Global Iris Recognition Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Global Iris Recognition Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The global iris recognition market is anticipated to register a CAGR of 18.2% over the forecast period. Iris recognition technology uses mathematical pattern-recognition techniques on video images of both irises, whose complex random patterns are stable, unique, and 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 and uses the richness of textures and details present in the iris, like coronas, furrows, freckles, and stripes. Hence, they are more secure in nature.

Key Highlights

• Factors such as integrating iris scanners in smartphones, increased use in government projects, rising incidence of fraudulent activities and 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 the increasing number of distribution channels, R&D initiatives, high demand from the travel/immigration industry, and increased adoption in enterprises.
• Government agencies are also adopting a range of biometric technologies to minimize cyber threats and streamline system access. The New York City (NYC) Police Department was among the first police departments to use iris recognition.
• Moreover, iris scanning is used in conjunction with other biometrics, such as fingerprints and face recognition. For instance, the UAE government departments use biometric verification processes that include facial recognition and iris recognition.
• Furthermore, major banks leverage biometrics technologies in a variety of scenarios, such as authenticating mobile banking apps using iris recognition technology. For instance, TSB bank introduced iris recognition to its mobile banking app, making it the first one in Europe to offer the technology. Iris recognition allows one to unlock their TSB mobile app with a simple glance, providing a fast and easy-to-use experience for its customers.​
• 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.
• In order to contain the quick and widespread COVID-19, several governments and organizations are exploiting biometric systems to serve patient screening and public safety monitoring. There is a rapid increase of biometrics to be introduced to control this infectious disease, namely border control, surveillance, healthcare, biotechnologies, and the transportation industry.

Key Market TrendsHealthcare Sector to Experience Significant Growth

• The healthcare industry is plagued with the persistent problem of establishing accurate patient identification. Healthcare management applications are turning toward biometric iris recognition technology. The evolution of current technologies and the development of multi-layered authentication systems at reasonable costs are projected to contribute to the global increase in the use of biometric technology in healthcare systems via iris recognition.
• With its high accuracy and ease of use, iris recognition technology offers an option to identify proper insurance status, preventing fraudulence and duplicate medical records. The patients may benefit as well by getting the correct treatments.
• Furthermore, the use of iris recognition technology helps implement effective authentication and authorization mechanisms in various areas of healthcare, which include tracking the patient registration, treatment, or passageways to different departments, checkup arrangement and scheduling, repetitive treatment, supporting national or private health insurance cards, and ambulant treatment document, among others.
• Technologies, such as iris recognition in patient identification, are gaining momentum in healthcare settings not only for their ability to identify a patient upon entry into a healthcare facility accurately but also for their utility to quickly and accurately identify patients’ current location in the hospital among the various departments, such as home health, the ER, and other mobile environments, or in any other location prior to administering long term care.
• Due to new stringent regulations established by the Health Insurance Portability and Accountability Act (HIPPA) to preserve the confidentiality and privacy of patient information, the implementation of biometrics is also predicted to enhance security for patients, doctors, and nurses.

North America to have Significant Market Share

• The substantial increase in data breaches in the region across various industries is proliferating organizations to adopt biometrics, providing users another layer of security to secure themselves.
• Many government bodies have started implementing iris scanning devices which are fueling the market’s growth in the region. For instance, the Federal Bureau of Investigation (FBI) relies on its partnerships with local, state, tribal, and federal agencies to collaboratively for the development of vital programs such as the National Crime Information Center (NCIC) and the Next Generation Identification (NGI) systems. These systems implement iris recognition as a viable means of identification.
• Owing to the COVID-19 pandemic, there has been an increased demand for contactless solutions, and iris recognition was witnessed as the replacement for fingerprint sensors in access control. This has become even more relevant as concerns increase about the efficiency of facial recognition when people are using masks.​
• Also, working with Olive and Dove Company, Iris ID is embracing this biometric technology with the implementation of an iris recognition system that will be supported by home video security and IoT solutions under the brand Remo+. This partnership enables the company to introduce new products that complement and expand the capabilities of access control systems with iris recognition technology.
• According to the Federal Trade Commission, identity thefts related to the payment and banking sector are prominent in the United States, which, in turn, would boost the adoption of secured biometrics solutions. The Digital Identity Tracker Report released by Pymnts in March 2021 suggested that financial institutes like TD Bank operating in the United States are focusing on digital identity verification solutions to strengthen the customer onboarding processes with major contributions to verifying the CIP and KYC procedures. With financial institutes operating in the country, considering the implementation of various identity verification software, iris recognition systems and software are poised to become increasingly relevant.

Competitive Landscape

The iris recognition market is fragmented. 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 the market. Some of the key players in the market are Iritech Inc., BioEnable Technologies Pvt. Ltd​, Aware Inc.​, Iris ID Inc.​, HID Global​, and EyeLock LLC.

• October 2021 - IriTech Inc. announced a new partnership with Patron to develop an Embedded Camera Module featuring iris identification and eye-tracking functions for AR/VR/MR devices. Patron Co. Ltd will manufacture the camera module.
• June 2021 - Aware Inc. announced a new partnership with Iris ID Systems Inc. This company provides iris recognition and identity authentication technology to empower state and local agencies to take advantage of the Federal Bureau of Investigation's (FBI) Next Generation Identification (NGI) Iris Service.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.