Biometrics as a Service in Healthcare Market Know the Scope and Trends

"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 expansion of the biometrics-as-a-service market in healthcare is being driven by several key factors, including the growing acceptance of biometric technologies due to their cost-effectiveness, ease of integration with cloud-based healthcare systems, and the enhanced security and reliability they offer. Additionally, increasing government investments in biometric initiatives are further supporting market growth.

Technological advancements, particularly in artificial intelligence and the Internet of Things (IoT), are also playing a pivotal role in accelerating the adoption of cloud-based biometric solutions, positioning them as a central component in the evolution of modern healthcare infrastructure.

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

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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
The demand for biometrics-as-a-service in the healthcare sector is primarily driven by the need for heightened security measures to protect sensitive medical data. Given the critical importance of safeguarding patient information, biometric authentication offers a more secure alternative to traditional password-based systems, significantly reducing the risk of data breaches and unauthorized access.

Challenges: High cost
Despite its advantages, the widespread adoption of biometric systems in healthcare is hindered by the high costs associated with installation, operation, and maintenance-especially for smaller healthcare providers and institutions in developing regions. Additionally, the need to comply with diverse regulatory and legal frameworks across various countries presents another layer of complexity.

North America is Expected to Grow with the Highest CAGR During the Forecast Period
North America is expected to account for a substantial share of the biometrics-as-a-service in healthcare market and is projected to register the highest compound annual growth rate (CAGR) during the forecast period. This growth is supported by the presence of a well-established healthcare infrastructure, an increasing number of healthcare facilities, and the presence of key market players. The rising incidence of healthcare-related data breaches has further fueled the demand for robust biometric security solutions. Moreover, North America's leadership in technological innovation continues to position the region at the forefront of advancements in healthcare biometrics.

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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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This release was published on openPR.