Iris Recognition Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Posted May 5, 2021 by statzyreports

The iris recognition market is expected to register a CAGR of 22.76% during the forecast period (2021 - 2026).
The iris recognition market is expected to register a CAGR of 22.76% during the forecast period (2021 - 2026). Increasing adoption of multi-factor authentication services in government organizations, aerospace, and defense is aiding the market for iris recognition.

- Iris recognition technology uses mathematical pattern recognition techniques on video images of both the irises, whose complex random patterns are stable, unique, and are visible from certain distances. The uniqueness, stability, and security are the important factors driving the demand for the iris recognition market. The iris pattern is stable, uses the richness of textures' details present in the iris, like coronas, furrows, freckles, and stripes, hence, are more secure in nature.

- Factors, such as integration of iris scanners in smartphones, increased use in government projects, rising incidence of fraudulent activities and security concerns, and enhanced demand from the consumer electronics segment are driving the market.

- The future of the market is encouraging, owing to opportunities, such as the increasing number of distribution channels, R&D initiatives, high demand from the travel/immigration industry, and increased adoption in enterprises.

- The market growth is curtailed by restraining factors, such as the gap in the user understanding of the device, high costs, the vulnerability of iris recognition systems, and intrusion of privacy.

Key Market Trends

Healthcare Sector to have the Highest Growth

- The increasing demand for precise patient identification and the need to reduce healthcare fraud are the significant factors driving the adoption of the iris recognition technology in the market. Hospitals and healthcare facilities are increasingly deploying biometric systems, such as iris recognition, realizing the vitality of secure identification in the healthcare system.

- Evolution of existing technologies and development of multi-layered authentication systems in competent costs are further expected to add to the growth in the adoption of biometric technologies in healthcare systems, worldwide, by using iris recognition.
- Implementation of biometrics is also expected to increase the security for patients, doctors, and nurses, due to stringent new regulations imposed by the Health Insurance Portability and Accountability Act (HIPPA) to safeguard confidentiality and privacy of patient information.

- According to trustwave, the healthcare sector is second among the spam content, with 22.56% overall spam content registered in the healthcare sector. This shows that the healthcare sector has to take measures, such as installing the biometrics system, advanced security, and antiviruses in the system to reduce this number in the subsequent years.

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- These regulations and measures are expected to drive the deployment of biometrics in the healthcare system, thereby contributing to the market growth over the forecast period.

North America to have the Largest Market Share

- North America holds the major share, in terms of revenue, and is expected to maintain its dominance over the forecast period. Presence of prominent players and high investment in R&D activities for the development of advanced technology are factors driving the growth of the target market in this region.
- Growing occurrences of cybercrimes, terrorist attacks, and other cross-border illegal activities have led to the need for high-security systems. As iris recognition technology is one of the accurate and secure techniques for identifying a person, homeland security and law enforcement divisions in this region are investing heavily into this technology to deal with large volumes of public data.

- Moreover, rising implementation of eye scanners on the US borders is further expected to drive the market demand in this region. In addition, increasing adoption of iris recognition in security solutions for providing secure and accurate recognition system is another factor fueling the growth of the target market in this region.

Competitive Landscape

The iris recognition market is fragmented, as people around the world are increasingly becoming security- and safety-conscious. Thus, biometric authentication devices are being extensively adopted across governments, healthcare institutions, consumer electronics, financial institutions, retail and commercial vehicles, and enterprises. This makes the market attractive with many companies entering into the market. Some of the key players in the market are Cross Match Technologies Inc.(HID Global), SRI International Inc., Thales Group (Gemalto NV), Honeywell International Inc., Iritech Inc., Iris ID Inc., and Safran SA among others.

- April 2019 - SRI International received an award to deliver digital night vision camera prototypes to support the US Army IVAS (Integrated Visual Augmentation System) program. The award was issued by SOSSEC Inc. on behalf of the Night Vision and Electronic Sensor Directorate (NVESD). In support of the program, SRI will design a low-light-level CMOS image sensor and integrate the device into a custom camera module optimized for low size, weight, and power.

- February 2019 - Iris ID, a leading global provider of iris recognition technology, and Genkey, a trusted provider of biometric identification solutions, announced the integration of iris recognition cameras and matching engine into GenKey biometric ID platform, to provide an all-in-one solution for various biometric registration and verification initiatives. Iris ID’s iCAM TD100 and iCAM T10 cameras and IrisAccelerator matching engine has been integrated into GenKey ID solutions. GenKey ID platform has helped many governments and organizations to improve inclusivity, reduce fraud and improve time and cost efficiencies.

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Tags covid19 impact , iris recognition market , iris recognition market forecast , iris recognition market share , iris recognition market size
Last Updated May 5, 2021