Biometric security in the large global healthcare sector is a new frontier that holds tremendous safety, privacy, and efficiency promise – but it’s also poised to be an economic boon. Global healthcare biometrics revenue is forecasted to grow from $250 million in 2015 to $3.5 billion by 2024, with 10-year cumulative revenue totaling $12.5 billion at a 34% CAGR.
The optimistic forecast is according to a Tractica report that focuses on the use of biometrics in healthcare for identifying people and authenticating users. In the report Bob Lockhart, the lead Tractica analyst, notes the same improvements biometrics bring to healthcare that we do:
- Speedier administrative processes
- Fraud reduction
- Human error reduction that could save lives
All of this is great news for the HYPR ecosystem, as we have been actively engaged with healthcare providers for the kinds of improvements Bob writes about in his report. We’ve always had a strong focus on the device security challenges that biometrics will help healthcare providers overcome, as described in our recent post.