The Global Spectroscopy Market is predicted to grow at a CAGR of 3.87 % to attain a market size of US$25.470 million by the end of 2026. This market was worth US$19.526 million in the year-end 2019.

In spectroscopy, the matter is examined for its light-absorption and emission properties. The process involves splitting light or electromagnetic radiation into their constituent components (a spectrum), much like a prism divides light into a rainbow of colours. Spectrometry is becoming increasingly important in many analytical applications, such as pharmaceutical development, proteomics, metabolomics, forensic analysis, and forensic analysis of water.

These techniques have become increasingly popular as the drug discovery process has evolved. It is also expected that new technologies will be introduced for novel applications throughout the forecast period. In addition to these uses, radio-frequency spectroscopy has a staggering number of others; for instance, magnetic resonance imaging (MRI) and x-ray machines use radio-frequency spectroscopy while ionizing radiation is used to study and test doping in sports. In spectroscopy, different kinds of energy are involved in certain types of interactions. This electromagnetic radiation is measured by varying its intensity or frequency in many applications. Different types of spectroscopy are distinguished also by the way they interact with materials. Some examples are:

• ABSORPTION SPECTROSCOPY

Absorption spectroscopy involves measuring the radiation absorbed by matter using spectroscopic methods. Testing the absorption of specific elements across the electromagnetic spectrum allows one to determine the atomic composition of a sample.

• BIOMEDICAL SPECTROSCOPY

The technique is used in biomedical science. For example, magnetic resonance spectroscopy (a specialized form of imaging technique) has been used to diagnose mental health conditions ranging from depression to physical tumours, in addition to analysing muscle metabolism. A spectrum of wavelengths is mapped in the brain that corresponds to the known spectrum, and then the pattern of peaks and valleys of those peaks is scrutinized carefully.

• ENERGY-DISPERSIVE X-RAY SPECTROSCOPY

An energy dispersive X-ray spectrometer, also called EDS or EDX, is used for identifying and quantifying elements found in a sample. This technique is employed by the Phenom ProX Desktop SEM. It can also be used in conjunction with Transmission Electron Microscopy (TEM) and Scanning Transmission Electron Microscopy (STEM) for creating spatially resolved elemental analyses in as small an area as a few nanometres.

Technology-driven developments in spectroscopy instruments and consumables are expected to drive this market’s growth. Spectrometric devices have been increasingly used on the market due to the continual evolution of spectrometry techniques. Researchers would be able to produce better results if key players develop products that are easy to use and provide better results. Accordingly, the market is expected to grow over the forecast period.

The Market Is Dominated by Molecular Spectroscopy

Pharmaceuticals and other biotechnology products are being researched and developed with molecular spectroscopy, and one of the molecular spectroscopy types is near-infrared spectroscopy (NIR). The pharmaceutical sector also has gained a great deal of appreciation for NIR spectroscopy in recent years because of its major advantages such as easy sample preparation and the potential for the estimation of chemical and physical parameters from a single spectrum. The market might grow due to the popularity of this technology, which has been widely noted. PerkinElmer, Inc., for example, offers a wide range of instruments, accessories, consumables, as well as software and informatics in the field of molecular spectroscopy. As part of its molecular spectroscopy system, the company provides spectroscopies in the infrared, fluorescence, ultraviolet-visible (UV-Vis), and FT-IR wavelength ranges, as well as spectroscopic imaging systems.

Among All Application Areas, Pharmaceuticals Are Projected to Grow Most Rapidly

Pharmaceutical applications are predicted to grow at the highest rate during the forecast period. The growth in this market is mainly due to the increasing use of molecular spectroscopy in various stages of drug development and the growth of research and development in pharmaceutical industries. Some major players offer specific instruments for pharmaceutical analysis. An example of this is Agilent Technologies, Inc.’s Raman pharmaceutical analytical systems – the TRS100 quantitative pharmaceutical analysis system. In pharmaceutical finished-product testing and formulation development for capsules, tablets, and other dosage forms, the TRS100 system allows for simple and fast screening of whole content uniformity and polymorphism. A novel application for spectrometry technology is to quantify drugs in the pharmaceutical industry. To determine the effectiveness of the anti-COVID-19 drug remdesivir for treating disease, liquid chromatography-mass spectrometry (LC-MS) technology was used.

