Biometrics as a Service in Healthcare Market Top Companies Study - Thales, Fujitsu, Aware, Inc., BIO-key International, MorphoTrust USA, NextGate.

"Biometrics as a Service in Healthcare Market" in terms of revenue was estimated to be worth $755.45 Mn in 2023 and is poised to reach $2,465.07 Mn by 2031, growing at a CAGR of 16.12% from 2024 to 2031 according to a new report by InsightAce Analytic.

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Latest Drivers Restraint and Opportunities Market Snapshot:
Key factors influencing biometrics as a service in the healthcare market are:
• Strengthened safety measures and rising disposable income
• Rising mobile device usage
• Growing demand for healthcare identifying and avoiding fraud solutions

The following are the primary obstacles to biometrics as a service in the healthcare market's expansion:
• High cost
• Increase issues of data privacy and security
• Lack of awareness

Future expansion opportunities for biometrics as a service in the healthcare market include:
• Rising government data-security regulation
• Rising incidents of cyber-attacks
• Rising worries regarding the safety of patient information

Market Analysis:
The market is driving its expansion due to various factors, including the increasing acceptance of biometrics, driven by its affordability, the ease of cloud integration of technology with healthcare services, and the high level of confidence and safety it provides. Furthermore, it boosts governmental spending on biometric projects. Modern developments in artificial intelligence and the Internet of Things have also contributed to the expansion of cloud-based biometrics, which are the key drivers of the worldwide market for biometrics as a service in healthcare.

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List of Prominent Players in the Biometrics as a Service in Healthcare Market:
• Thales
• Fujitsu
• Aware, Inc.
• BIO-key International
• MorphoTrust USA
• NextGate
• Imprivata, Inc
• Suprema
• Imageware
• M2SYS Technology

Recent Developments:
• In February 2024, Fujitsu Limited and Chunghwa Telecom Co., Ltd. announced the signing of a Memorandum of Understanding on January 31. The two companies will work together for two years to study the possibility of establishing a network in Taiwan that uses All-Photonics Network technology based on the IOWN initiative.
• In November 2023, Serban Group supported Aware, Inc., a worldwide biometric platform company. The two companies have partnered to increase the supply of biometric digital authentication and identification solutions to governments, financial institutions, and businesses in the LATAM and North American areas.
• In July 2023, Red Hat K.K. and Fujitsu Limited introduced new agile consulting services. Panasonic Connect's digital transformation promotion will receive backing from Fujitsu and Red Hat, who work together to help clients across industries adopt an agile attitude.

Biometrics as a Service in Healthcare Market Dynamics:
Market Drivers: Heightened Safety Biometrics as a Service in Healthcare
Stronger Protection in biometrics as a healthcare service is anticipated to drive the market growth. Protecting healthcare data is of the utmost importance due to its sensitivity. There is less chance of data breaches and illegal access to patient records when biometrics are used as an authentication mechanism instead of regular passwords. Furthermore, the need for biometrics as a service has grown due to the growing awareness among healthcare organizations regarding the importance of monitoring and protecting medical patient information, all driving demand for biometrics as a service in healthcare.

Challenges: High cost
The biometric systems can be highly expensive to set up and keep running, putting off some healthcare organizations, particularly smaller ones or those in less developed areas. Furthermore, adherence to several regulatory and legal frameworks impacts the healthcare biometrics market. Further, it complicates the adoption of these technologies because these frameworks can differ substantially across regions and countries, hindering market growth.

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North America is Expected to Grow with the Highest CAGR During the Forecast Period
The North America biometrics as a service in healthcare market is likely to register a significant revenue share and develop at a rapid CAGR in the near future. This is because more healthcare facilities are available, and important participants are present. The growing frequency of data breaches related to healthcare is also driving up demand for biometrics, which in turn is driving this region's market. Furthermore, due to technological advancement, the healthcare biometrics industry is at the forefront.

Segmentation of Biometrics as a Service in Healthcare Market-
By Product Type-
• Unimodal
• Multimodal
By Application-
• Site Access Control
• Time Recording
• Mobile Application
• Web and Workplace
By Scanner Type-
• Fingerprint Recognition
• Iris Recognition
• Palm Recognition
• Facial Recognition
• Voice Recognition
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.

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This release was published on openPR.