Biometric Scan Software Market Sees Unprecedented Boom as Security Laws Tighten, says Market.us

Akash Pasalkar
Akash Pasalkar

Updated · Dec 21, 2022

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The measurement of unique body traits, such as fingerprints, voice recognition, retinal patterns, hand geometry, and other physical properties, is called biometrics. These features are used to identify authorized people and provide them access.

According to a report by Market.us, ”At a Compound Annual Growth Rate (CAGR) of 12.2%, the market for Biometric Scan Software is predicted to increase from USD 48.2 billion in 2021 to USD 152.40 billion by 2032.”

Biometric Scan Software Market Growth 2022-2032

Anurag Sharma, a senior research analyst at Market.us, said, “In comparison to other security measures, the development of biometrics research has led to improved security authentication technologies. The increasing demand for strict security laws across various societal sectors has greatly increased interest in the biometrics and raised the bar for biometric scanning technology.”

Technologies for biometric scanning are driving advancements and enhancements in the healthcare industry’s care delivery system. The usage of IoT has also been facilitated by gradual advancements in the communication sector, which have improved the healthcare management system. In the current market environment, this element has greatly increased demand for biometric scan software.

One important subset of biometric systems is fingerprint-based identification. In order to confirm a person’s identification, fingerprint biometric technology compares that person’s fingerprint patterns to an internal database.
The healthcare industry is anticipated to lead market technological change in terms of the end-user industries.

Hospitals can access information securely and save money by reducing fraud thanks to biometric technologies. For instance, it reduces the expense related to duplicating patient medical records, improving data security.

Technologies for biometric scanning are driving advancements and enhancements in the healthcare industry’s care delivery system. The usage of IoT has also been facilitated by gradual advancements in the communication sector, which have improved the healthcare management system. In the current market environment, this element has greatly increased demand for biometric scan software.

The adoption of biometric scan software is a result of the surge in data breaches in the healthcare sector. Several US-based healthcare businesses, including ForgeRock, Arm, Qualcomm Life, Philips, Sparsa, and US TrustedCare, announced in 2018 that they had joined forces to create “OpenMedReady”, a standards organization aimed at guaranteeing the accuracy of patient data used by healthcare practitioners. They stated that a significant component of their architecture will be smartphone-based fingerprint recognition as a way to connect medical data to patients.
Due to the information and technology sector’s increasing demand for biometrics solutions, North America is projected to hold a respectable market share. Innovative technological solutions are required to address the aging IT infrastructure’s rapid transformation.

The biometric software solutions are being widely implemented by IT providers across North America for employee attendance, identity verification, or authentication applications. The rapidly expanding mobile banking industry in North America is responsible for the majority of market growth.

The enormous demand for payment cards with inbuilt fingerprint sensors is being demonstrated by the European banking and financial sector. Additionally, the European Union is pushing for the integration of biometric authentication technology into e-identity and secure payment systems. In light of this, Europe anticipates the coming years to have sensible market growth.

In the upcoming years, Asia-Pacific will overtake the rest of the world as the market leader for biometric software. A major factor influencing the widespread deployment of sophisticated biometrics solutions throughout the region is technology acceptance. Biometric software is increasingly being used by government, public, and private entities for identity verification and authentication.

The most popular internet platform services in Asia-Pacific emerging nations include mobile banking, online shopping, and e-commerce websites. The use of sophisticated multi-factor authentication methods is heavily demanded by these sites. Thus, considerable market expansion in Asia-Pacific is projected to be driven by the increasing acceptance of such online or mobile platform services.

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Akash Pasalkar

Akash Pasalkar

My name is Akash Pasalkar, A computer science engineer by qualification and a Digital Marketer by profession.. And I am passionate about SEO and Content Writing.