Biometrics as a Service in Healthcare Market Worth $1.1 billion | MarketsandMarkets™

CHICAGO, April 4, 2024 /PRNewswire/ -- Biometrics as a Service in Healthcare Market in terms of revenue was estimated to be worth $0.4 billion in 2023 and is poised to reach $1.1 billion by 2028, growing at a CAGR of 20.7% from 2023 to 2028 according to a new report by MarketsandMarkets™.

The amalgamation of biometric data with cutting-edge analytics and artificial intelligence (AI) has emerged as a transformative force within the healthcare sector, significantly bolstering market growth. This synergistic approach empowers healthcare organizations to extract invaluable insights from the vast reservoir of biometric information at their disposal. These insights pave the way for the realization of personalized medicine, facilitating tailored treatments for patients, precise disease prediction, and optimization of treatment strategies. As the healthcare industry increasingly recognizes the potential of this combination, the demand for biometric solutions that integrate seamlessly with advanced analytics and AI continues to surge, propelling the market forward and enhancing the quality of care delivered to patients. The ethical debates encompassing biometrics, specifically concerns related to obtaining informed consent for data collection and the potential for misuse, have the potential to create regulatory challenges and foster public skepticism, posing significant obstacles to the unhindered growth of the biometrics market within the healthcare sector.

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Biometrics as a Service in Healthcare Market Scope:

"Software segment accounted for the largest share and is expected to grow at the highest rate during the forecast period."

The ascendancy of software-driven biometric solutions in the market is fundamentally underpinned by their dynamic capacity to harness the continuous stream of technological innovations. These advancements encompass notable enhancements in the precision of facial recognition algorithms and the evolution of touchless authentication methods. Not only do these developments significantly elevate the user-friendliness of biometric systems, but they also furnish an unprecedented level of security. Consequently, the proliferation of software-based biometric solutions is emblematic of an industry poised for continued expansion, where adaptability and technological sophistication are paramount in fulfilling the dual imperatives of enhanced user experience and robust security within the market landscape.

"The multimodal modality segment accounted for the largest share and is expected to grow at the highest rate during the forecast period."

The strategic adoption of multimodal biometric systems has emerged within the healthcare sector as a cornerstone strategy for fortifying security measures. These multifaceted solutions are instrumental in regulating access to highly secure areas, notably pharmaceutical storage facilities, and critical resource zones. By integrating multimodal biometrics, healthcare organizations effectively safeguard valuable assets while ensuring stringent access control, emblematic of an industry committed to bolstering security infrastructure. This concerted commitment to heightened security, marked by the strategic deployment of multimodal biometric solutions, substantiates the ongoing growth trajectory of the healthcare biometrics market, a testament to the sector's unwavering dedication to safeguarding its most precious resources and assets.

"Fingerprint solution type segment accounted for the largest share of the global biometrics as a service in the healthcare market."

Fingerprint biometric solutions have garnered substantial attention in the healthcare sector due to their distinct cost-effectiveness relative to alternative biometric modalities. This cost-efficiency appeals particularly to healthcare organizations seeking to optimize their operational budgets without compromising security standards. By providing a judicious balance between affordability and robust authentication, fingerprint biometrics have emerged as an enticing proposition for healthcare entities, bolstering their adoption and propelling the sustained expansion of the healthcare biometrics market. This underscores the healthcare industry's commitment to resource optimization while maintaining stringent security protocols.

"Medical record and data center security application segment accounted for the largest share and is expected to grow at the highest rate during the forecast period of the biometrics as a service in the healthcare market."

In the contemporary landscape of telehealth and remote healthcare services, biometric solutions are pivotal in enabling secure access to critical medical records from diverse geographical locations. This capability, marked by its intrinsic commitment to data security, assuages concerns related to privacy and confidentiality. As healthcare delivery increasingly transcends traditional boundaries, the integration of biometric authentication underscores the industry's dedication to fortifying data protection measures. This strategic alignment bolsters the expansion of the healthcare biometrics market, signifying its role as an enabler of secure and accessible healthcare services on a global scale.

"Hospitals and clinics end-user segment held the largest market share growing at the highest CAGR during the forecast period of the biometrics as a service in the healthcare market."

Hospitals and clinics, as custodians of sensitive patient data, operate under the imperative to adhere rigorously to healthcare regulations such as HIPAA (Health Insurance Portability and Accountability Act). The integration of biometric solutions stands as an instrumental strategy in achieving and maintaining regulatory compliance. These solutions, characterized by their fortification of data security and precise patient identification, epitomize the healthcare sector's unwavering commitment to safeguarding patient information and upholding the tenets of healthcare laws. Consequently, the burgeoning adoption of biometrics underscores its role as a pivotal enabler in augmenting data security and ensuring compliance within the healthcare industry, thus propelling the continued expansion of the healthcare biometrics market.

