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The Global Biometrics As A Service In Healthcare Market Size is valued at USD 755.45 million in 2023 and is predicted to reach USD 2,465.07 million by the year 2031 at an 16.12% CAGR during the forecast period for 2024-2031.
Key Industry Insights & Findings from the Report:
- The increasing need for better healthcare services and the number of incidents of hospital-acquired infections drive the market for biometrics as a service in healthcare.
- The intense competition of market participants and technological advancement drives the industry forward.
- North America dominated the market and accounted for a portion of global revenue in 2023.
- Expensive and more problems with protecting personal information slow down the market for biometrics as a service in healthcare.
Biometrics refers to patient identification and giving users access control. Clinical trial participants' information is protected, and biometrics detects fraud. The government works to pass many pieces of legislation to maintain hospital security. Any health organization today is required to follow tight security guidelines. Government support is another aspect that stimulates the market.
The use of biometrics is necessary for certain hospital rooms. In many countries, certain hectare surety regulations are required. Government support for increased security is resulting in positive market developments. These methods have greatly decreased fraud and data threats. These important reasons will accelerate the revenue growth rates of the healthcare biometrics industry.
The highest incidences of data theft are found in the IT and healthcare sectors. As a result, biometrics in healthcare is becoming more widely used. This technique offers a variety of advantages. There are many patient records at medical facilities. However, with the aid of modern technology, all the data may be kept in one location in a secure environment. Healthcare Biometrics also enables data analysis and contactless payment processing. The healthcare biometrics industry overview shows how strongly these factors boost market value.
Recent Developments:
- In Feb 2024, Suprema created an on-device biometric authentication technique that seamlessly merged with the physical access control systems of enterprises. The new "Template on Mobile" (ToM) was developed to facilitate access authentication using facial biometrics while safeguarding user privacy from data breaches and other security risks.
- In Feb 2023, Thales India launched its first design centre. According to the corporation, the centre will create innovative goods and services while fostering collaborations with consumers, other businesses, and academics. Thales has design centres across Europe, South America, North America, the Middle East, and Singapore, among other places.
- In Aug 2019, Fujitsu Labs Ltd. announced the development of a technology that can compare biometric information while it is still encrypted with the same accuracy and speed as traditional biometric identification systems. Fujitsu Labs has developed a method that employs palm vein authentication to prevent the decrease in comparison accuracy that happens when encryption is applied while enhancing the speed of comparison processing.
Competitive Landscape:
Some major key players in the biometrics as a service in healthcare market are:
- Thales
- Fujitsu
- Aware, Inc.
- BIO-key International
- MorphoTrust USA
- NextGate
- Imprivata, Inc
- Suprema
- Imageware
- M2SYS Technology
Market Segmentation:
Biometrics as a service in the healthcare market is segmented into type, application and scanner type. Based on type, the market is divided into unimodal and multimodal. Based on application, biometrics as a service in the healthcare market is segmented into site access control, time recording, mobile application and web and workplace. Based on the scanner, the market is bifurcated into fingerprint recognition, palm recognition, facial recognition, voice recognition, iris recognition and others.
Based On Type, The Multimodal Segment Is A Major Contributor To Biometrics As A Service In Healthcare Market
The market's leading segment is. Healthcare firms prefer multimodal biometrics over unimodal biometrics because it considerably increases the confirmation rate. In multimodal biometrics, two identity qualities are combined, like a fingertip and a picture or a palm and an iris. This improves the identification process' accuracy and efficiency.
The Fingerprint Recognition Hospital Segment Witnessed Growth At A Rapid Rate
Fingerprint recognition has the highest revenue share, and it is anticipated that it will continue to hold that position during the anticipated time. The demand for a highly reliable and accurate method for safeguarding critical healthcare data and avoiding errors that might mean the death distinction is fueling the segment's expansion. Because each person has a unique set of fingerprints, fingerprint identification is the most precise means of identifying. Hospitals can comply with laws requiring the preservation of privacy laws around the world,
North American Biometrics As A Service In The Healthcare Market Holds A Significant Revenue Share In The Region
North American biometrics as a service in the healthcare market is expected to register the highest market share in revenue soon. This is a result of the region's availability of additional healthcare facilities and the presence of significant key players. Additionally, the market in this region will rise due to the rising demand for biometrics brought on by the increasing number of healthcare data breaches. A potential exists for the biometrics market in healthcare because of innovative diagnostic facilities. The growing investment in the healthcare biometrics industry will lead to discoveries. Premium features will be included in the healthcare biometrics. These factors will propel North America to the top spot in the market. In addition, Asia Pacific is projected to grow rapidly in the global market. Cyber threats are becoming more frequent in the region. Cyber threats to personal confidentiality and institutional data are frequent.Additionally, the market for healthcare biometrics is very technologically advanced. Client authorization and records are handled efficiently. A staggering number of professionals are also employed to manage the biometrics system.
Recent Developments:
- In Feb 2024, Suprema created an on-device biometric authentication technique that seamlessly merged with the physical access control systems of enterprises. The new "Template on Mobile" (ToM) was developed to facilitate access authentication using facial biometrics while safeguarding user privacy from data breaches and other security risks.
Biometrics As A Service In Healthcare Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2023 |
USD 755.45 Mn |
|
Revenue forecast in 2031 |
USD 2,465.07 Mn |
|
Growth rate CAGR |
CAGR of 16.12% from 2024 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Million, and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments covered |
Type, Application And Scanner Type |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
Thales, Fujitsu, Aware, Inc., BIO-key International, MorphoTrust USA, NextGate, Imprivata, Inc., Suprema, Imageware and M2SYS Technology. |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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