The hand geometry biometrics market revenue by the end of 2021 was USD 4.2 Billion. The hand geometry biometrics market is expected to reach USD 22.9 Billion by 2032, as it is estimated to grow at a CAGR of 16.9% from 2022 to 2032.
| Attributes | Details |
|---|---|
| Estimated Year (2022) Market Value | USD 4.8 Billion |
| Projected Year (2032) Market Value | USD 22.9 Billion |
| CAGR% (2022 to 2032) | 16.9% |
| Top 5 Vendor Market Share | Around 35% |
Hand geometry biometrics solutions can identify a user by their hand's dimensions. This technique takes multiple measurements of the user's hand and compares them to measurements that are saved in a file. The implementation of this biometrics technology in multiple end-use industries has contributed extra value over the past few decades as a result of the widespread public acceptance of biometric systems. Additionally, hand geometry biometric technology is a significant advancement in the field of biometric technologies on a global scale.
Numerous important aspects, such as effective usage and timely results, security advantages, and functional integration, among others, have increased the value of this technology. These features are anticipated to fuel this product's market expansion over the course of the projection year. Due to its broad use in time and attendance maintenance applications across numerous end-use industries, the worldwide hand geometry biometric market is well established.
The hand geometry biometrics market consists of 12% of the global biometric system market.
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The hand geometry biometric scanner market is estimated to grow at a CAGR of 16.9% for the forecast period.
Contrary to fingerprint biometrics, where unauthorized access is still feasible, it is incredibly difficult to reproduce a full hand print. As a result, hand geometry biometrics technologies are widely used for authorization procedures. The contact-based technology used in hand geometry biometrics devices will enable businesses to identify customers more effectively and use that information to build stronger consumer databases and support other initiatives. The system's implementation in cloud computing to handle breach issues is probably going to have an impact on how new goods and services are developed.
Increased use of mobile biometrics for security purposes is anticipated to have a favorable effect on the market expansion. Multi-factor authentication (MFA) is a method that mobile biometric devices use to validate a person's identification. Since it makes it easy to use the features of authentication, online transactions, and many other services, this technology has gained popularity. To process sensitive data and maintain its security, consumers are embracing cutting-edge linked devices and digital technologies with biometric technology.
Some large banks use biometric technologies in a variety of contexts, including cash withdrawals from fingerprint signatures for mobile banking app authentication, ATMs, and face and voice verification combined. As a result, smartphones with biometric technology are being utilized more frequently for security and enhanced user experience, which is expected to positively drive market growth.
North America is expected to have the largest market share for the hand geometry biometrics scanner during the forecast period at 31.3%, while South Asia and the Pacific are expected to have the fastest CAGR during the forecast period at 17.7%.
North America has had a history of implementing technologies for various purposes, both professional and residential, allowing the acceptance of technologies in both large and small enterprises, like hand geometry biometrics scanners, allowing the market to grow in this region. A strong BFSI industry in this region also raises the demand for these biometric scanners in North America.
Expanding versatile adoption with expanding private organizations and government drives towards biometric confirmation frameworks are supposed to be the significant drivers for the biometrics market in the South Asia and Pacific region. The growing interest in biometric validation frameworks among various end-clients, such as retail, gaming, banking and financial sectors, emergency clinics, and so on, is influencing market development across the region.
The US is a country that has a large amount of industrialization, allowing several enterprises from multiple industries to flourish in this country, allowing hand geometry biometric scanners to have a large scope. The US also has a large pharmaceutical and research industry, and due to the economic strength that this region has, there are numerous corporate offices as well.
The regulations in the government institutions, bodies, and military-related offices are drafted in a way to maximize their security, allowing the government sector to be certain and the military sector of the US to have a strong demand for hand geometry biometric scanners.
To cut the time spent by people in queues, the government has announced initiatives to introduce the application of biometric scanners to quickly verify identity and act as a proxy for the necessary documents which need to be verified.
India, being the second most populated country and the seventh largest country globally, has a large number of people traveling via airlines and also has numerous airports scattered across the country. This can act as a driver for the hand geometry biometrics scanner.
Germany has numerous applications for biometric scanners in both professional and public spaces, like corporate offices, policing, legislative organizations, security offices, etc. Germany also has one of the largest BFSI industries globally allowing the hand geometry biometrics scanners market to flourish in this country.
Biometric identification is a widely used technology across all industries to detect identity theft, unauthorized access, and document fraud. Biometric solutions and software are in high demand due to their ability to mitigate the risk of huge resource or financial loss due to password compromise and cybercrime. Government authorities, banks, IT, and financial sectors have massively implemented biometric systems for identity verification.
