LONDON–According to the latest market study released by Technavio, the global iris recognition market is expected to grow at a CAGR of close to 21% during the forecast period.
This research report titled ‘Global Iris Recognition Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecast for various market segments and all geographical regions.
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The market research analysis categorizes the global iris recognition market into the following type of end-user segments:
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The government sector has adopted iris recognition biometric technology due to the incidences of violent activities and intrusions in the past. An iris scanner captures a high-resolution image of an individual’s eye and ensures accurate real-time identification. Therefore, iris recognition technology was widely adopted in the government sector in 2016. The adoption of iris recognition technology is rising with the increasing adoption of mobile biometrics in the government sector for law enforcement.
According to Amrita Choudhury, a lead analyst at Technavio for automatic identification system research, “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. Other technologies require repeated enrollment of individuals depending on the application areas whereas the iris recognition is durable because some individuals need to enroll only once. Furthermore, the technology is preferred because it is non-intrusive and non-invasive.”
For cross border programs at various airports and seaports, there is an increase in the implementation of iris recognition biometric technology. This has led to the market experiencing revenue growth. Many immigration counters have integrated iris recognition technology that will enhance passenger verification, increase workforce efficiency, and reduce queuing up at counters. Additionally, iris recognition is being embedded in passports and visas for individual identification.
“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. To monitor attendance of employees, identification, access control, surveillance, border control, and workforce management, iris recognition is being used in the transportation sector,” says Amrita.
The implementation of stringent regulations such as Health Insurance Portability and Accountability Act (HIPAA) for maintaining patient privacy is one of the key reasons for the growth of the market revenue. To track time and attendance of employees and eliminate instances of borrowing swipe cards to gain access to controlled areas, the iris recognition technique is being increasingly adopted as an alternative to ID.
In the healthcare sector, the major factors that are leading to the adoption of iris recognition are healthcare frauds, medical identify theft, and inaccurate patient identification. The increased volume of critical and confidential data is promoting the growth in this sector. To maintain the privacy of electronic health records and to authenticate both patients and healthcare workers, iris recognition is being integrated with the existing systems in the healthcare sector.
The top vendors highlighted by Technavio’s market research analysts in this report are:
- Iris ID
- M2SYS Technology
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