VeinID, Fujitsu, NEC and 3M are set to benefit from higher sales as the technology reshapes security protocols, according to the India-based analyst firm.
“The convenient and user-friendly authentication experience provided by palm vein biometric is expected to boost demand,” according to PMI’s September 2023 update.
“Growing advancement in technology and a high level of security provided by palm vein biometrics has provided lucrative opportunities.”
The market hit $1.06 billion last year and is estimated to reach $7.4 billion by 2032.
Palm-vein based biometrics cameras, scanners and solutions benefit various applications and industrial sectors from banking and finance or transport to healthcare and government, it said.
Vendors including Hitachi VeinID aim to enable organisations to move towards password-free operations by authenticating users via their individual palm-vein patterns.
Customer organisations for Hitachi VeinID so far include Star Tasmania, a disability services provider in the Australian State of Tasmania that has moved to VeinID biometric scanners to assist with human resource management.
Ralph Doedens, CEO at Star Tasmania, said in the Hitachi VeinID case study that the technology had saved major management systems costs as a result, also improving services for hundreds of people with disabilities and their families.
“We’re always running on very tight margins, so if there’s a deficit this will impact on the quality of service that can be provided,” Doedens explained.
Star Tasmania delivers various support services including group housing to some 250 people with disabilities across the State. After implementing Hitachi VeinID, the 16-site organisation is saving about $A100,000 (£52,564) a year, in addition to reducing mistakes with time-sheets and payments.
Originally designed for PC log-on, replacing system passwords, Hitachi’s VeinID biometric authentication system has been integrated into a range of applications. The vein pattern in each person’s fingers is more individual than a fingerprint, the vendor said.