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.
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.