Biom. as a Service in Healthcare: Boosting Patient Security & Privacy

Published Date: 2/08/2024

Biometrics as a Service in Healthcare Market By Scanner Type. Fingerprint Recognition; Iris Recognition; Palm Recognition; Facial Recognition; Voice Recognition

The global biometrics as a service in healthcare market is estimated to reach over USD 2425.69 million by 2031, exhibiting a CAGR of 15.74% during the forecast period. Biometrics are revolutionizing identification methods by leveraging unique physical characteristics like fingerprints, iris patterns, voices, and facial structures. This technology finds application in the medical field, particularly in combating financial losses caused by medical identity theft. Several factors are driving the biometrics-as-a-service market towards significant growth. Soaring Mobile Device Usage  The widespread adoption of smartphones and tablets has created a fertile ground for biometric authentication solutions. Expanding User Base  As the number of mobile users continues to rise, the demand for secure and convenient identification methods like biometrics grows proportionately. Stricter Government Data Security  Regulatory bodies are enforcing stricter data security requirements, making biometrics a compelling solution for governments and institutions. Healthcare Fraud Prevention  The healthcare sector's increasing need for robust fraud detection and prevention technologies fuels the adoption of biometrics. Furthermore, the integration of Artificial Intelligence (AI) with biometric authentication holds promising prospects for the future. Additionally, affordability, seamless integration with cloud-based healthcare services, and superior security are propelling the popularity of biometrics. The shift from paper-based record-keeping to cloud-based biometrics management systems in healthcare organizations exemplifies the increased efficiency and convenience offered by this technology. Advancements in cloud infrastructure further contribute to the significant expansion of the biometrics market. Prominent players in the biometrics as a service in healthcare market include Thales, Fujitsu, Aware, Inc., BIO-key International, MorphoTrust USA, NextGate, Imprivata, Inc, Suprema, Imageware, and M2SYS Technology. Market Dynamics  Drivers- Recent advances have also aided the expansion of cloud-based biometrics in IoT and A.I. technology. The necessity for BaaS has expanded as more healthcare companies are becoming aware of the importance of monitoring and protecting patient health information. The market is expanding for some factors, such as the increasing acceptability of biometrics due to their affordability, the ease with which cloud-based services may be integrated with medical care, and high-end reliability and security. The market has grown tremendously due to technological developments in cloud infrastructure, which have made this transformation possible. Challenges  Knowledge and awareness prevent the market from growing. BaaS solutions need significant upfront investments, and worries about the privacy & security of biometric data kept in the cloud have slowed market expansion. On the other hand, challenges restraining market expansion include a lack of qualified specialists, customer acceptance issues, and the high cost of installing and maintaining biometric equipment. The market for healthcare biometrics will also be challenged by security threats associated with the data stored in biometric systems. However, issues related to the use of biometric technology will operate as a market restraint and slow the market's rate of expansion. Regional Trends  The North American biometrics as a service in the healthcare market is expected to register a remarkable market share in revenue shortly due to the expanding use of biometrics as a service in the healthcare sector across many different industry verticals. Furthermore, the market's expansion was driven by higher demand during COVID-19. Additionally, the U.S. market is expanding because of the growing use of biometrics in various industries, including homeland security, law, and the military. This area's income growth is driven by large-scale, financially supported programs and personnel access monitoring in buildings. Some significant factors, including the expansion of online transactions, increased sophisticated cyberattacks, and high I.T. security spending, are driving the BaaS industry in this region. Besides, the Asia Pacific region had a substantial share of the market. Elevated terror risks and rising government spending on security primarily drive access control solution sales in the Asia Pacific region. Additionally, China's developing economy creates a significant demand for security solutions. Increased cyberattacks and the difficulties for both large and small businesses in the APAC region to manage and mitigate the risks associated with identity-related intrusions are driving the market's growth in this area.  About the company  InsightAce Analytic is a market research firm that excels in niche and complex market studies with high-quality market research reports. Their market intelligence reports service will address your niche market needs to identify opportunities for future business growth. InsightAce Analytic can acquire any customized market data or intelligence reports to support the client's strategic planning process.

FAQs:

"Q: What is the estimated value of the global biometrics as a service in healthcare market by 2031?

A: USD 2425.69 million

Q: What are the driving factors for the growth of the biometrics-as-a-service market?

A: Soaring Mobile Device Usage, Expanding User Base, Stricter Government Data Security, and Healthcare Fraud Prevention

Q: What are the challenges faced by the biometrics as a service in healthcare market?

A: Knowledge and awareness, significant upfront investments, worries about the privacy & security of biometric data kept in the cloud, lack of qualified specialists, customer acceptance issues, and the high cost of installing and maintaining biometric equipment

Q: Which region is expected to register a remarkable market share in revenue in the biometrics as a service in healthcare market?

A: North America

Q: Who are the prominent players in the biometrics as a service in healthcare market?

A: Thales, Fujitsu, Aware, Inc., BIO-key International, MorphoTrust USA, NextGate, Imprivata, Inc, Suprema, Imageware, and M2SYS Technology"

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