July 12, 2015 -
Market analyst firm Persistence announced it has published a new report entitled “Iris Biometrics Market: Global Industry Analysis and Forecast 2015 – 2021“, which provides a detailed overview of the current and future state of the global iris biometrics market.
The report finds that several countries have deployed iris biometric systems for automated cross border activities and creating national IDs for citizens, which has led to a significant reduction in the amount of time it takes to verify a person travelling from one place to another across the globe.
Meanwhile, national security agencies are increasingly using iris recognition technology to verify the identity of the people immigrating into their countries, finds the report.
The report also predicts that the advancement in technology and rising demand for security will lead to the use of iris technology in big residential buildings over the coming years.
Other factors contributing to the growth of iris biometrics is a rising demand for authentication and extensive support from the government, the increasing demand for e-passport, criminal identification and surveillance in public gatherings.
The report finds that the use of biometric recognition in e-commerce and establishing a hosted security system on cloud will attract new and existing players towards a 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 recognition technology.
On the other hand, concerns regarding high cost and fear of privacy, along with technical issues regarding the compatibility of iris biometrics with existing systems and time to develop the iris recognition system are all pose significant challenges to the growth of the market.
Major iris biometric applications in end-use sectors include 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 report segments the global iris biometrics market under four geographical regions, namely, North America, Europe, Asia-Pacific and Rest of the World.
The market is currently dominated by Europe, followed closely by North America. Meanwhile, Asia-Pacific and Middle-East are both catching up fast, as both iris biometrics markets have a positive outlook for growth, according to the report.
The report highlights the leading providers of iris scanners, which include MorphoTrak, Smartmatic, Anviz Global, Smart Sensors Ltd., Iris ID Inc., and SRI International, along with Aditech Ltd., BioEnable Technologies Pvt. Ltd., Human Reco Systems, IrisGuard Inc., EyeLock Corp. and AOptix Technologies Inc.
Additionally, smartphone manufactures are increasingly using iris technology for improving the safety standards, such as Samsung’s R&D work in using an iris recognition solution for its high-end mobile phone segment.