Healthcare biometrics revenue to hit $3.5 bn by 2024
18 December 2015 14:30 GMT

The healthcare industry is one of biometrics' most promising opportunities and will generate revenues of $3.5 bn annually by 2024, according to a new report by technology research group Tractica.

In the report, the group notes that biometrics in healthcare settings can speed up administrative processes, reduce fraud, and eliminate mistakes due to high workloads, which can lead to costly or fatal errors.

Tractica forecasts that global healthcare biometrics revenue will reach $3.5 billion by 2024, with cumulative revenue for the 10-year period totaling $12.5 billion at a compound annual growth rate (CAGR) of 34%.

However, the group also notes that biometrics for healthcare remains a nascent market.

“Success stories are scarce; even large healthcare networks are barely dipping their toes in the water, with one-off proofs of concept. To grow this nascent market, biometrics vendors must cultivate the right sales channels.”

 “Healthcare facilities will not shop directly for biometrics, but will instead seek fully integrated business and healthcare solutions. Those solutions may or may not include biometrics. Vendors must ensure that biometrics are integrated into the building blocks of those solutions”. 

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