Palm Payment Technology Market Size - By Authentication Type (Single-factor Authentication, Multi-factor Authentication), By Application (Banking and Finance, Transportation, Hospitality, Government), By Component & Forecast, 2024 - 2032

PUBLISHED: June 24, 2024

PAGES: 210 Pages

DELIVERY TIME: 2-3 business days

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Description

Palm payment technology market size is anticipated to witness over 25% CAGR between 2024 and 2032 driven by the increasing demand for secure and convenient payment solutions. With consumers and businesses seeking to enhance transaction security and reduce the reliance on traditional payment methods, palm payment technology is favored to offer a compelling solution with its biometric authentication capabilities. The convenience of contactless payments and the ability to streamline transaction processes will also contribute to its appeal, driving adoption across various sectors, including retail, hospitality, and transportation. For instance, in May 2024, Astra Tech launched Palm Pay through its CBUAE-licensed FinTech subsidiary PayBy.

Innovations in palm recognition technology have also led to improved accuracy and faster processing times, making it more viable for widespread use. Moreover, the integration of palm payment systems with existing point-of-sale (POS) infrastructure and mobile payment platforms to enhance usability and acceptance will drive the segment growth.

The overall industry is segmented into component, authentication type, application, and region.

Based on component, the palm payment technology market size from the hardware segment is slated to witness significant growth during 2024-2032. This is due to its crucial role for enabling accurate and reliable biometric recognition. Advanced hardware components, such as high-resolution sensors and imaging systems, are essential for capturing detailed palm print data and ensuring precise authentication. These hardware advancements are contributing to overall effectiveness and security for enhancing the accuracy of biometric verification and reducing false acceptance or rejection rates.

Palm payment technology market from the banking and finance application segment will foresee considerable growth up to 2032. Financial institutions are increasingly adopting palm payment technology to reduce fraud risk and improve the efficiency of identity verification during transactions. The biometric authentication provided by palm recognition also offers a higher level of security compared to traditional methods, such as PINs or passwords, which are more susceptible to theft or compromise.

Asia Pacific palm payment technology industry is anticipated to witness substantial growth through 2032 attributed to the adoption of digital payment solutions and the increasing emphasis on biometric security in financial transactions. As APAC countries are experiencing a surge in mobile and digital banking adoption, there is growing demand for advanced payment technologies to offer enhanced security and user convenience.

Product Code: 9985

Chapter 1 Methodology & Scope

1.1 Market scope & definition
1.2 Base estimates & calculations
1.3 Forecast calculation
1.4 Data sources
- 1.4.1 Primary
- 1.4.2 Secondary
  - 1.4.2.1 Paid sources
  - 1.4.2.2 Public sources

Chapter 2 Executive Summary

2.1 Industry 360º synopsis, 2021 - 2032

Chapter 3 Industry Insights

3.1 Industry ecosystem analysis
3.2 Vendor matrix
3.3 Profit margin analysis
3.4 Technology & innovation landscape
3.5 Patent analysis
3.6 Key news and initiatives
3.7 Regulatory landscape
3.8 Impact forces
- 3.8.1 Growth drivers
  - 3.8.1.1 Enhanced security measures
  - 3.8.1.2 Integration with IoT and smart devices
  - 3.8.1.3 Regulatory support and standardization
  - 3.8.1.4 Integration with other biometric systems
  - 3.8.1.5 Innovation and adoption by major companies
- 3.8.2 Industry pitfalls & challenges
  - 3.8.2.1 High implementation costs
  - 3.8.2.2 Technological limitations and reliability
3.9 Growth potential analysis
3.10 Porter's analysis
- 3.10.1 Supplier power
- 3.10.2 Buyer power
- 3.10.3 Threat of new entrants
- 3.10.4 Threat of substitutes
- 3.10.5 Industry rivalry
3.11 PESTEL analysis

Chapter 4 Competitive Landscape, 2023

4.1 Introduction
4.2 Company market share analysis
4.3 Competitive positioning matrix
4.4 Strategic outlook matrix

Chapter 5 Market Estimates & Forecast, By Component, 2021 - 2032 (USD Billion)

5.1 Hardware
- 5.1.1 Palm scanners
- 5.1.2 Sensors
- 5.1.3 Terminals/Readers
5.2 Software:
- 5.2.1 Palm recognition algorithms
- 5.2.2 Payment processing software
- 5.2.3 Security software
5.3 Services:
- 5.3.1 Installation and integration
- 5.3.2 Maintenance and support
- 5.3.3 Consulting services

Chapter 6 Market estimates & forecast, By Authentication Type, 2021 - 2032 (USD Billion)

6.1 Single-factor authentication
6.2 Multi-factor authentication

Chapter 7 Market estimates & forecast, By Application, 2021 - 2032 (USD Billion)

7.1 Retail
7.2 Banking and Finance
7.3 Transportation
7.4 Hospitality
7.5 Government
7.6 Others

Chapter 8 Market Estimates & Forecast, By Region, 2021 - 2032 (USD Billion)

8.1 Key trends
8.2 North America
- 8.2.1 U.S.
- 8.2.2 Canada
8.3 Europe
- 8.3.1 UK
- 8.3.2 Germany
- 8.3.3 France
- 8.3.4 Italy
- 8.3.5 Spain
- 8.3.6 Rest of Europe
8.4 Asia Pacific
- 8.4.1 China
- 8.4.2 India
- 8.4.3 Japan
- 8.4.4 South Korea
- 8.4.5 ANZ
- 8.4.6 Rest of Asia Pacific
8.5 Latin America
- 8.5.1 Brazil
- 8.5.2 Mexico
- 8.5.3 Rest of Latin America
8.6 MEA
- 8.6.1 UAE
- 8.6.2 South Africa
- 8.6.3 Saudi Arabia
- 8.6.4 Rest of MEA