What Fueled The Previous Growth In The Healthcare Identity Management Market?
The healthcare identity management market has seen considerable growth due to a variety of factors.
• Over the past few years, there has been a swift expansion in the market size of healthcare identity management. This market is projected to escalate from $4.57 billion in 2024 to $5.15 billion in 2025, indicating a compound annual growth rate (CAGR) of 12.6%.
Factors such as the rising prevalence of chronic illnesses, the surge in the uptake of cloud-based solutions in healthcare, advancements in biometric authentication technologies, initiatives towards the sharing of healthcare data, and the development of healthcare fraud detection systems are credited for the growth observed in the historic period.
How Does the Forecast Look for the Healthcare Identity Management Market?
The healthcare identity management market is expected to maintain its strong growth trajectory in upcoming years.
• In the upcoming years, the healthcare identity management market is projected to experience substantial growth, reaching a value of $8.25 billion in 2029 with a compound annual growth rate (CAGR) of 12.5%.
The surge during the projected period can be credited to various factors such as an increased occurrence of chronic illnesses, rising implementation of cloud-based healthcare solutions, advancements in biometric authentication technologies, and the expansion of healthcare data sharing initiatives and fraud detection systems. Additionally, key trends predicted during this period encompass technological progression, induction of blockchain technology, the amalgamation of artificial intelligence, the internet of medical things, and the rise of telehealth.
What Are The Leading Drivers Of Growth In The Healthcare Identity Management Market?
The healthcare identity management market is likely to experience an uptick due to the increasing occurrences of security breaches. These breaches, typically defined by unwarranted entry or exposure of protected information systems or networks, can potentially give rise to damaging or exploitative scenarios. Factors such as the ever-growing cyber threats, digital infrastructure growth, and human missteps contribute to these escalating security breach incidents. Healthcare identity management solutions leverage multi-factor authentication (MFA) and biometric validation to ensure that only individuals with proper authorization gain access to delicate patient data. This method significantly reduces the chances of unsanctioned access and bolsters protection against possible breaches. To illustrate, the Identity Theft Resource Center, a non-profit organization based in the US, reported that approximately 725 data breaches occurred in 2023, leading to the exposure or unsanctioned disclosure of over 133 million records as of January 2024. This demonstrates a consistent surge in healthcare data breaches over the course of the said year. Hence, the escalating occurrences of security breaches are fueling the expansion of the healthcare identity management market.
How Are The Segments Defined Within The Global Healthcare Identity Management Market?
The healthcare identity managementmarket covered in this report is segmented –
1) By Solution: Identity And Access Management (IAM), Authentication, Verification, Access Management And Authorization
2) By Deployment Mode: On-Premises, Cloud-Based, Hybrid
3) By Technology: Biometric Authentication, Radio Frequency Identification And Smart Card, Single Sign-On (SSO), Multi-Factor Authentication (MFA), Internet Of Things Authentication
4) By End User: Hospitals And Clinics, Diagnostic Laboratories, Research Institutions, Health Insurance Companies
Subsegments:
1) By Identity And Access Management (IAM): User Provisioning And De-Provisioning, Role-Based Access Control (RBAC), Single Sign-On (SSO), Directory Services
2) By Authentication: Multi-Factor Authentication (MFA), Biometric Authentication, Passwordless Authentication, One-Time Password (OTP) Authentication
3) By Verification: Identity Verification Solutions, Credential Verification Services, Document Verification Systems
4) By Access Management And Authorization: Access Control Policies, User Role Management, Session Management, Audit And Compliance Management
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Which Emerging Market Trends Are Altering The Healthcare Identity Management Industry?
Leading firms in the healthcare identity management market are zeroing in on the creation of advanced technologies, like multi-factor authentication, to boost safety by adding another layer of protection against non-permitted access. Multi-factor authentication (MFA) is a security practice that bolsters user verification by needing at least two distinct ways of confirmation for identity access. For example, in March 2023, Clario, a technology firm based in the United States, introduced the Federated Identity Management (FIM) System. This system improves safety and eases users' convenience by allowing them to access several systems and organizations using a single login credential, simplifying the authentication procedure. FIM collaborates with external identity providers, letting customers utilize their dependable credentials to securely access Clario's platform. Additionally, it combines single-sign-on (SSO) and multi-factor authentication(MFA) to amplify security, especially for people participating in clinical trials.
Who Are the Key Players In The Healthcare Identity Management Market?
Major companies operating in the healthcare identity management market are:
• Deloitte Touche Tohmatsu Limited
• Oracle Corporation
• Infosys Limited
• Atos SE
• Okta Inc.
• CyberArk Software Ltd.
• SailPoint Technologies Holdings Inc.
• Ping Identity Corporation
• Saviynt Inc.
• ForgeRock Inc.
• Simeio Solutions LLC
• One Identity LLC
• Veritis Group Inc.
• Radiant Logic Inc.
• Promobi Technologies Private Limited
• Ubisecure Inc.
• Zluri Inc.
• Evidian
• Optimal IdM LLC
• My1Login Limited
What Is The Most Dominant Region In The Healthcare Identity Management Market?
North America was the largest region in the healthcare identity management market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the healthcare identity management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
