Biometrics as a Service in Healthcare Market is Expected to Reach $1.1 billion | MarketsandMarkets™
Chicago, April 30, 2024 (GLOBE NEWSWIRE) -- *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 latest report published by MarketsandMarkets™.
Biometric authentication in healthcare plays a pivotal role in elevating patient care standards and boosting the market's growth trajectory. By providing precise patient identification, biometrics significantly curtail medical errors, ensuring that patients receive accurate treatments and medications. Moreover, this technology enhances patient safety by safeguarding sensitive medical data and streamlining healthcare processes, improving operational efficiency and fueling market expansion. The complexity and time-consuming nature of ensuring seamless integration of biometric systems within the current *healthcare IT* infrastructure can potentially act as a deterrent, impeding the market's growth trajectory. This intricate process necessitates meticulous attention to detail and substantial investments in terms of both time and resources. Consequently, this challenge may contribute to a slowdown in the broader adoption of biometric technologies within the healthcare sector.
*Download an Illustrative overview: **https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=71676592*
*Biometrics as a Service in Healthcare** Market** Scope:*
*Report Coverage* *Details*
Market Revenue in 2023 $0.4 billion
Estimated Value by 2028 $1.1 billion
Growth Rate Poised to grow at a CAGR of 20.7%
Market Size Available for 2021–2028
Forecast Period 2023–2028
Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered By Component, By Modality, By Solution Type, By Application, By End User & By Region
Geographies Covered North America, Europe, Asia Pacific, Latin America and Middle East And Africa
Report Highlights Updated financial information / product portfolio of players
Key Market Opportunity Increasing demand for advanced biometric solutions designed for authentication and identification applications
Key Market Driver Growing focus on Government initiatives supporting the adoption of biometrics in healthcare
The global biometrics as a service in the healthcare market is segmented by component, modality, application, end user and region.
*"Software segment accounted for the largest share and is expected to grow at the highest rate during the forecast period."*
In 2022, the software segment of the component segment emerged as the dominant player in the biometrics as a service (BaaS) market, demonstrating the highest CAGR during the forecast period. This robust growth is primarily attributed to the seamless integration capabilities of biometric software with Electronic Health Record (EHR) systems, which contribute significantly to the enhancement of patient identification processes. Furthermore, the utilization of biometric software leads to a reduction in data errors, thereby elevating the overall precision and security of healthcare data management. These factors collectively serve as pivotal drivers fostering market expansion in the healthcare biometrics and BaaS sector.
*"The multimodal modality segment accounted for the largest share and is expected to grow at the highest rate during the forecast period."*
In 2022, the multimodal biometrics segment of the modality segment established itself as the predominant force within the biometrics as a service (BaaS) market, exhibiting the most robust CAGR throughout the projected timeframe. Multimodal biometrics, characterized by their amalgamation of various biometric modalities, including fingerprint, facial recognition, and iris scanning, culminate in heightened precision and a pronounced reduction in instances of false positives or negatives. This pivotal factor is poised to be the driving force behind the expansion of this market.
*"Fingerprint solution type segment accounted for the largest share of the global biometrics as a service in the healthcare market."*
In 2022, the fingerprint biometrics segment of the solution type segment ascended as the preeminent force within the biometrics as a service (BaaS) market, while the *voice recognition* segment showcased the most substantial CAGR across the projected period. Fingerprint biometric solutions distinguished themselves by delivering a remarkable level of precision in patient identification and access control, thereby mitigating the potential for medical errors and unauthorized entry, a particularly pertinent attribute in healthcare scenarios with time-sensitive demands. These inherent advantages, characterized by the rapidity of fingerprint scans and their unparalleled accuracy, have fortified the market's trajectory and solidified the fingerprint segment's leading position in the healthcare biometrics landscape.
*"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 global biometrics as a service in healthcare market."*
In 2022, the medical record and data center security segment of the application segment emerged as the predominant force within the biometrics as a service (*BaaS*) market, showcasing the most substantial CAGR throughout the projected duration. The impetus behind this remarkable growth is rooted in the escalating concerns regarding data breaches within the healthcare sector, which pose grave risks to the confidentiality of sensitive patient information. Consequently, healthcare organizations increasingly turn to biometric security solutions to fortify their data centers. These biometric measures, characterized by their ability to institute robust access control mechanisms, granting access solely to authorized personnel and diligently thwarting any unauthorized attempts to breach patient records, are poised to drive the sustained expansion of this dynamic market segment.
