Healthcare digitization an emerging biometric scanning software market driver, report says
The biometric scanning software market is expected to grow at a strong 10.48 percent compound annual growth rate from 2021 to 2026, according to a report from Mordor Intelligence, with the healthcare sector holding a major market share.
The report outlines factors contributing to the market’s growth, the unique impact of the ongoing pandemic, as well as the forecast for the next five years. Rapid advancements in biometric modalities such as behavioral biometrics, hand geometry, fingerprints, and voiceprints have boosted new applications, Mordor says.
According to the report, the healthcare sector will hold a large share in this market as biometrics can help secure systems and ultimately save operating costs thanks to fraud reduction. Biometrics-powered IoT systems have also boosted health management and care delivery. Another factor for this dramatic market growth is the increase in data breaches that has caused significant financial losses to the healthcare sector.
The sector is thus moving to combat these issues with the help of biometric technology. One example of attention to the sector’s needs is the OpenMedReady standards association forged between Arm, ForgeRock, Philips, Qualcomm Life and others to reduce duplicate patient records using fingerprint biometrics.
The report further finds that the next market to watch is North America as the region’s appetite for biometric scanning solutions coupled with the concentration of technology companies are powering market penetration. Obstacles to biometric technologies in this region can include strict regulations and corporate policies.
According to the report, the market for biometric scanning software is competitive and fragmented. It predicts that large companies will increase their acquisition and cooperation efforts to fuel innovation.
Biometric wearables are also a potential growth area, as Ambiq VP of Architecture and Product Planning Dan Cermak recently explained in a Biometric Update guest post.