Iris recognition exploits the stable, unique, complex and detail-rich, intricate structures and patterns of iris for biometric identification using pattern-recognition technologies. The global iris recognition market was valued at USD 525 million in 2016 and which is projected to grow to USD 1 billion at a CAGR rate of 22 %, by the end of forecast period of 2022.
The iris recognition has the ability to identify suspect with 100% accuracy rate as it captures image of unique structure of an iris and authenticate it with a unique code which is very difficult to crack by any hacker. The structural formation of the human iris is fixed after one year of age and remains constant life time. The high demand of advanced surveillance systems, growing smartphone market and increasing IOT market has attracted biometric products and services providers to implement high-tech biometric feature such as iris recognition into smart devices. The Iris recognition market is highly driven by the high security needs. As Iris recognition technology enables to add security to systems, help to detect suspects it can be used in various industries as government, BFSI, consumer electronics, healthcare and others.
The major growth driver of iris recognition includes growing increasing criminal activities at government & non-government sector, increasing security measures at ATMs and other financial institute, and increasing implementation of iris recognition system at airports and super-markets. In the year 2016, the global market of iris recognition had been valued at approximately USD 525 million, which is expected to be at USD 1 billion by the end of the year 2022. However, technical limitation and lack of awareness are the factors which are hindering the growth of Iris Recognition in forecast period.
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Global Iris Recognition can be segmented as follows:
Segmentation by Product: PC & Laptop, Smartwatch, Smartphone, and others.
Segmentation by Component: Hardware and Software
Segmentation by Application: Access Control and Time Control
Segmentation by End-User: Government, BFSI, Consumer Electronics, Healthcare and others.
North America accounts for the highest market share, owing to large financial industry, ecommerce, presence of large players, followed by Europe and Asia-Pacific.
Europe accounts for the second largest share of the market led by Germany, U.K., France and others. The developed regions also possess the early biometrics adopter’s advantage which is a major reason for their dominance. North America holds 36% of market share followed by 25 % of Europe. Asia-pacific is expected to be the fastest growing market owing to the explosive growth of economy with China and India leading the region.
The Middle East and Africa is expected to grow moderately owing to poor social and economic reasons.
Some of the prominent players in global iris recognition market include 3M Cogent Inc., CMITech Company, Ltd., IBM Corporation, Safran S.A., Cross Match Technologies Inc., IriTech, Inc., Eye Lock, Irisys Co., Iris ID, Inc., Ltd., Princeton identity and others.
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January 2018 – Facebook acquired Confirm.io, which developed technologies that let verification of identification card, such as driver’s license.
October 2017 -Imprivata, acquired the identity and access management business of Caradigm.
December 2017 – Thales acquired Gemalto so as to create a one roof solution provider in digital security
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