North America Is Expected to Grow Rapidly Over the Forecast Period

The North American market is poised to grow due to an increase in the use of spectroscopy in pharmaceutical production, improved funding for environmental testing, and favourable government policies and initiatives. Pharmaceutical Research and Manufacturers Association (PhRMA) data, for example, indicates that the United States is the world’s largest biopharmaceutical market, accounting for one-third of the total global market and being a world leader in biopharmaceutical R&D. In addition, the United States is a very supportive environment for the discovery, development, and commercialization of pharmaceutical products with minimal barriers to entry. Over the next few years, the United States will increasingly use spectroscopic techniques for drug discovery and development. Furthermore, there are many pharmaceutical companies operating in Canada, which continue to play a key role in propelling the growth of the market. A collaboration agreement was announced by Numares AG and Bruker Corporation in January 2021 for the purpose of developing NMR diagnostic tests. Agilent Technologies Inc. also launched the Cary 3500 UV-Visible Spectrophotometer in November 2018, which simplifies analysis processes, optimizes lab productivity, and ultimately helps develop new therapeutics for life sciences, pharma, and biopharma. During the forecast period, the country’s growing R&D activities in drug discovery and development are expected to drive the molecular spectroscopy market driven by new product launches from players in the United States.

High Cost of Spectroscopy Systems

A spectroscopy instrument is equipped with advanced features and functionalities, so its price is higher than other instruments. Along with the cost of the system itself, the system must also comply with industry standards. Compliance is the process of ensuring that the molecular spectroscopy system complies with the requirements specific to the industry where it will be used (whether mandated by the government or self-imposed). The following requirements must be met by spectroscopy systems in order to be compliant with industry standards: 

Verification: This process, also known as performance verification, makes sure that the spectrometer is operating correctly at any given moment.

Qualification: Qualification is the process whereby assurance is provided that the system will function as desired and it is documented for the regulatory agencies. While purchasing an instrument as well as commissioning it, a well-documented and rigorous evaluation process is used.

Validation: Documenting the suitability of a spectrometer for a given application is known as validation. The standard operating procedures (SOPs) for the complete system, including the software, accessories, the intended application, and all associated software are covered in this process. These rigid verification steps added with high cost can hamper the market growth.

COVID-19 Insight

COVID-19 is also having a positive impact on the market, as more scientists are using Raman spectroscopy for the testing of COVID-19. Research teams at the Northern Arizona University (NAU) have developed a tested technology that uses single-molecule surface-enhanced Raman spectroscopy (SM-SERS) to detect SARS-CoV-2. SARS-CoV-2 was being tested using a new method based on single-molecule surface-enhanced Raman spectroscopy, which was approved for USD 200,000 from the National Science Foundation’s Rapid Response Research (RAPID) program. Thus, the demand for molecular spectroscopy is consistently predicted to grow over the forecast period with the increase in research and development activities associated with drug discovery.

Global Spectroscopy Market Scope:

Report Metric	Details
Market size value in 2019	US$19.526 billion
Market size value in 2026	US$25.470 billion
Growth Rate	CAGR of 3.87% from 2019 to 2026
Base year	2019
Forecast period	2021–2026
Forecast Unit (Value)	USD Billion
Segments covered	Technology, Application, And Geography
Regions covered	North America, South America, Europe, Middle East and Africa, Asia Pacific
Companies covered	Thermo Fischer Scientific Inc., Merck KGaA, PerkinElmer Inc., VIAVI Solutions Inc.,   Agilent Technologies Inc., Bruker Corporation, Danaher Corporation, Jeol Ltd, Horiba   Ltd, Shimadzu Corporation
Customization scope	Free report customization with purchase

 

The electrochromic glass market is predicted to grow at a CAGR of 12.97% to attain a market size of US$3,349.290 million by the end of 2026. This market was worth US$1,426.500 million in the year-end 2019.