*“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.”*
In 2022, the hospitals and clinics segment of the end user segment emerged as the predominant force within the biometrics as a service (BaaS) market, showcasing the most substantial CAGR throughout the projected duration. Biometric solutions are increasingly integral to the healthcare landscape, particularly in hospitals and clinics, where they serve as a linchpin in bolstering security and patient care quality. These sophisticated systems are adeptly employed to enforce access control protocols in secure zones, such as medication storage facilities, thereby fortifying overall security measures. Simultaneously, biometrics play an indispensable role in ensuring precise patient identification, a paramount factor in minimizing errors and elevating patient safety standards. As healthcare institutions continually prioritize patient welfare and data integrity, the pervasive adoption of biometrics signifies an enduring growth trajectory within the healthcare biometrics market, where these technologies are unequivocally recognized as pivotal enablers of both enhanced security and healthcare service excellence.
*"North America region accounted for the largest share of the global biometrics as a service in the healthcare market."*
Global biometrics as a service in the healthcare market has been categorized on the basis of five major regional segments, namely, North America, Europe, Asia Pacific, Latin America the Middle East and Africa. In 2022, the North American region accounted for the largest market share. In the North American region, the robust regulatory framework governing data protection, exemplified by regulations like HIPAA in the United States and parallel regulations in Canada, imposes exacting security mandates. Consequently, healthcare institutions are compelled to adopt biometric solutions as a means to align with stringent compliance requirements. Furthermore, North America grapples with persistent cybersecurity threats, heightening the imperative for healthcare organizations to fortify their security posture. In this context, integrating biometrics is a strategic imperative, serving as an additional layer of defense to safeguard patient data. These concurrent factors significantly underpin and drive the burgeoning growth of biometrics as a service market within the North American region.
*Buy a Biometrics as a Service in Healthcare Industry Report (200 Pages PDF with Insightful Charts, Tables, and Figures): **https://www.marketsandmarkets.com/Purchase/purchase_reportNew.asp?id=71676592*
*Biometrics as a Service in Healthcare market major players covered in the report, such as:*
· 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)
· and Among Others
*Request for FREE Sample Pages: **https://www.marketsandmarkets.com/requestsampleNew.asp?id=71676592*
*This research report categorizes the Biometrics as a Service in Healthcare market into the following segments and subsegments:*
*By Component*
· Software
· Services
*By Modality*
· Unimodal
· Multimodal
*By Solution Type*
· Fingerprint scanning
· Facial Recognition
· Iris Recognition
· Voice Recognition
· Palm & Vein Recognition
· Others (DNA, signature, and keystroke)
*By Application*
· Patient Identification & Tracking
· Medical Record Security & Data Center Security
· Care Provider Authentication
· RPM
· Pharmacy Dispensing
· Others (Insurance Frauds & Narcotic Security)
*By End User*
· Hospitals & Clinics
· Long term care centers and home care settings
· Ambulatory Surgical Centers
· Others (diagnostic centers, physicians and physician organizations, and private healthcare service providers)
*By Region*
· North America
· US
· Canada
· Europe
· Germany
· UK
· France
· Rest of Europe (RoE)
· Asia Pacific
· Japan
· China
· India
· Rest of APAC (RoAPAC)
· Latin America
· Middle East and Africa
*Get 10% Free Customization on this Report: **https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=71676592*
*Key Market Stakeholders:*
· Manufacturers of biometric services and software
· Manufacturers of biometric technologies
· Healthcare institutions (medical data centers)
· Research and clinical laboratories
· Distributors and suppliers of healthcare biometrics
· Health insurance payers
· Academic institutes and universities
· Educational platform providers
· Academic medical institutes
· Venture capitalists
· Government agencies
· Hospitals (public and private)
· Ambulatory surgery centers (ASCs)
· Rehabilitation centers
· Market research and consulting firms
*Report Objectives:*
· To define, describe, and forecast the biometrics as a service in healthcare market on the basis of component, modality, solution type, application, end-user, and region
· To provide detailed information regarding the major factors influencing the market growth (such as drivers, restraints, opportunities, and challenges)
· To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall market
· To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
· To forecast the size of the market segments with respect to four main regions—North America, Europe, Asia Pacific, Latin America and Middle East and Africa.
· To profile the key players and comprehensively analyze their market shares and core competencies
· To track and analyze competitive developments such as acquisitions, product launches, expansions, agreements, collaborations, and approvals in the global biometrics as a service in healthcare market.
*Related Reports:*
*Patient Monitoring Devices Market*
*Human Identification Market*
*Human Identification Market*
*Remote Patient Monitoring Market*
*Patient-Derived Xenograft/PDX Model Market*
Get access to the latest updates on Biometrics as a Service in Healthcare Companies and Biometrics as a Service in Healthcare market size
CONTACT: About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com