Europe Biometric as a Service in Healthcare Market is Growing at a Significant Rate in the Forecast Period 2019-2026

Posted May 17, 2021 by leonfrancis

Europe Biometric as a Service in Healthcare Market, Modality Type (Unimodal and Multimodal), Access Control and Authentication (Single-Factor Authentication and Multi-Factor authentication)

Biometric as a service in healthcare market is expected to reach register a healthy CAGR of 23.3% in the forecast period of 2019 to 2026. Biometrics generally refers to the measurable biological characteristics. It is an authentication technique that relies on countable physical characteristics which can be checked automatically. The data is compared to the biometric data of various person kept in the database. Different types of biometric schemes are face, fingerprint, retina and other.
Biometric is a technology based on the biology and used in information assurance. Biometric identification secures the entry via human biological information such as fingerprints or DNA. Healthcare is now adopting the new biometric technology to prevent data as well as financial losses. Unimodal biometric have certain limitations which can be minimized by multimodal biometric system. The data stored in this is authenticated and verified identities are recorded in the database.
Europe Biometric as a Service in Healthcare Market, Modality Type (Unimodal and Multimodal), Access Control and Authentication (Single-Factor Authentication and Multi-Factor authentication), Model (Public Cloud, Private Cloud and Hybrid Cloud), Access Channel (Online, In-Person, Tablet, IoS and Android), Application (Pharmacy Dispensing, Care Provider Authentication, Medical Record Security & Data Center Security, Patient Identification and Tracking, Home/Remote Patient Access, Narcotic Security, Counter Insurance Frauds and Others), Country (UK, Germany, France, Italy, Spain, Russia, Turkey, Belgium, Netherlands, Switzerland and Rest of Europe)–Industry Trends and Forecast to 2026.
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Drivers: Global Biometric as a Service in Healthcare Market:
Biometric refers to an automatic recognition of people depending on their different anatomical characteristics such as face, fingerprint, iris, retina, hand geometry, and behavioral (e.g., signature, gait). It is observed that fingerprint recognition is one of the most preferred biometrics. The adoption of biometric devices with more advanced and highly efficient features is witnessing a significant growth as compared to the conventional devices. These devices are connected to the computer in order to store the data in the cloud which further ensures data safety.
Biometric identification systems and fingerprint recognition systems have been gaining popularity in recent years because of the government support and private outfits for curbing data theft issues. Government accepted this system so as to avoid the breaching of data and avoid hacking. The latest biometric devices are integrated with computers and second generation biometric devices have more advancement over first generation devices. As second generation devices are equipped with FRR and/or FAR due to which it scans the fingerprints very accurately. As these devices are highly equipped but the price of these devices is not that much higher.
Biometric systems have wide applications in the health care centres for monitoring patients. That includes the control, identification, workforce management, or patient record management. Biometrics in the healthcare industry has two main forms that are providing access control to resources and patient identification solutions. Identity verification solutions based on biometric technology offers identity assurance and authentication by lowering the healthcare fraud instances and increasing the privacy and security. It also added the operational efficiencies to the healthcare industry.
In 2014 and 2015, the healthcare industry suffered the highest number of hackings as compared to other industries. As per of Identity Theft Resource Centre around 43% of data was breached in the healthcare in the U.S. only. Therefore, high security offered by the biometrics and evades the breaching of the confidential data; these biometric devices are highly used and spur the market growth.
During the use of the biometric device, the data get stored on the cloud. In the cloud system, the data is fragmented and distributed on all machines linked to the cloud. In this way the recovery and the use of the data become very complex for the unauthorized users. On the platform, the data get distributed because of lack of trust by the service provider. To allow the proper fragmentation and distribution of the data in the network, it is mandated to develop and support the tools that ensure the availability and integrity of these data.
In case the cloud gets corrupt, the whole data can be hacked or lost. This is one of the main factors that are hindering the market growth.
In the United States, insurance facility is one of the major benefits given to the patients from the government and private organizations. The health insurance data is highly complex and fragmented data which requires a huge database to store the data. In U.S. fraudulent cases in the healthcare industry was highly reported. Up coding this is the act of billing for more expensive services and or procedures that were actually performed.
In the healthcare fraud, it is intentional deception and misrepresentation resulting in the use of the data for unauthorized benefits by any individual or any third party source.
Protecting the data from breaching and minimizing the use of the data by any third party source, biometric technology is playing a vital role in the healthcare sector. In securing the confidential data of the patient, biometric is playing a crucial role. This creates a great opportunity for biometric to grow in the healthcare industry.
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The key questions answered in this report:
What will be the Market Size and Growth Rate in the forecast year?
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What are the Trending Factors influencing the market shares?
What is the Key Outcomes of Porter’s five forces model
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Last Updated May 17, 2021