Iris Biometrics Market to Witness Significant Rise in Revenue During the Forecast Period 2020- 2030

Iris biometric recognizing came in to existence in the year 1994. This is basically an authentication process in which the random iris patterns of a person are analyzed. These patterns are captured using digital cameras and illumination by near infrared technique. The major concern is about the damage to the eye which is overcome by using single LED source to generate infrared rays. Iris biometric recognition has several advantages such as high accuracy and time performance of the technology. Several countries across the globe have deployed iris biometric systems for automated cross border activities and creating national IDs for the people.
This has reduced the time for verification of the person travelling from one place to another across the globe. The national security agencies are using iris scanning technology to verify the identity of the people immigrating into their countries. Further, with advancement in technology and rising demand for security, this technology is expected to be used for big residential buildings over the coming years. However, the technology is intrusive and very expensive.
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The rising demand for authentication and extensive support from the government are major factors fuelling the growth of iris biometrics market. Additionally, the rising demand for E-passport, criminal identification and surveillance in public gatherings are other factors that add to the growth of the market. Further, the use of biometric recognition in E-commerce and setting up of a hosted security system on cloud are expected to attract new and existing players towards growing trend in security and authentication. Additionally, the players in this market are expected to deploy multimodal biometric recognition systems to integrate their existing systems with iris biometric system. However, high cost and fear of privacy disturbance are the major concerns that could pose challenge to the growth of the market. Other factors affecting the growth of the market are the technical issues regarding the compatibility with existing systems and time to develop the iris recognition system.
Iris biometric finds major applications in end-use sectors such as government, defense, immigration, banking, finance, consumer electronics, healthcare, home and commercial security among others. Additionally, services such as access control, time and attendance monitor, national identity and public safety are delivered by the solutions provided in the market. The iris biometrics market is classified under four geographical regions, namely, North America, Europe, Asia-Pacific and Rest of the World. Market is currently dominated by Europe followed by North America. Asia-Pacific and Middle-East are catching up fast, and hence they ensure positive outlook for growth of iris biometrics market.
The leading providers for iris biometric scanners are MorphoTrak, Smartmatic, Anviz Global, Smart Sensors Ltd., Iris ID Inc., and SRI International among others. Other players in the market include Aditech Ltd., BioEnable Technologies Pvt. Ltd., Human Reco Systems, IrisGuard Inc., EyeLock Corp. and AOptix Technologies Inc. among others. Additionally, smart phone manufactures are seeing interest in using iris biometric scanning for improving the safety standards. For instance, Samsung is working on research and development for using iris biometric scanning solution for their high-end mobile phone segment. Various other software toolkits such as Iris/Pupil finder, Mirlin SDK, Bath Iris Database and Mirlin iris analyst are available in the market.
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Key geographies evaluated in this report are:
• North America
o U.S
o Canada
• Europe
o France, Germany, Italy, Spain, and the UK
o Eastern Europe
o CIS
• APAC
o China
o India
o Japan
o Australia
o Others
• Latin America
o Argentina
o Brazil
o Others
Key features of this report
• Drivers, restraints, and challenges shaping the Iris Biometrics market dynamics
• Latest innovations and key events in the industry
• Analysis of business strategies of the top players
• Iris Biometrics market estimates and forecasts(2015 -2021)
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