"North America to witness significant growth during the forecast period."

In 2022, North America held the largest market share for biometrics as a service in the healthcare market. The demographic shift towards an aging population within the region has catalyzed a surge in healthcare demand, accentuating the importance of streamlined patient identification and meticulous record management. In response to this evolving healthcare landscape, the adoption of advanced biometric solutions has emerged as an imperative. These solutions, underpinned by their capacity to enhance patient identification accuracy and optimize the management of healthcare records, stand as a strategic imperative within the healthcare sector. Consequently, their pervasive integration is emblematic of the industry's dedication to efficiently meeting the escalating healthcare demands of an aging population, signifying a pivotal driver in the sustained growth trajectory of the healthcare biometrics market.

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Biometrics as a Service in Healthcare Market Dynamics:

Drivers:

1. Growing focus on Government initiatives supporting the adoption of biometrics in healthcare

Restraints:

1. High costs associated with biometric systems

Opportunities:

1. Increasing demand for advanced biometric solutions designed for authentication and identification applications

Challenge:

1. Complexities in implementing recognition technologies within existing healthcare systems

Key Market Players of Diagnostic Contract Manufacturing Industry:

Some of the prominent players operating in the biometrics as a service in the healthcare market are NEC Corporation (Japan), Fujitsu Limited (Japan), Imprivata, Inc. (US), Suprema Inc. (South Korea), BIO-key International, Inc. (US), Thales (US), ASSA ABLOY (HID Global Corporation) (US), Cognitec Systems GmbH (Germany), Hitachi, Ltd. (Japan), Idex Biometrics ASA (Europe), Spectra Technovision(India) Pvt. Ltd. (India), Aware, Inc. (US), Aratek (US), Advent International, L.P. (US), NICE Ltd. (Israel), Voice Biometrics Group (US), Imageware (US).

Breakdown of supply-side primary interviews:

• By Company Type: Tier 1 – 40%, Tier 2 – 35%, and Tier 3 – 25%
• By Designation: C-level – 25%, Director-level – 55%, and Others – 20%
• By Region: North America - 40%, Europe – 25%, APAC – 20%, Latin America – 10%, Middle East & Africa – 5%

Recent Developments of Diagnostic Contract Manufacturing Industry:

• In June 2023, NEC Corporation (Japan) announced the launch of its new biometric authentication solution, NEC Biometric Engine. The solution is designed to help healthcare organizations improve patient safety and security by providing a more secure and convenient way to identify patients.
• In May 2023, Fujitsu (Japan) announced the expansion of its biometrics portfolio with the launch of its new palm vein authentication solution. The solution is designed to be used in a variety of healthcare applications, such as patient identification, access control, and payment.
• In 2022, NEC Corporation (Japan) launched a multimodal biometric authentication solution, facilitating rapid and highly accurate authentication, achieved by requiring individuals to simply direct their face towards the authentication device, while maintaining a remarkably low false acceptance rate of less than one in 10 billion.
• In 2022, Imprivata (US) acquired OGiTiX Software AG (Germany), a leading provider of agile identity and access management (IAM) solutions for the DACH region. This development strengthened Imprivata's presence in the DACH market.

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Biometrics as a Service in Healthcare Market - Key Benefits of Buying the Report:

The report can help established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them garner a greater share. Firms purchasing the report could use one or a combination of the below-mentioned five strategies.

This report provides insights into the following pointers:

• Analysis of key drivers (growing need for patient identification and authentication, rising incidences of medical identity theft and data breaches, growing initiatives supporting biometrics adoption in healthcare), restraints (high costs associated with biometric systems, increased hygiene concerns and high risk of transmission of infectious diseases posed by touch-based biometric solutions), opportunities (increasing demand for advanced biometric solutions designed for authentication and identification applications, growing focus on availability of Biometric-as-a-Service solutions), and challenges (failure in detecting authorized and unauthorized users, complexities in implementing recognition technologies within existing healthcare systems) influencing the growth of healthcare biometrics/biometrics as a service in healthcare market.
• Product Development/Innovation: Detailed insights on upcoming technologies, research and development activities, and product launches in biometrics as a service in the healthcare market.
• Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the markets for various types of biometrics as a service across regions.
• Market Diversification: Exhaustive information about products, untapped regions, recent developments, and investments in biometrics as a service in the healthcare market.
• Competitive Assessment: In-depth assessment of market shares, strategies, products, distribution networks, and manufacturing capabilities of the leading players in biometrics as a service in the healthcare market.

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