The global Iris Biometrics Market is likely to touch USD 1 billion at a 22% CAGR in the forecast period 2020- 2027, according to the latest Market Research Future (MRFR) analysis. Iris recognition, simply put, is a biometric technology that is utilized for identification. This technology utilizes mathematical pattern-recognition methods on the video images of both the irises. Such patterns are unique, highly complex, and stable and are visible only from certain distances. The biometric technology is extensively used for its non-invasive and nonintrusive nature. It is widely used in different countries for various purposes like passport-free automated border crossings and others.
Various factors are fuelling the global Iris Biometrics Market. As per the recent MRFR market estimates, such factors include the high adoption by government organizations for authentication and identification purposes, the increasing penetration in the consumer electronics vertical, high demand for iris scanners for access control applications, increasing adoption by private organizations for rising security concerns, growing use of e-passport technology, accuracy and errorless features, increasing adoption of touchless recognition systems, and increasing use in mobile devices, automated teller machines, and pharmacy dispensing.
On the contrary, high price of iris scanners, availability of substitutes like fingerprint scanners and face scanners, lack of awareness, and technological limitations are factors that may limit the global iris recognition growth over the forecast period.
The ongoing COVID-19 pandemic has cast its shadow on almost every industry barring just a few such as the iris recognition market. The outbreak has prompted a shift towards quarantine and social distancing the world over. Hence, most organizations have moved to contactless solutions from contact-based technology. The crisis has stimulated the usage of contactless biometric solutions that use iris scanners for authentic, automatic identification and data capture by isolated digital services.
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The MRFR report throws light on an inclusive segmental analysis of the global iris recognition market based on product, component, application, and end user.
By product, the global iris recognition market is segmented into smartphone, smartwatch, and others. Of these, smartphones will lead the market over the forecast period.
By component, the global Iris Biometrics Market is segmented into software and hardware. Of these, the hardware segment will spearhead the market over the forecast period.
By application, the global Iris Biometrics Market is segmented into time control and access control. Of these, the access control segment will have the lions share in the market.
By end user, the global Iris Biometrics Market is segmented into healthcare, consumer electronics, BFSI, government, and others. Of these, the government segment will dominate the market followed by BFSI.
By region, the global Iris Biometrics Market covers the recent trends and growth opportunity across Europe, the Asia Pacific (APAC), North America, and the Middle East and Africa (MEA). Of these, North America will spearhead the market over the forecast period. Early adoption of iris biometrics by US government to reduce crime rate, the presence of some top industry players, huge investments in R&D activities for the expansion of advanced technology, and the upcoming implementation of eye scanners on the US borders are adding to the global iris recognition market growth in the region.
In the APAC region, the global Iris Biometrics Market is predicted to have promising growth over the forecast period for the growing consumer electronics industry particularly smartphone market and the region being an attractive business destination for iris recognition solution and product providers.
The leading players profiled in the global Iris Biometrics Market report include IBM Corporation, Princeton identity, Irisys Co., Ltd., CMITech Company, Ltd., Eye Lock, IriTech, Inc., Iris ID, Inc., Cross Match Technologies Inc., Safran S.A., and 3M Cogent Inc., among others. Contracts, joint ventures, geographic expansions, and new product launch among others are the key strategies adopted by key players to remain at the forefront.
March 2021- Apple has recently signaled that the next-generation Apple devices will be implemented with iris recognition and touchless palm biometrics.
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Iris Biometrics Market, By Component (Hardware, Software), By Products (Smart Watch, PC, Smart Phones, Laptops, Scanners), By Application (Access Control, Time Monitor), By End-User (BFSI, Defense, Healthcare, Government) – Forecast 2027
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