The Global Iris Recognition Market is expected to grow at a compound annual growth rate of 15.51% over the analyzed period to reach a market size of US$1,857.427 million in 2026 from US$676.795 million in 2019. Iris recognition, also known as iris scanning, is the process of photographing an iris of a person using visible and near-infrared light. It employs mathematical pattern recognition algorithms on video pictures of both irises, whose complex random patterns are stable, distinct, and visible from a distance. When compared to other biometric identification technologies, iris recognition outperforms them since it eliminates the possibility of collusions or false matches even when comparing across a large population. Iris recognition is not the same as retina scanning, which is an oscular-based biometric technique that scans the individual's retina blood vessels.
The iris recognition sector is being driven by factors such as uniqueness, stability, and security. The iris pattern is more secure in nature because it harnesses the variety of textures and details present in the iris, such as coronas, furrows, freckles, and stripes. Furthermore, factors such as the inclusion of iris scanners into devices, greater application in government projects, a growth in the occurrence of fraudulent activities and security concerns, and rising demand from the consumer electronics segment are propelling the market. The market's future looks promising due to the emergence of new opportunities such as an increase in the number of distribution channels, R&D activities, strong demand from the travel/immigration market, and greater corporate usage.
The market based on end-users is fragmented into segments such as consumer electronics, healthcare, BFSI, government, military and defence, automotive, and others. The consumer electronics and automotive sectors are expected to develop at a rapid pace throughout the anticipated period, resulting in increased demand for iris recognition technology.
Iris Recognition Technology Assist in Securing Data and Information and Protect Against Security Breaches
In a digitalized world where every activity can happen online, the emergence of cybercrime has put the safety of individuals and organisations at risk, resulting in financial or other losses. Furthermore, the increasing prevalence of smart devices increases the risk of robbery, hacking, data theft, and other offences. As a result, the demand for stronger technology promotes the growth of the market for iris recognition technology. Furthermore, with higher disposable income, there is an increase in demand for such smart gadgets that have improved operations. Smartphone sales, in particular, have created enormous development opportunities for iris detection technologies. Furthermore, with new technological advancements such as the launch of 5G networking and numerous smartphone applications, demand for smartphones is expected to skyrocket. With increasing digitization and internet penetration, smartphones provide users with access to banks, e-wallets, social media accounts, and other apps that contain critical information and so demand the highest level of security. As a result, iris recognition is gaining popularity as it is much more secure than other biometric technologies. ViewSonic was the first brand to use iris recognition in their ViewSonic V55 smartphones in 2014. Dubai International Airport, the world's busiest airport for international travel, implemented iris-scanners in 2021, that confirm the identification of travellers and removes the need for any human interaction while entering or departing the country.
In the healthcare industry, the market adoption of iris recognition technology is being driven by the rising need for accurate patient identification and the need to decrease healthcare fraud. Realizing the need for secure identification in the healthcare system, hospitals and healthcare institutions are progressively implementing biometric technology such as iris recognition.
The evolution of current technologies and the development of multi-layered authentication systems at reasonable costs are projected to contribute to the global increase in the use of biometric technology in healthcare systems via iris recognition.
Due to new stringent regulations established by the Health Insurance Portability and Accountability Act (HIPPA) to preserve the confidentiality and privacy of patient information, the implementation of biometrics is also predicted to enhance security for patients, doctors, and nurses.
However, the Market Growth Is Hampered by Its Lack of Hack-Proof Security
A major impediment to market expansion is that even this biometric security approach is easily circumvented by technological hackers. There is no such thing as a foolproof biometric. Patients with acute iris inflammation (also called iritis or anterior uveitis) caused existing iris identification systems to fail. Other flaws that impede market opportunities include its inability to scan from afar and the inability to detect when the individual is moving.
North American Will Continue to Be the Prominent Market Region for the Iris Recognition Market
Because of the region's early adoption of technology, the North American iris recognition industry is expected to expand and dominate the global market. In Iraq and Afghanistan, the US military utilized iris scanners to identify captives. For example, the handheld biometrics recorder SEEK II enables military troops to collect iris scans, fingerprints, and facial scans and instantly transfer the data to an FBI database in West Virginia, even in regions with a weak signal. Similarly, iris scanning technology has now been implemented by police agencies across the United States, as is typically the case with cutting-edge surveillance technologies designed for use in foreign battlefields. The New York City Police Department was among the first to implement iris recognition. In the fall of 2010, the department used BI2 Technologies' mobile MORIS (Mobile Offender Recognition and Information System). The technology is also being added to the FBI’s growing biometrics portfolio. However, the Asia Pacific area is expected to expand at the fastest rate due to rising disposable income and increased adoption of smart gadgets such as smartphones and others.
The Coronavirus Epidemic Boosted Market Potential for the Iris Recognition Market
COVID-19 has a major influence on 2020 globally, but it has also provided an opportunity for production to modernize and digitalize on the path to recovery. Several industrial adopted the use of touchless technology, including the iris recognition solution, due to the covid pandemic. An increase in demand for the technology in public areas such as gyms, cooperative businesses, banks, clubs, and other locations also aided market expansion. Since coronavirus transmits through human touch, iris recognition technologies have seen an increase in market demand. Containment efforts, however, included a halt in the manufacturing sector and slow economic development, resulting in a drop in demand for consumer electronics and automobiles, which reduced demand for iris recognition systems. However, as the economy recovers, the market is expected to gain momentum.