The market for electrochromic glass has grown starts out transparent, but once activated, it becomes translucent, blocking some or all wavelengths of light. with the use of features such as improved security and privacy at the push of a button. Electrochromic glass is technically a composition of chromogenic material that responds to external voltage and changes transparency depending on its exposure to light and heat. Known as dynamic glass due to its benefits as a screen that offers on-demand privacy, energy efficiency, and control, it is popular in the electronics industry. When activated, the glass changes from transparent to translucent, blocking some or all wavelengths of light. In the future, commercial applications of electrochromic glass will be augmented by technological advancements, which will enable it to be used in new environments, such as the Internet of things, next-generation hospitals, and more.

Electrochromic Glass Has a Variety of Applications

Non-residential buildings, such as offices, hospitals, and hotels, worldwide, use electrochromic glass. The device saves a lot of energy and prevents excess heat from entering the room, so the room stays cooler during summer and air conditioner costs are minimized. Light reflected from glass keeps rooms cooler since it reflects light back. Sharing and open spaces can easily be transformed into private ones with this smart glass. A switchable glass partition is a feature that is quite important in an office since it gives you the privacy that you need in your office.

• Buildings Used for Residential Purposes:

Residential buildings are increasingly using electrochromic glass, partitions, and doors. Skylights, doors, and windows can easily be fitted with them. Smart Glass can be used to control both the amount of light that enters a building as well as privacy. The glass could prevent privacy invasion without requiring any blinds or curtains.

• The Hotel Industry:

Both big and small hotels can benefit from smart glass’ aesthetics and efficiency. Private spaces such as bathrooms, shower cubicles, and spas can benefit from it. By simply clicking on the glass, guests can change it from clear to opaque and back again according to their preferences. A smart glass partition can also be used as a part of a conference room, bar, or restaurant in a hotel.

• Hospitals:

People with compromised immune systems visit hospitals. Since they require extra care, smart glasses are the ideal solution. Because of smart glass, traditional drapes, curtains, or blinds are no longer necessary. In addition to protecting patients from outside noise, these smart glass partitions also provide an extra layer of confidentiality by keeping outside noise out.

Sustainable Infrastructure Practices Lead To a Rise in Market Demand

Eco-friendly/green buildings are expected to drive the growth of the market for electrochromic glass. Electrochromic glass is a growing market in part due to government regulations regarding energy conservation.  Green building initiatives and eco-friendly structures, such as green buildings, are expected to offer market growth opportunities. Banks in Europe, for example, have devised a mortgage program for green homes that encourages the purchase of energy-efficient products such as smart glass. Recent years have seen smart glasses gain popularity due to their energy-saving features, thermal and acoustic insulation, and 3D design capabilities. A recent $240 million equity investment in Nexamp, a subsidiary of Diamond Generating Corporation (DGC), enables DGC to accelerate its decarbonization efforts while strengthening its innovative portfolio. The company’s sustainable energy services will be offered to an additional 65 million consumers and businesses if it receives the recent $440 million debt financing.

Construction and Automobile Sectors Are Growing:

Several factors contribute to the market’s growth, including the steady growth of the construction industry and the rise in infrastructure investments. Over the next few years, glass is also expected to gain traction over bricks and cement walls as consumers prefer glass. The building and construction sector is expected to continue dominating the electrochromic glass market over the forecast period as the main end-user industry in the market. Office, hospital, and residential buildings are driving this growth. They are commonly used in windows, doors, sunroofs, and display cases, among other applications. In the automotive market, rear-view mirrors, sunroofs, and windshields are among the fastest-growing products. Growth in the electrochromic glass market is also spurred by its increasing use in automotive.  With Electrochromic Glass, Mercedes-Benz has manufactured 5 models. A light-blocking glass can be adjusted on the SLC roadster, the most affordable model. The use of Smart Glass by Mercedes is the next step in making the technology more widely available. Bentley Mulliner developed and built a comprehensive heating, ventilating, and air conditioning (HVAC) system. For the first time in a Bentley, electrochromic ‘smart glass’ separates the front and rear seats. At the touch of a button, the whole panel can be converted to opaque for complete privacy.

