Iris Biometrics Market: Global Industry Analysis and Forecast 2015 - 2021

Iris Biometrics  Market
  • To Be Published : Sep-2020 |
  • Status : Work in progress |
  • Format : Iris Biometrics  Market Iris Biometrics  Market Iris Biometrics  Market Iris Biometrics  Market

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.

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.

Key geographies evaluated in this report are:

  • North America
    • U.S
    • Canada
  • Europe
    • France, Germany, Italy, Spain, and the UK
    • Eastern Europe
    • CIS
  • APAC
    • China
    • India
    • Japan
    • Australia
    • Others
  • Latin America
    • Argentina
    • Brazil
    • 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)

Iris biometrics is gaining traction in the market as a robust authentication method. The technology has evolved over time and the method is made safe for the iris with the help of a single LED source for the generation of infrared rays. This method is gaining demand across different industries for its advantages such as high time-efficiency and accuracy.

National Security Adopts Iris-Based Authentication

The defense has surfaced as a major end-use with these methods increasingly used in cross border activities and national security. The hassle-free identification of nationals traveling across the country serves a major purpose in national security. Immigration checking and identity verification in the national security are expected to generate significant revenue share in the market. The rising demand for security has compelled the market leaders to use advanced technology to create solutions for the industrial and residential sectors.

E-Commerce Sector Creates Demand

Growth in government support for advanced authentication methods is fueling market growth. E-passports are also contributing in the market prosperity along with the growing landscape for surveillance applications. The significance of iris biometrics authentication has substantially increased in the e-commerce sector and other cloud-hosted spaces.

Market Challenges

The global iris biometrics market is experiencing different challenges hindering its robust growth. The high cost of iris biometrics solution discourages different organizations in adopting it as the authentication method. The fear of exploiting privacy is another significant factor hampering the smooth growth of the market. With high technological complexities, the time taken to develop the iris biometrics authentication system is very high as compared to other authentication methods. This inversely impacts the introduction of new solutions in the market. The technical glitches in developing the compatibility between the old and new system is also a major factor which restrains the adoption rate of these authentication methods. The above-mentioned factors have been negatively impacting the progress of the global iris biometric landscape.

APAC To Exhibit Rapid Growth

The expanding IT infrastructure is projected to impart a significant position to North America in the global market. The high concentration of large enterprises also accounts for the growing prominence of the region. Regions such as the US and Canada are forecasted to create lucrative growth prospects in the market during the forecast period. APAC is projected to hold a major market chunk by the end of the forecast period, buoyed by the growing technological advancements and IT sector in the region. China and India are estimated to lead market growth in the APAC region.

E-Payment Generates New Growth Prospects for the Market Players

Prominent market players are exploring revenue prospects in the flourishing e-commerce sector along with e-payments. The growing e-payment culture is escalating the revenue prospects for these players. They are deploying multimodal biometric recognition systems to correlate the existing systems with new biometric systems. Established players profiled in the global iris biometrics market include MorphoTrak, Smart Sensors Ltd., Aditech Ltd., AOptix Technologies Inc., IrisGuard Inc., Anviz Global, Smartmatic, Iris ID Inc., Human Reco Systems, and SRI International.

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