For example, the Indian government has approved its own biometric authentication service called Adharcard& to obfuscate and keep confidential the biometric data of its citizens. Thus, government support is greatly stimulating the growth of the biometric software market.
Due to the above-mentioned reasons, biometric software is estimated to grow at a CAGR of 17.5% over the forecast period.
Biometric technology is beneficial for HR departments as it reduces the human effort required to track employee attendance. Biometric technology does more than just reduce the workload. Coupled with the data push technology, it has also made it possible to reduce time and effort and ensure the employees do not participate in any malpractices regarding their attendance.
A biometric time and attendance system not only increases employee security but also protects the work environment and safeguards valuable company data. Additionally, a biometric attendance management system provides secure access control and authorization by tracking and managing the entry and exit of each employee.
A biometric engine recognizes an individual's physiological characteristics, such as fingerprints, iris, and facial recognition, to register their presence and eliminate manipulation by surrogates in the workplace. Therefore, there is a growing demand for hand geometry biometrics in time and attendance applications due to convenience and accuracy.
Large enterprises are leaning towards the Hand Geometry Biometrics technology to ensure reliability and impenetrable security. One of the reasons large-scale enterprises are moving to Hand Geometry Biometrics technology is to quickly track attendance. Hand Geometry Biometrics technology has simplified employee time and attendance management.
Additionally, the latest Hand Geometry Biometrics attendance devices are available on the market that allows large enterprises to retrieve data within a seconds. Hand Geometry Biometrics technology has become a paradigm for security solutions along with providing attendance solutions. Hand Geometry Biometrics oriented security systems are in use all over the world.
Many financial institutions, Fortune 500 companies, multinational corporations, government agencies, etc. use Hand Geometry Biometrics based security systems. One of the main reasons why large enterprises are adopting Hand Geometry Biometrics technology is to save them time and speed to expand their business.
Due to the above-mentioned reasons, large enterprises held a market share of 56.6% in 2021.
Hand Geometry Biometrics technology enables smarter and safer workplace access control using PCs, USBs, dongles, smart cards, and door locks. This solution can help companies offer remote, hybrid, and flexible work arrangements to their employees without increasing security risks.
Hand Geometry Biometrics technology grants access only to authorized users. This reduces the risk of hacking and security breaches on the company network. Hand Geometry Biometrics can be integrated with identity as well as time and attendance systems, giving security and HR more reliable insight into employee work patterns.
Companies that provide hand geometry biometrics scanners are either company that has a strong portfolio of electronic services and solutions or operate in the security industry. Different forms of biometrics, like iris and fingerprint scanners, can act as a competition to the hand geometry biometric scanner market in numerous commercial domains.
| Attribute | Details |
|---|---|
| Market value in 2021 | USD 4.2 Billion |
| Market CAGR 2022 to 2032 | 16.9% |
| Share of top 5 players | Around 35% |
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2017 to 2021 |
| Market Analysis | USD Billion for Value |
| Key Regions Covered | North America; Latin America; Europe; South Asia & Pacific; East Asia; and the Middle East & Africa |
| Key Countries Covered | United States of America, Canada, Germany, United Kingdom, France, Italy, Spain, Russia, China, Japan, South Korea, India, Australia & New Zealand, GCC Countries, Turkey, and South Africa |
| Key Segments Covered | Type of Product, Enterprise Size, Application, End-Use Industry, and Region |
| Key Companies Profiled |
Fujitsu Limited; Fingerprint Cards AB; Fulcrum Biometrics; NEC Corporation; Suprema Inc.; 3M Cogent, Inc.; Siemens AG; Morpho SA; Daon, Inc.; Cognitec System, GmbH; IDTECK; Accu-Time Systems, Inc. |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Drivers, Restraints, Opportunities and Threats Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
Some leading hand geometry biometrics scanners are Fujitsu Limited, Fingerprint Cards AB, NEC Corporation, Daon Inc., and Suprema Inc.
South Asia and the Pacific are estimated to have the highest growth for the hand geometry biometrics scanner during the forecast period of 17.7%.
Improving the security of various organisations and institutions.
Palm scanners had the largest market share for the hand geometry biometrics scanner of 57.8% in 2021.
Biometric software has the highest CAGR of 17.5% for the forecast period.
United States of America, United Kingdom, Germany, China, Japan, and India.
The market share of South Asia and Pacific for the year 2021 for the hand geometry biometrics scanner was 11.1%.
North America had a market share of 31.3% in 2021 for hand geometry biometrics scanner.
India has the highest CAGR for the forecast period, which is 17.4%.
The estimated market value for hand geometry biometrics scanners for the year 2023 is USD 5.6 Billion.
For East Asia region, the CAGR for the forecast period is estimated to be 15.4% for the hand geometry biometrics scanner.
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Hand Geometry Biometrics Market
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