November 14, 2017 -
Technavio expects the global iris recognition market to grow at a CAGR of nearly 21 percent through 2021, according to research released Monday.
The report, “Global Iris Recognition Market 2017-2021,” provides analysis of the market segments, regions, revenues, and emerging trends, and divides the market by categories of government, healthcare, and transportation.
Iris recognition technology was widely accepted in government use in 2016, according to the report.
“The need to track employees and government initiatives such as e-passports, border control programs, and e-governance are fostering the growth of the market,” says Amrita Choudhury. “Other technologies require repeated enrolment of individuals depending on the application areas whereas the iris recognition is durable because some individuals need to enrol only once. Furthermore, the technology is preferred because it is non-intrusive and non-invasive.”
International airports and seaports are increasingly implementing iris recognition to improve passenger identification and workforce efficiency, and reduce passenger queues, and the technology is also being incorporated into passports and visas.
“To reduce the probability of terrorist attacks, the necessity to introduce security measures has increased as there is an increase in passenger traffic across different modes of transport,” says Choudhury. “To monitor attendance of employees, identification, access control, surveillance, border control, and workforce management, iris recognition is being used in the transportation sector.”
In the healthcare market, HIPAA and similar stringent regulations are driving growth in revenue from iris recognition, with organizations using it to track employee time and attendance, and eliminate problems associated with swipe cards. Healthcare fraud, medical identity theft, and inaccurate patient identification, as well as increasing volumes of sensitive data are motivating the integration of iris recognition into existing systems, Technavio says.
The report identifies the market’s key vendors as BioEnable, Iris ID, IrisGuard, IRITECH, and M2SYS Technology.
Technavio’s previous report covered the market for biometrics in education for the same period.