Product Code: 65427
The iris recognition market is expected to register a CAGR of 22.76% during the forecast period (2020 - 2025). Increasing adoption of multi-factor authentication services in government organizations, aerospace, and defense is aiding the market for iris recognition.
- Iris recognition technology uses mathematical pattern recognition techniques on video images of both the irises, whose complex random pattern are stable, unique, and are visible from certain distances. The uniqueness, stability, and security are the important factors driving the demand for the iris recognition market. The iris pattern is stable, uses the richness of textures details present in the iris like coronas, furrows, freckles, and stripes, hence, are more secure in nature.
- The factor such as integration of iris scanners in smartphones, increased use in government projects, rising incidence of fraudulent activities & security concerns, and enhanced demand from the consumer electronics segment are driving the market.
- The future of the market is encouraging owing to opportunities such as increasing number of distribution channels, R&D initiatives, high demand from the travel/immigration industry, and increased adoption in enterprises.
- The market growth is curtailed by restraining factors such as the gap in the user's understanding of the device, high costs, the vulnerability of iris recognition systems, and intrusion of privacy.
Scope of the Report
Iris recognition is a kind of biometric identification method, that scans one or both iris of an individual's eye from a distance. It uses pattern recognition technique based on distortion free and high-resolution images of the iris. Iris recognition basically follows three steps image capturing, locating iris and image optimization, and biometric temperament storage and matching. Various industries suitable to their need can use iris recognition.
Key Market Trends
Healthcare Sector to have the Highest Growth
- The increasing demand for precise patient identification and the need to reduce healthcare fraud are the significant factors driving the adoption of the iris recognition technology in the market. Hospitals and healthcare facilities are increasingly deploying biometric systems such as iris recognition, realizing the vitality of secure identification in the healthcare system.
- Evolution of existing technologies and development of multi-layered authentication systems in competent costs will further add to the growth in the adoption of biometric technologies in healthcare systems worldwide by using iris recognition.
- Implementation of biometrics is also expected to increase the security for patients, doctors, and nurses due to stringent new regulations imposed by the Health Insurance Portability and Accountability Act (HIPPA) to safeguard confidentiality and privacy of patient information.
- According to trustwave, the healthcare sector is second among the spam content with 22.56% from overall spam contents. This shows that the healthcare sector has to take measures such as installing biometrics system, advanced security, antiviruses in the system to reduce this number in the subsequent years.
- These regulations and measures are expected to drive the deployment of biometrics in the healthcare system, thereby contributing to the market growth over the forecast period.
North America to Have the Largest Market Share
- North America holds the major share in terms of revenue and is expected to maintain its dominance over the forecast period. Presence of prominent players and high investment in R&D activities for the development of advanced technology are factors driving the growth of the target market in this region.
- Growing occurrences of cybercrimes, terrorist attacks, and other cross-border illegal activities have led to the need for high-security systems. As iris recognition technology is one of the accurate and secure techniques for identifying a person, homeland security and law enforcement divisions in this region are investing heavily into this technology to deal with large volumes of public data.
- Moreover, rising implementation of eye scanners on US borders is further expected to drive the market demand in this region. In addition, increasing adoption of iris recognition in security solutions for providing secure and accurate recognition system is a factor fueling the growth of the target market in this region.
The iris recognition market is fragmented due to the people around the world are increasingly becoming security and safety conscious. Thus, biometric authentication devices are being extensively adopted across governments, healthcare institutions, consumer electronics, financial institutions, retail and commercial vehicles, and enterprises. This makes the market attractive with many companies entering into the market. Some of the key players in the market are Cross Match Technologies Inc.(HID Global), SRI International Inc., Thales Group (Gemalto NV), Honeywell International Inc., Iritech Inc., Iris ID Inc., Safran SA, among others.
- April 2019 - SRI International has received an award to deliver digital night vision camera prototypes to support the U.S. Army's IVAS (Integrated Visual Augmentation System) program. The award was issued by SOSSEC, Inc. on behalf of the Night Vision and Electronic Sensor Directorate (NVESD). In support of the program, SRI will design a low-light-level CMOS image sensor and integrate the device into a custom camera module optimized for low size, weight, and power.
- February 2019 - Iris ID, a leading global provider of iris recognition technology, and Genkey, a trusted provider of biometric identification solutions, announced the integration of iris recognition cameras and matching engine into GenKey's biometric ID platform, to provide an all-in-one solution for various biometric registration and verification initiatives. Iris ID's iCAM TD100 and iCAM T10 cameras and IrisAccelerator matching engine has been integrated into GenKey's ID solutions. GenKey's ID platform has helped many governments and organizations to improve inclusivity, reduce fraud and improve time and cost efficiencies.
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Table of Contents
- 1.1 Study Deliverables
- 1.2 Study Assumptions
- 1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Industry Attractiveness - Porter's Five Force Analysis
- 4.2.1 Bargaining Power of Suppliers
- 4.2.2 Bargaining Power of Buyers/Consumers
- 4.2.3 Threat of New Entrants
- 4.2.4 Threat of Substitute Products
- 4.2.5 Intensity of Competitive Rivalry
- 4.3 Industry Value Chain Analysis
- 4.4 Market Drivers
- 4.4.1 Increasing Frequency of Fraudulent Activities
- 4.4.2 Growing Integration of Multi Factor Authentication in Various Sectors
- 4.5 Market Restraints
- 4.5.1 High Cost of Iris Recognition Technology
5 MARKET SEGMENTATION
- 5.1 By Component
- 5.1.1 Hardware
- 5.1.2 Software
- 5.2 By End-User Industry
- 5.2.1 Consumer Electronics
- 5.2.2 Healthcare
- 5.2.3 BFSI
- 5.2.4 Military and Defense
- 5.2.5 Government
- 5.2.6 Other End-User Industries
- 5.3 Geography
- 5.3.1 North America
- 5.3.2 Europe
- 5.3.3 Asia-Pacific
- 5.3.4 Latin America
- 5.3.5 Middle East & Africa
6 COMPETITIVE LANDSCAPE
- 6.1 Company Profiles
- 6.1.1 Cross Match Technologies Inc. (HID Global)
- 6.1.2 Iritech Inc.
- 6.1.3 SRI International Inc.
- 6.1.4 Iris ID Inc.
- 6.1.5 Thales Group (Gemalto NV)
- 6.1.6 Safran SA
- 6.1.7 Honeywell International Inc.
- 6.1.8 Fulcrum Biometrics LLC
- 6.1.9 Eyelock Inc.
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS