Fingerprint identification is a method of personal identification using the ridge patterns found on the fingertips. As a matter of fact, ridge patterns vary person to person and no two individuals can have same ridge formations or patterns. Also, throughout life a person carries the same set of ridge patterns on his/her fingertips. This means of personal identification has been in use since 19th century as it offers reliable means of personal recognition. Today, this method of personal identification is used in various sectors owing to its infallible means of personal identification. Fingerprint identification is accomplished by either automated methods or non-automated methods for authentication. The modern approach for use of this technology involves use of fingerprint readers working on optical, thermal, silicon or ultrasonic principles. Such readers consist of fingerprint sensors and algorithms. Fingerprint sensors capture a digital image of the fingerprint pattern and digitally process this scan to produce a biometric template which is stored and used for future matching and identification. The stored algorithms compare previously stored database of fingerprints against fingerprints of the candidate for authentication.
Application of fingerprint recognition technology is easy and relatively cheap. The use of fingerprint identification in healthcare eliminates the risk of duplicate insurance claims or test request by discriminating between same identities with different names. The technique verifies user’s identity before initiating a particular transaction and thus also eliminates the need for pin or passwords. However, certain drawbacks associated with the use of this technology include rejection of scans due to scars, calluses, cracks, dirt or overlong fingernails and a less effective system for application in children below 15 years of age. Fingerprint identification technology has major applications in physical and logical access control, time and attendance and document encryption purposes.
The market for fingerprint identification in healthcare has been broadly segmented as automated fingerprint identification systems (AFIS) and non-automated fingerprint identification (non-AFIS) systems. Automated fingerprint identification allows automatic matching of one or many unknown fingerprints against an already stored database. Such type of verification and identification systems are generally used in access control and attendance systems. AFIS systems can be used to identify patients and providers from databases of tens to hundreds of thousands of fingerprints. Automated fingerprint identification systems have been used extensively in recent years due to availability of customized AFIS applications, rising acceptance of e-projects and escalating demand for more integrated security solutions from the healthcare sector. Non-AFIS fingerprint biometrics is a mature and well established technology due to on-going industrial research and developments. These systems are designed with relatively simple and user-friendly interfaces and are more affordable. Such solutions tend to scan fewer fingers for authentication and provide additional flexibility of enrolling multiple fingers. Growing demand for non-AFIS fingerprint biometric technologies are expected to be vital for physical access control systems due to increased demand and thus estimated to generate high growth rates by extensive adoption of such systems in the near future.
Globally, North America is the leading market for fingerprint identification in healthcare, followed by Europe. The implementation of HIPAA (Health Insurance Portability and Accountability Act) in the U.S. is one of the key factors that have been instrumental in driving the market growth in the North American region. The market will witness upsurge in Asia-Pacific and Rest of the World (RoW) regions due to increasing governmental initiatives for controlling fraud and providing safety in their respective countries. Increasing adoption in private sectors will also play a key role in driving the market growth. 3M Cogent, Inc., BIO-key International, Inc., DigitalPersona, Inc., Lumidigm, Inc. and Siemens AG are some major players actively participating in this market.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.