Biometric As A Service In Healthcare Market Growth Forecast: Exploring Trends and Opportunities for the Next Decade
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What Growth Opportunities are Expected to Drive the Biometric As A Service In Healthcare Market’s CAGR Through 2034?
The market size of biometric as a service in healthcare has experienced a dramatic increase in recent years. This market is projected to expand from a value of $1.30 billion in 2024 to achieve a value of $1.61 billion in 2025, with an impressive compound annual growth rate (CAGR) of 23.26%. The notable growth in the past has been driven by factors such as the escalating demand for protected management of patient data, increased investment in healthcare infrastructures, a spike in biometric wearable devices used for healthcare monitoring, the burgeoning of digital health solutions and mobile health apps, and an increased preference for individualized healthcare services.
Anticipations are high for the biometric as a service in healthcare market as it is set for impressive growth in the forthcoming years. By 2029, the market is predicted to have expanded to a worth of $3.66 billion, with a compound annual growth rate (CAGR) of 22.89%. Factors contributing to this strong growth projection include the increasing digital transformation in healthcare, a rise in the use of wearables, the escalating incidence of identity theft, a growing prevalance of chronic diseases and an emphasis on preventing prescription fraud. Key future trends will feature the incorporation of AI into biometric systems, advanced iris scanning techniques, blockchain-integrated biometric authentication, cutting-edge biometric cloud services, and touchless biometric solutions in the healthcare sector.
Which Drivers Are Expected to Have the Greatest Impact on the Biometric As A Service In Healthcare Market’s Growth?
The surge in the use of mobile gadgets like smartphones, tablets, and smartwatches is expected to fuel the expansion of the biometric as a service in the healthcare market. This rise can be attributed to advancements in wireless technology, affordable smartphone availability, enhanced internet access, and the emergence of healthcare applications designed for mobile devices. By facilitating Biometric as a Service (BaaS) in healthcare, mobile devices have not just facilitated better data access but also ensured adherence to healthcare regulations through advanced biometric authentication of sensitive health info and patient records. The Mobility Report by Ericsson, a telecommunication firm based in Sweden, recorded global smartphone subscriptions to be 6,930 million units in 2023, which increased to 7,160 million units in 2024. Thus, it’s clear that the escalating use of mobile devices is pivotal to the growth of biometric as a service in the healthcare sector.
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What Are the Leading Industry Players Dominating the Biometric As A Service In Healthcare Market?
Major companies operating in the biometric as a service in healthcare market are:
• Hitachi Ltd._x000D_
• Qualcomm Technologies Inc._x000D_
• Fujitsu Limited_x000D_
• IDEMIA Group_x000D_
• NICE Ltd._x000D_
What Are the Latest Trends Leading to Disruption in the Biometric As A Service In Healthcare Market?
Major businesses in the biometric as a service in healthcare sector are concentrating on the development of groundbreaking solutions like facial recognition technologies to improve patient identification, make access control more efficient, and enhance security within healthcare institutions. Facial recognition technology involves systems that identify or validate individuals by analyzing and comparing facial patterns from photos or video footage, often used for security, authentication, lifestyle monitoring. For example, Imprivata Inc., a software company based in the United States, debuted its Imprivata Biometric Patient Identity in February 2024, a novel solution that employs facial recognition technology. This system uses advanced biometric technologies, such as facial and fingerprint recognition, to ensure correct patient identification across several care scenarios. It meshes flawlessly with current Electronic Health Records (EHR) systems, providing real-time authentication while complying strictly with health care privacy laws such as HIPAA.
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What Are the Strategic Segments Comprising the Biometric As A Service In Healthcare Market and Their Growth Contributions?
The biometric as a service in healthcare market covered in this report is segmented –
1) By Modility: Unimodal, Multimodal
2) By Component: Software, Services
3) By Scanner Type: Fingerprint Recognition, Iris Recognition, Palm Recognition, Facial Recognition, Voice Recognition, Other Scanner Types
4) By Application: Pharmacy Dispensing, Care Provider Authentication, Medical Record Security And Data Centre Security, Patient Identification And Tracking, Home Or Remote Patient Access, Narcotic Security, Counter Insurance Frauds, Other Applications
5) By End Use: Hospitals, Long Term Care Centers, Ambulatory Surgical Centers, Other End-Users
Subsegments:
1) By Unimodal: Fingerprint Recognition, Facial Recognition, Iris Recognition, Voice Recognition, Hand Geometry Recognition
2) By Multimodal: Fingerprint And Facial Recognition, Fingerprint And Iris Recognition, Facial And Voice Recognition, Multi-Factor Biometric Systems
Which Regions Are Significant to the Growth of the Biometric As A Service In Healthcare Market?
North America was the largest region in the biometric as a service in healthcare market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the biometric as a service in healthcare market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
How Can We Define the Biometric As A Service In Healthcare Market and Its Key Components?
Biometric as a Service (BaaS) in healthcare refers to the delivery of biometric authentication and monitoring services via the cloud, enabling healthcare providers to access, store, and analyze patient biometric data securely. It is used for patient identification, remote monitoring, and access control, enhancing security and improving patient care by enabling accurate, real-time health data collection, such as heart rate, blood pressure, and other vital signs, while ensuring compliance with healthcare regulations like HIPAA.
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