Global Iris Recognition Market is valued at USD 1.93 Billion in 2018 and expected to reach USD 4.68 Billion by 2025 with the CAGR of 13.5% over the forecast period.
Increasing demand for security systems by governments and regulators to consider privacy is one of the major factors driving the growth of Global Iris Recognition Market.
Scope of Global Iris Recognition Market Report–
Iris recognition is done by digitally-controlled electronic device that performs the task of identifying the people using the biometric technology. The technology has been adopted in many places from small scale to large corporations, government institutes, military services, travel & immigration services and many others for security and identification purpose. The biometric iris technology uses the mathematical modeling technique using certain algorithm and programming. Human eyes have unique and complex structure of iris which shows video images that can be seen from some distance. For iris recognition, certain type of video camera is used with infrared illumination to acquire images of the detail-rich, intricate structures of the iris richness of textures like coronas, furrows, freckles, and stripes, hence, are more secure in nature which is visible externally.
The iris recognitions technology has facility to store the identification data base of millions of the people in single CPU using encoded mathematical and statistical algorithms. Several countries around the world have started the use of iris recognition technique for convenience purposes such as passport-free automated border-crossings and some national ID programs. The major advantages of iris recognition are; it’s high speed of matching and its extreme resistance to false matches, and stability of the iris as an internal and protected. According to a recent research by Research Center for AI Ethics and Safety, Beijing Academy of Artificial Intelligence China, iris recognition system had shown the accuracy on male up to 96.67%, while only 86% on female using different algorithm for recognition technique.
According the recent news on March 20th, 2020 owing to covid-19 pandemic, the facial recognition tracking systems including iris recognition technique has increased demand due to privacy fears. To face the challenges with a pandemic, the public may be rapidly accept the risks involved for biometric data in the healthcare services, hence the facial recognition systems are being adopted everywhere. New York Police Department has been stopped employees from using a fingerprint ID as entry security procedure due to the fear of spreading the corona virus.
The Global Iris Recognition market is segmented on the basis of product type, component, applications, end-user and region & country level. On the basis of product type, the iris recognition market is classified as wearables like smart watches, PCs/laptops, smartphones, tablets & notebooks, scanners and others. On the basis of the component, the global iris recognition market is segregated into software and hardware. On the basis of application, the market is segmented into time monitor, identity & access control, and others. On the basis of end-user, the iris recognition market is segmented into government, healthcare, consumer electronics, automotive, military & defense, banking & finance, travel & immigration and others.
The regions covered in global iris recognition market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, global iris recognition market sub divided in U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Iris Recognition Companies:
3M Cogent Inc
4G Identity Solutions
Mantra Softech EyeLock
Global Iris Recognition Market Dynamics–
Increasing demand for security systems by governments and regulators to consider privacy and rising cases of the world’s corona virus experience spur the adoption of facial recognition technology like iris recognition adoption. According to Observer research Foundation in 2020, global cases of covid-19 were reached up to 3 Million including 200,000 deaths and 837,000 cases recovered Covid19 Worldwide whereas USA has passed over 1 million cases, reporting 55,415 deaths and India total cases cross 28000, death up to 884. This massive rise in the spread has started the implementation of facial recognition technique like iris recognition to avoid the infection of covid-19 by avoiding the contact to the surfaces and human. Recently, New York police has implemented the iris recognition technique for the identification purpose in the police station.
However, any obstacle in the systems that causes reflection makes it difficult to recognize the iris may hamper the market growth and in addition, privacy concern when it comes to facial recognition which need to secure data, make sure that privacy rights of the individual are protected or not. For instance; in February, 2019, SenseNets, a facial recognition and security software company in Shenzhen, was identified data leak of over 2.5 million of records of citizens with personal information from an unprotected database. In spite of that, rising focus on manufacturing of devices and systems with technological advancement using artificial intelligence, IoT, machine learning algorithm etc. for accurate and precise recognition can create huge opportunity for the further growth of the market.
Global Iris recognition Market Regional Analysis–
North America is expected to dominate the global iris recognition market with the potential rate due to presence of advanced technology using IoT, artificial intelligence, machine learning algorithm etc. in this region followed by Europe. The prevalence of security systems like facial recognition, iris recognition have been increased due to surge in cyber crimes, terrorism, and criminal attacks which require proper security systems like iris recognition to recognize the attacker. According to the recent United Nations Security Council and INTERPOL, number of profiles of foreign terrorist fighters accessible for criminal offence has been increased by 200% in between January 2017 and April 2018 and a 750% increase in the sharing of information by member countries through its channels in North America. Hence, to detect the terrorist, the iris recognition technique has been used in many airports in North America followed by Europe. Europe region is also a significant contributor for the growth of iris recognition due to the rising adoption of advanced technology and consumer spending.
The Asia Pacific is the largest still the world’s strongest market for the iris recognitions due to rapidly adoption of advanced technology like AI, IoT, machine learning etc., and rise in government legislation initiative as well as surge in population. According to International Telecommunication Union (ITU), cyber security laws and legislation has been frame worked to implement strategies to cyber security. In the Asia Pacific region 35 out of 38 countries have cybercrime legislation, in the Americas region 32 out of 35, in the Arab States region 18 out of 22. The government is also supporting to build the advanced technology security systems like iris recognition hence the global demand is rising astoundingly. For example, Indian government has started to implement this technology by introducing Aadhaar Card for recognition of Indian people.
Key Benefits for Global Iris recognition Market Report–
Global Iris recognition market report covers in depth historical and forecast analysis.
Global Iris recognition Market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.
Global Iris recognition market report helps to identify opportunities in market place.
Global Iris recognition market report covers extensive analysis of emerging trends and competitive landscape.
Global Iris recogntion Market Segmentation:–
by Product Type: Wearable’s like smart watches, PCs/laptops, Smartphones, Tablets & notebooks, Scanners, others
by Component: Software, Hardware
by Application: Time monitor, Identity & access control, Others
by End-user: Government, Healthcare, Consumer electronics, Automotive, Military & defense, Banking & finance, Travel & immigration, Others
Regional & Country Analysis
North America, U.S., Mexico, Canada , Europe, UK, France, Germany, Italy , Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of Middle East and Africa
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