Biometrics is the technology of identification on the basis of the biological pattern for information security. It has worldwide use for identification and securing information using fingerprints, finger veins, irises, and facial recognition. Just like every other industry, biometric identification is now being used in healthcare to prevent medical identity fraud and financial losses.
The evolution of biometrics-as-a-service in healthcare
The use of biometrics started in healthcare with unimodal on-premise biometric systems, which was later replaced with a multimodal identification system in some cases to maximize identification accuracy. Now, hospitals have started favoring biometric-as-a-service over on-premise deployments to reduce maintenance cost and dependency on development resources.
Segmentation of Biometrics-as-a-Service in Healthcare Market
According to the modality, application, authentication, deployment model, and mode of the user interface the global market of biometrics-as-a-service has been segmented. Numerous competitive analysis of the market shows the below findings and forecasts on the basis of the mentioned notable segmentation:
- On the basis of modality used for biometrics in healthcare, the global market has been segmented into unimodal and multimodal. The unimodal biometrics dominated in 2018 having the 64.10% market shares and is expected to reach around $4,000 million by 2025 with the growth rate of 21.80%.
- According to the application, the market has been segmented into patient identification and treatment history, remote patient access, insurance facilities, medical record security, data center security, and so on. Medical record security and data center security dominated the global healthcare market in 2018 capturing 23.20% shares and expected to reach around $1,800 million by the forecasted period of 2026 with the growth rate of 24.70%
- Considering the authentication the market has been segmented into single-factor authentication and multi-factor authentication. Single-factor authentication dominated the market in 2018 covering the 55.20% shares and expected to reach $3,238 million by 2026 at a CAGR of 21.10%.
- Private cloud, public cloud, and hybrid cloud; these are the segmentation of the market and in 2018 the hybrid cloud dominated 48.90% market shares with the expected reach of $3,500 million by 2026. The growth is measured as the highest CAGR of 24.30%.
- According to the user interface, the biometrics-as-a-service in the healthcare market has been segmented into online, in-person, Android, and iOS. The online market dominated the industry in 2018 holding 40.50% market shares and expected to reach around $3,000 million by 2026 where the growth rate is 24.90%.
The Contribution of M2SYS in Biometrics-as-a-Service in Healthcare Market
M2SYS technology implemented their identification solution in 70+ hospitals in the USA and their continuous contribution for protecting the data of more than 10 million patients is remarkable. Including Northwell Health, Community Medical Centers, Martin Health System, Novant Health, University Health Care System, and Archbold their deployments are helping the authority to stand against data breach and financial losses ensuring quality medical services. Market growth has been tremendous in the last few years and expected to increase by around 25% within 2026.