The Global Market for Iris Biometrics is Projected to Reach US$5.2 Billion by 2024
Expanding Applications for User Authentication to Drive
the Global Market for Iris Biometrics, According to a New Report by Global Industry Analysts, Inc.
GIA launches comprehensive
analysis of industry segments, trends, growth drivers, market share, size, and
demand forecasts on the global Iris Biometrics. The global market for Iris Biometrics is projected to
reach US$5.2 billion by 2024, driven
by the growing use of the technology in establishing user authentication in a
broad range of applications including immigration, travel security and physical
access control.
Iris biometrics is a
biometric method of identifying, verifying and validating individuals by
analyzing the unique random colored patterns of their iris. 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. The technology has emerged as a preferred
choice in several applications supported by its attributes such as higher
accuracy rates, swift results, contactless nature, and safety in identifying
individuals. Use of iris biometrics, in recent years, has also expanded to
other verticals including mobile devices, automobiles, and augmented reality/virtual
reality, thus paving in new growth opportunities. The industry stands to
benefit from growing interest among smartphone manufacturers to incorporate
iris biometrics into their devices to ensure user authentication and high speed
access. The growing number of online transactions for e-commerce activity also
emerges as a strong opportunity indicator for iris biometrics.
Adoption of the iris
biometric modality in the global market for access control is expected to
increase steadily over the coming years. Banking and Financial service sector comprises
one of the most promising commercial end-use markets for iris biometrics. The
technology finds significant demand for safeguarding secure areas such as
employee workstations, server units, cashier points, strong room and other high
security areas. Also with e-banking
gaining popularity among customers, iris biometrics is considered as an
efficient technology to establish customer authentication. In the automobile
industry, the onset of connected car ecosystem is creating the need for more
sophisticated digital identity security for authentication. In addition to
driver authentication for vehicle access control, Iris technology is expected
to play a major role in driver identification, in-car payment and the
autonomous driving space. Growth in the iris biometrics market is also driven
by strong adoption of the technology in immigration and travel security and in
physical access control applications. Iris recognition systems are also being
put to use at airports to expedite passengers through customs by allowing
faster check-in of passengers enrolled into the system. Another growing market
for IRIS biometrics is national ID programs
with governments across the
nations turning up to Iris scanning systems for capturing unique iris patterns
of individuals as biometric authentication data for identification programs
such as national/Civil ID cards.
As stated by the new
market research report on Iris Biometrics,
the United States represents the largest market worldwide. Asia-Pacific
represents the fastest growing market for Iris biometrics at a CAGR of about 27.5%
over the analysis period led by factors such as growth in government
initiatives to ensure immigration and travel control, finance and banking,
defense, healthcare, government, and others.
Major players in the market
include Aditech Ltd., Anviz Global Inc., BioEnable Technologies Pvt. Ltd.,
EyeLock Corp., Gemalto N.V., Iris ID Systems Inc., IrisGuard Inc., IriTech
Inc., Princeton Identity Inc., and OT-Morpho 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.
Global
Industry Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights
Reserved.
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