Biometrics as a Service in Healthcare Market
Polaris Market Research released the latest report titled “Biometrics as a Service in Healthcare Market,” covering the period from 2024 to 2032. The report covers key success factors, market performance, risk factors, market performance, projected growth, and profit margins. The global market was valued at USD 0.44 billion in 2023 and is expected to grow to USD 2.44 billion by 2032, with a CAGR of 20.9%.
What are Biometrics as a Service in Healthcare?
Biometrics, a recognition technology that identifies individuals based on their unique physical or physiological characteristics, is gaining traction across various industries, including healthcare. The transformative power of biometrics in healthcare goes beyond theory and is actively improving lives and revolutionizing the delivery of medical services. By implementing a Know Your Patient (KYP) process that includes biometric verification, hospitals and clinics can streamline patient registration, ensure accuracy, and reduce the likelihood of medical errors.
Key Companies and Trends
The market is driven by rapid technological advancements, increasing market adoption, and the growing threat of cybercrime in the healthcare industry. Some of the key companies dominating the biometrics as a service in healthcare market include Aratek International, Aware, Inc., BIO-key International, Inc., Cognitec Systems GmbH, Fujitsu Limited, Hitachi, Ltd., Idex Biometrics ASA, Imageware Systems, Inc., Imprivata, Inc., NEC Corporation, NICE Ltd., Suprema Inc., Thales Group, and Voice Biometrics Group.
Growth Prospects and Trends
The market is expanding due to the growing awareness of advanced biometrics in healthcare, which enhances patient safety and security by integrating artificial intelligence or blockchain technology. This provides tailored solutions to create a patient-centric ecosystem in healthcare. The increasing adoption of biometrics due to its cost-effectiveness, the simplification of healthcare services through cloud technology, and the promise of security and reliability are driving the market’s growth. Cloud-based biometrics are expected to replace the traditional paper-based record-keeping approach.
Regional Insights
North America dominates the market, primarily due to the advanced technology adoption in healthcare by North American countries. They ensure accurate patient identification and are used in offices, hospitals, and other healthcare settings. The Asia Pacific market is expected to grow at a faster CAGR during the forecast period, driven by the widespread use of mobile devices in the region.
Conclusion
Biometrics as a Service in Healthcare is a rapidly evolving market with significant growth potential. The integration of advanced technologies like artificial intelligence and blockchain is transforming the healthcare industry, improving patient outcomes, and enhancing security. As the market continues to expand, companies need to stay ahead of the curve by adopting innovative biometric solutions to meet the evolving needs of the healthcare sector.