The global iris recognition market is expected to grow at a CAGR of 21.8% to reach a revenue of $7,120.1 million by 2023
Integration of iris scanners in smartphones, increased use in government projects, rising incidences of fraudulent activities & security concerns, and enhanced demand from the consumer electronics segment are few of the growth stimulating factors in the global iris recognition market.
Infoholic Research LLP, a global market research and consulting organization, has published a study titled “Iris Recognition Market: Global Drivers, Restraints, Opportunities, Trends, and Forecasts up to 2023”.
Automated iris recognition is a relatively new concept, which emerged and was patented in 1994. The practical applications of iris recognition have developed during the past 10–15 years. It is considered as a full proof entry-level access security measure as it can readily identify false irises. It uses video camera technology with subtle near-infrared illumination to capture images of the intricate structures of the iris. Digital templates that are encoded from these patterns by statistical and mathematical algorithms allow the identification of an individual masquerading as another. The databases of the enrolled templates are searched by matcher engines at high speeds and with very low false match rates. The iris is a muscle in the eye that regulates the size of the pupil and controls the amount of light entering the eye. The color of the iris is based on the amount of melatonin pigment in the muscle. Remote assessment of the iris can be achieved with the help of a machine vision system to do automated iris recognition. Iris recognition technology blends other technologies such as computer vision, statistical inferences, optics, and pattern recognition.
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The application areas for iris recognition are varied, and consumer electronics is one major area. Recently, iris scanners are used in various mobile devices; Samsung’s Galaxy Note 7 features an iris scanner and is also found in Lumia 950 and Lumia 950 XL Windows phones. It is being used in multiple editions of Fujitsu Arrow Devices, available through NTT Docomo, a pioneer in smartphone iris biometrics. Iris recognition is most commonly used in physical access control in government and private enterprises, but the versatility of the technology is widening its usage in other sectors of the economy, namely transportation, national identification programs, and healthcare. The technology is also used in prisons, work areas, data centers, immigration centers, etc. Security is the major prerogative for organizations using this technology, but it also offers the added advantage of productivity-enhancing applications including time and attendance.
Enterprises and the government admit that a convergence of physical and information security environments is occurring, and it will pose unique security challenges in the future such as just-in-time inventory control, sophisticated supply chain management, and a phenomenon called “coopetition” in which companies cooperate in some areas and compete in others. The security system architecture design and implementation are driven by the fact that the convergence of physical and information security requirements must converge, and this also determines the selection of the biometric technology. Managing convergence is becoming even more challenging because IT and communication is increasingly becoming wireless and the need for robust identity management is becoming essential. Iris recognition technology can be advantageously used in fraud elimination, non-repudiation of sales, fund transfer authentication, signature verification, credit card authorization, intellectual property, and authorized access to healthcare records.
The global iris recognition market has been segmented and analyzed by components, end-users, applications, and regions. The component segment has been sub-segmented into hardware and software. The sub-segments under end-users include government, transportation, healthcare, finance, NGOs, law enforcement, and defense. Various application types analyzed are consumer device authentication, pharmacy dispensing, cashpoint/automated teller machine, border control (entry/exit), and others.
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The regions analyzed in the report are North America, Europe, Latin America, APAC, and MEA. North America holds the largest market share followed by Europe and APAC. North America is a technologically advanced region, and the demand for e-passports, criminal identification systems, and authentication systems is high. Iris recognition scanners are increasingly being installed in airports and retail outlets, which has increased the demand for high-end biometric security and surveillance products. The booming smartphone market is propelling manufacturers to design superior iris recognition scanners that can be embedded in smartphones. These factors will continue to boost the market growth in the region along with the presence of several iris recognition technology providers. Few of the prominent iris recognition technology vendors, such as M2SYS Technology, Iris ID, and IRITECH, are based in this region.
The European government is investing significantly in biometric systems to improve security. The European Council, in 2017, approved the Institution of Entry–Exit System (EES) for border management of Schengen Area to fight against terrorism and crime. The government is encouraging the automation of border controls, document verification, detection of identity fraud, and monitoring of unauthorized short-stays of non-EU visitors. The growth trajectory for the iris recognition market would be high in the APAC region owing to the large-scale government national-ID and e-passport programs. China and India are the biggest growth contributors to the iris market in the APAC region. India leads in the adoption of biometric technologies. Major government projects such as China’s electronic ID program and India’s Aadhaar project under the UIDAI are based on iris and fingerprint scans.
“The global iris recognition market is undergoing a high-octane growth. The application areas of iris recognition technology are expanding. Globally, the government sector has emerged as a major end-user for iris recognition technology. The receptiveness of consumers toward the technology, which was earlier considered as an intruder to privacy, is gradually improving. Further, improving technology and declining prices of iris recognition scanners will increase the adoption rate across untapped sectors, such as retail and consumer electronics, within the next few years.”– Shayantani Deb Roy, Infoholic Research
The report covers the present scenario and the growth prospects of the global iris recognition market during the forecast period (2017–2023). The report provides an exhaustive analysis of the industry covering the following features:
- The report is analyzed based on components, end-users, applications, and
- The report covers the evolution of iris recognition across a gamut of industries, its features, advantages, and importance.
- The report analyzes the global iris recognition market from a socio-economic perspective. The macro- and micro-economic factors have been analyzed in the report.
- The report covers the drivers, restraints, and opportunities (DRO) impacting the market growth during the forecast years.
- The report comprises a detailed vendor profiling, which includes financial health, business units, key business priorities, SWOT analysis, and business strategies.
- The report covers the implementation and adoption of iris recognition in various industries.