PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1464685
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1464685
Biometrics As a Service in Healthcare Market size was valued at USD 865.2 Million in 2023, expanding at a CAGR of 16.8% from 2024 to 2032.
Biometrics as a Service (BaaS) in healthcare refers to the provision of biometric authentication solutions to healthcare organizations through a subscription-based model. Biometric authentication involves the use of unique physical or behavioral characteristics of individuals, such as fingerprints, iris patterns, voiceprints, or facial recognition, to verify their identities. With the increasing need for secure patient data management, biometric authentication offers a more reliable and secure way to access healthcare information, reducing the risk of data breaches and identity theft. Implementing biometric authentication systems can involve significant upfront costs for healthcare organizations, as well as ongoing maintenance expenses. Furthermore, Ongoing advancements in biometric technology, such as multimodal biometrics and behavioral biometrics, present opportunities for developing more secure and user-friendly authentication solutions.
Biometrics As a Service in Healthcare Market- Market Dynamics
Increasing need for enhanced security in the healthcare industry
Biometrics plays a crucial role in enhancing security in the healthcare industry by providing a more accurate and reliable way to authenticate individuals and control access to sensitive information and facilities. Biometric authentication can control access to secure areas within healthcare facilities, such as laboratories, pharmacies, and medical storage areas. Only authorized personnel with verified biometric data can access these sensitive locations, reducing the risk of unauthorized entry and theft of drugs or patient information. According to the Parks Associates' Q2 2021 study, 55% of broadband homes own a biometric health or fitness gadget.
Biometrics As a Service in Healthcare Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 16.8% over the forecast period (2024-2032)
Based on component segmentation, software was predicted to show maximum market share in the year 2023
Based on modality segmentation, multimodal was the leading type in 2023
Based on solution segmentation, facial recognition was the leading type in 2023
Based on application segmentation, patient identification & tracking was the leading type in 2023
Based on end user segmentation, hospitals & clinics were the leading type in 2023
Based on region, North America was the leading revenue generator in 2023
The Global Biometrics As a Service in the Healthcare Market is segmented based on Component, Modality, Solution, Application, End User, and Region.
The market is divided into two categories based on components: BaaS software can be used to accurately identify patients using biometric markers such as fingerprints, facial recognition, or iris scans. This ensures that the right patient is associated with their medical records, reducing the risk of medical errors due to misidentification.
The market is divided into two categories based on a solution: Facial recognition helps in preventing identity theft, ensuring patients receive the correct treatment, and improving the overall security of patient records. This can be particularly useful in intensive care units or psychiatric wards where constant monitoring is necessary.
Biometrics As a Service in Healthcare Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
North America, particularly the United States, was one of the leading regions driving growth in the biometrics as a service market in healthcare. The presence of advanced healthcare infrastructure, increasing adoption of electronic health records (EHR), stringent regulatory standards for patient data security (such as HIPAA), and a growing focus on preventing healthcare fraud were among the factors contributing to the prominence of biometric solutions in the healthcare sector in North America. Additionally, Europe, especially countries like the United Kingdom, Germany, and France, also showed significant adoption of biometrics in healthcare, driven by factors such as increasing government initiatives for healthcare digitization and rising concerns about patient data security.
Hospitals, clinics, and other healthcare facilities are investing in biometrics as a service to enhance patient identification and security. Companies specializing in healthcare technology including Thales, Fujitsu, Aware, Inc., Suprema, Imageware are investing in offering biometrics as a service as part of their product portfolio. Public healthcare agencies may invest in biometrics to improve the efficiency and security of healthcare services. Investing in biometrics as a service in the healthcare market offers opportunities to improve patient safety, enhance security, streamline operations, and reduce fraud for various stakeholders in the healthcare ecosystem. For instance, Precise Biometrics and Innovatrics have collaborated to integrate SmartFace biometrics with YOUNiQ which enables an easy workflow. This will result in combined technologies and a fast access control system with high security, a positive user experience, and privacy protections.
In August 2022, The French parliament invested US$20.4 million in Project 242-95 to establish a biometric version of citizens' health cards.
GLOBAL BIOMETRICS AS A SERVICE IN HEALTHCARE MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Thales
Fujitsu
Aware, Inc.
BIO-key International
MorphoTrust USA
NextGate, Imprivata, Inc.
Suprema
Imageware
M2SYS Technology
Others