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

"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's growth is being propelled by several key factors, including the rising adoption of biometric technologies, attributable to their cost-effectiveness, seamless integration with cloud-based healthcare services, and the enhanced security and trust they offer. Additionally, increased government investment in biometric initiatives further supports market expansion. Advancements in artificial intelligence and the Internet of Things have also played a significant role in driving the development of cloud-based biometric solutions, serving as primary catalysts for the global biometrics-as-a-service market within the healthcare sector.

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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: Enhanced Security in Biometrics as a Service for Healthcare
The demand for biometrics as a service in healthcare is expected to increase significantly due to the enhanced security it provides. Given the sensitive nature of healthcare data, safeguarding patient information is a critical priority. Utilizing biometric authentication reduces the risk of data breaches and unauthorized access compared to traditional password-based systems. Moreover, heightened awareness among healthcare providers regarding the necessity of protecting and monitoring patient medical records is further driving the adoption of biometric solutions in the sector.

Challenges: High Implementation Costs and Regulatory Complexity
The high costs associated with the deployment and maintenance of biometric systems pose a considerable barrier, particularly for smaller healthcare facilities and organizations operating in less developed regions. Additionally, compliance with diverse and often complex regulatory and legal requirements presents a challenge for the widespread adoption of biometrics in healthcare. Variability in these frameworks across different countries and regions further complicates implementation, potentially limiting market growth.

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North America is Expected to Grow with the Highest CAGR During the Forecast Period
The North American biometrics-as-a-service market in healthcare is expected to capture a substantial revenue share and demonstrate a strong compound annual growth rate (CAGR) in the coming years. This growth is supported by the extensive presence of healthcare facilities and key industry stakeholders within the region. Additionally, the increasing incidence of healthcare-related data breaches is fueling demand for biometric solutions, further propelling market expansion. Moreover, ongoing technological advancements position North America as a leader in the development and adoption of healthcare biometrics services.

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.