Global Iris Biometric Market to record high demand by 2016-2024

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Zion Market Research, the market research group announced the analysis report titled  ‘Iris Biometric Market: Industry Perspective, Comprehensive Analysis, and Forecast, 2015 – 2021’

Iris biometric is an automated method used for the identification that uses mathematical pattern-recognition techniques on video images of one or both of the irises of an individual’s eye, whose complex random patterns are unique, stable, and can be noticed from a certain distance. Iris recognition systems capture images of an iris while it is been illuminated by the light in the near infrared wavelength band (700 to 900 nm) of the electromagnetic spectrum. In the iris biometric system, a template that is created by imaging an iris is compared with a stored template in the database for the purpose of identification or verification. Different methods used for comparison process are one-to-one template matching and one-to-many template matching.

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Newer technology advancements and growing use in surveillance, access, and identity applications is the major factor driving the growth of the global iris biometric market. Constant use of this technology in national ID programs, healthcare, banking and financial services, and system and network access control is also anticipated to impact the growth of the market in a positive way in the near future. In addition, smartphone manufacturers are showing great interest in using iris biometric technique for the improvement of safety standards. In addition, national security agencies are also using the iris scanning technology for the purpose of verifying the identity of the immigrating people from other countries. On the other hand, lack of appropriate standards and high costs may hamper the growth of the global iris biometric market in future.

On the basis of components, the global iris biometric market is segmented as hardware components and software components. Based on the product, the global market is further segmented as smartphones, tablets and notebooks, smart watches, PCs and laptops, scanners, and others. On the basis of application, the global iris recognition market is segmented as access control and time monitoring. Further, based on the end-use industry, the global market is segmented as government, military and defense, banking and finance, healthcare, consumer electronics, automotive, and travel and immigration. Out of these, the government segment accounted for the largest share of the market.

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Europe dominates the global iris biometric market followed by North America owing to its high demand in the region. Asia Pacific is anticipated to witness the fastest growth followed by the Middle East. Owing to the services such as access control, national identity, time and attendance monitor, and public safety provided by this technique, the iris biometric market is expected to experience high growth in the future.

Major players dominating the global iris biometric market are Smartmatic, MorphoTrak, Smart Sensors Ltd., Anviz Global, SRI International, and Iris ID Inc. Other players influencing the global market are BioEnable Technologies Pvt. Ltd., Aditech Ltd., IrisGuard Inc., Human Reco Systems, AOptix Technologies Inc., and EyeLock Corp.

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