The Global Market for Iris Biometrics is Projected to Reach US$1.8 Billion by 2020

Technology Advances & Expanding Applications Drive the Global Market for Iris Biometrics, According to a New Report by Global Industry Analysts, Inc.

GIA announces the release of a comprehensive global report on Iris Biometrics. The global market for Iris Biometrics is projected to reach US$1.8 billion by 2020, driven by effervescent technology advancements and growing use in access, surveillance and identity applications.

Iris biometrics is a contactless biometric technology that analyzes colored patterns of the iris unique to each individual, for identification. The growth in the iris biometrics market is driven by strong adoption of the technology in immigration and travel security and in physical access control applications. Mandatory checking of traveler credentials for establishing their identity creates significant demand for iris recognition in travel and immigration control. Future growth in the market will be driven by the successful use of the technology in healthcare, national ID programs, banking and financial services, and system and network access control.

As hospitals seek to improve patient safety and reduce the risk of data breaches, the healthcare industry is expected to emerge into an important growth area for iris biometrics in the coming years. Rapid growth in broadband access in numerous personal, commercial and enterprise applications and ubiquity of digital transactions will continue to drive demand for reliable biometric solutions. Especially expected to gain are applications in system & network access control. Iris biometrics technology is applied to computers, servers, mobile devices, web applications, and networks for granting access to authorized people. Sensitive government establishments such as defense research laboratories, nuclear plants, intelligence agencies, law enforcement and central banks, are expected to show keen interest in deploying the technology for information and transaction security. A key trend in the market is the integration of iris scanners into smartphones to improve device security and accessibility. Robust sales of smartphones worldwide will therefore accelerate growth in the market. Progressive advancements in pattern identification, sequence matching algorithms, high speed processing, large scale data management, and high resolution image capture, will help spur adoption of iris-scanning biometric technology. The market is therefore poised to benefit from increased investments in R&D involving photonics, optics, sensors, interfaces, coding, compression, decision theory, security, and hardware.

Despite the opportunities for growth, mainstream adoption of the technology will remain challenged by factors, such as, interoperability issues, lack of appropriate standards, and high costs. As stated by the new market research report on Iris Biometrics, the United States represents the largest market worldwide. The Middle East represents one of the fastest growing markets with sales waxing at a CAGR of about 29.1% over the analysis period.

Major players in the global marketplace include Aditech Ltd., AOptix Technologies, Inc., BioEnable Technologies Pvt. Ltd., Iris ID, IrisGuard Inc., SRI International, EyeLock Corp., and Human Reco Systems, among others.

The research report titled “Iris Biometrics: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, company profiles, mergers, acquisitions and other strategic industry activities. The report provides market estimates and projections for global iris biometrics market in US$ Thousand for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, UK and Rest of Europe), Asia-Pacific, Middle East, and Latin America.

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