Healthcare Identity Management Global Market Analysis, Trends, Growth, Research And Forecast 2033

The Business Research Company recently released a comprehensive report on the Global Healthcare Identity Management Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The healthcare identity management market size has grown rapidly in recent years. It will grow from $4.07 billion in 2023 to $4.57 billion in 2024 at a compound annual growth rate (CAGR) of 12.3%. The growth in the historic period can be attributed to increasing prevalence of chronic diseases, rise in adoption of cloud-based healthcare solutions, growth in biometric authentication technologies, growth in healthcare data sharing initiatives, and growth in healthcare fraud detection systems.

The healthcare identity management market size is expected to see rapid growth in the next few years. It will grow to $7.34 billion in 2028 at a compound annual growth rate (CAGR) of 12.6%. The growth in the forecast period can be attributed to increasing prevalence of chronic diseases, rise in adoption of cloud-based healthcare solutions, growth in biometric authentication technologies, growth in healthcare data sharing initiatives, and growth in healthcare fraud detection systems. Major trends in the forecast period include technological advancements, adoption of blockchain technology, integration of artificial intelligence, internet of medical things, and telehealth.

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Market Drivers and Trends:

The rising instances of security breaches are expected to propel the growth of the healthcare identity management market going forward. A security breach occurs when unauthorized access or disclosure of sensitive information, systems, or networks occurs, potentially causing damage or exploitation. Rising instances of security breaches can be attributed to several factors, including increased cyber threats, the expansion of digital infrastructure, and human error. Healthcare identity management systems employ multi-factor authentication (MFA) and biometric verification to guarantee that only authorized individuals can access sensitive patient information. This approach significantly lowers the risk of unauthorized access and enhances security measures against potential breaches. For instance, in January 2024, according to the Identity Theft Resource Center, a US-based non-profit organization, in 2023, around 725 data breaches were reported, resulting in the exposure or unauthorized disclosure of over 133 million records. This reflects a continued increase in healthcare data breaches throughout the year. Therefore, the rising instances of security breaches are driving the growth of the healthcare identity management market.

Major companies operating in the healthcare identity management market are focused on developing advanced technologies, such as multi-factor authentication, to enhance security by providing additional protection against unauthorized access. Multi-factor authentication (MFA) refers to a security protocol that enhances user verification by requiring two or more independent credentials to confirm identity access. For instance, in March 2023, Clario, a US-based technology company, launched the Federated Identity Management (FIM) System. This system enhances security and user convenience by enabling users to access multiple systems and organizations with a single login credential, streamlining the authentication process. FIM integrates with external identity providers, allowing clients to use their trusted credentials to access Clario's platform securely. It also incorporates single-sign-on (SSO) and multi-factor authentication (MFA) to strengthen security, particularly for individuals engaged in clinical trials.

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Major Key Players of the Market:

Deloitte Touche Tohmatsu Limited, Oracle Corporation, Infosys Limited, Atos SE, Okta Inc., CyberArk Software Ltd., SailPoint Technologies Holdings Inc., Ping Identity Corporation, Saviynt Inc., ForgeRock Inc., Simeio Solutions LLC, One Identity LLC, Veritis Group Inc., Radiant Logic Inc., Promobi Technologies Private Limited, Ubisecure Inc., Zluri Inc., Evidian, Optimal IdM LLC, My1Login Limited

Healthcare Identity Management Market 2024 Key Insights:

• The healthcare identity management market size is expected to see rapid growth in the next few years. It will grow to $7.34 billion in 2028 at a compound annual growth rate (CAGR) of 12.6%.
• Rising Security Breaches Drive Growth In Healthcare Identity Management Market
• Advancements In Healthcare Identity Management The Role Of Multi-Factor Authentication
• North America was the largest region in the healthcare identity management market in 2023

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