Unlike software-based biometric solutions such as face and voice recognition, iris biometrics requires specific hardware to verify a person’s identity, hence, it is less common in consumer-facing deployments. But latest advancements and innovations in the biometrics space have made this technology more accessible in terms of cost and installation. Iris biometrics technology is becoming more prominent across various industries, including healthcare, consumer electronics, government, and others. Organizations have started adopting iris biometric solutions for the purpose of access control and consumer identity verification, which is significantly driving market growth.
As per findings of a new market research report by Persistence Market Research, worldwide sales of the iris biometrics market reached US$ 2.6 Bn in 2019, and the market is anticipated to exhibit an impressive CAGR of 14% through 2030.
Key Takeaways from Iris Biometrics Market Study
- Iris recognition solutions are gaining traction over fingerprint and face biometrics solutions. This is mainly attributed to the exceptional accuracy and speed among the biometric technologies currently available in the market.
- Iris recognition biometrics technology has the potential to solve problems caused by the COVID-19 pandemic, such as facial recognition’s inability to recognize people when they are wearing masks.
- Among the regions, South Asia Pacific is exhibiting a high growth rate, owing to rising demand for digital services such as mobile banking, digital payments, and mobile wallets, across the region.
“Iris recognition is fast becoming a part of everyday operations for a number of law enforcement and government agencies, for the purpose of personal identity verification, as iris recognition remains one of the most accurate forms of identification available. This shift toward iris biometrics technology is creating lucrative opportunities for biometric solution providers,” says a PMR analyst.
Rising Adoption of Iris Biometric Solutions in Hospitals & Medical Institutes
Iris recognition is an automated method of biometric identification, using visible and near-infrared light to take a high-contrast photograph of a person's iris. Data breach, medical identity theft, and duplicate medical records are some of the major challenges hospitals and medical institutes face. According to the Institute of Medicine, half of hospital deaths each year occur due to medical errors from patient misidentification. For protection against such accidents, iris scanning technology is the most prominent biometrics technology being used nowadays. Increase in demand from the healthcare industry favors iris recognition, as it is contactless, scanning users from a distance. Various healthcare facilities use iris recognition to authenticate patients, physicians, and staff. Thus, rise in adoption of iris biometric solutions among hospitals and healthcare institutes is propelling the growth of the iris biometrics market.
Find More Valuable Insights on Iris Biometrics Market
Persistence Market Research puts forward an unbiased analysis of the global iris biometrics market, providing historical demand data (2015-2019) and forecast statistics for the period of 2020-2030. To understand the opportunities in iris biometrics market, the market is segmented on the basis of component (iris scanners, iris recognition software, and services [integration & deployment, biometrics consulting, and support & maintenance]), application (access control, identity verification, and payments), end-use industry (military, government & law enforcement, banking & financial services, healthcare, consumer electronics, and others), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and MEA).
For additional insights on how growth of the iris biometrics market will unfold over the next decade, write to the analyst at firstname.lastname@example.org
About PMR – Electronics, Semiconductor, and ICT Division
Expert analysis, actionable insights, and strategic recommendations – the Electronics, Semiconductor, and ICT team at Persistence Market Research helps clients from all over the globe with their unique business intelligence needs. With a repository of over 500 reports on electronics, semiconductors, and ICT, of which, 100+ reports are specific for ICT, the team provides end-to-end research and analysis on regional trends, drivers for market growth, and research development efforts in the electronics, semiconductor, and ICT industry.