High-Cost May Hinder the Market Growth

While low awareness about the benefits of smart glass and high base costs are likely to impede demand to a certain extent over the forecast period, they could still hamper the market considerably. Technical advances and government subsidy schemes can reduce the overall cost by addressing these challenges. Innovation is another key factor that hinders the market’s expansion.

COVID -19 Insights:

Several major industries, including construction and automotive, have been halted by the outbreak of COVID-19. Several industries are kept closed or operated under restrictive conditions including shorter working hours and fewer employees. There was a shortage of workers and raw materials in the glass industry as a result of the pandemic. A number of industries were affected by the COVID-19 pandemic. Further, the glass industry is experiencing lower sales activity due to trade restrictions over national and international boundaries. With the slowdown of the construction industry, building glass demand also fell drastically.

In the United States, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed. Business owners who suffered from the pandemic were granted some relief. The act provided special loans to businesses and individuals facing economic hardship as a result of the epidemic. A number of small and medium-sized companies have managed to survive during the pandemic with the help of the act.

Electrochromic Glass Market Scope:

Report Metric	Details
Market size value in 2019	US$1,426.500 million
Market size value in 2026	US$3,349.290 million
Growth Rate	CAGR of 12.97% from 2019 to 2026
Base year	2019
Forecast period	2021–2026
Forecast Unit (Value)	USD Million
Segments Covered	Materials, Product, End-user Industry, And Geography
Regions covered	North America, South America, Europe, Middle East and Africa, Asia Pacific
Companies covered	Chromogenic AB, Gentex Corporation, Asahi Glass, Saint-Gobain, Polytron   Technologies, View Inc., Schott AG, Heliotrope Technologies, Inc., US e-Chromics   Technologies, Inc., Halio Glass
Customization scope	Free report customization with purchase

The Global Phase Change Memory Market is expected to grow at a compound annual growth rate of 66.71% over the forecast period to reach a market size of US$12,450.978 million in 2026 from US$347.914 million in 2019.

PCM, also known as PCRAM, is a kind of computer random-access memory (RAM) that stores data by changing the state of the matter from which the device is made. On a microscopic scale, the structure of PCM material may rapidly switch between amorphous and crystalline. It is a critical enabler technology for non-volatile electrical data storage on the nanometer scale. A PCM device is made up of two electrodes and a small active volume of phase-change material.

PCM memory is 500 to 1,000 times faster than standard flash memory. PCM technology may also provide unprecedented levels of cost-effective, high-volume, and high-density non-volatile storage.

The rise in the automotive sector, the increasing number of smartphone shipments, environmental concerns regarding reducing greenhouse emissions, and the growing global trend towards energy-saving and sustainable development are the major driving factors for the market. In May 2020, IBM realised that the rising demands of operations depending on deep neural networks in the domains of image and speech recognition, gaming, and robotics need better efficiency and created a method that uses phase-change memory to execute code faster and cheaper. The company also addressed the disadvantage of PCMs generating computational errors owing to read and write conductance noise by introducing such noise during AI training sessions. Intel announced in October 2020 that it will sell its NAND division to SK Hynix, a South Korean memory technology company, for $9 billion.

However, the high cost of materials and production processes, as well as the hazardous nature of phase change materials, are likely to hinder the market expansion.

An Increase in Smartphone Shipments

According to an IEEE Communications Society tech blog post, the global smartphone market increased by 28.1 % year on year in the first quarter of 2021, reaching total sales of 351.1 million units. The year-over-year shipment growth was 25.5%. In the first three months of 2021, Samsung surpassed Apple, delivering 76.1 million units, up 29.2 % year on year, to take 22 % of the market share.  Apple followed with 46.5 % year on year growth to reach 56.4 million smartphones shipped in the quarter, comparable to 16 % of the market, with Xiaomi coming in the third position with 14 % after shipping 49.5 million units, up 78.3 % year on year.

According to the International Brand Equity Foundation, India exported 36 million smartphones in FY20, up from 17 million in FY19. The contribution of India to the global smartphone market rose from 9% in 2016 to 16% in 2019. According to the National Policy on Electronics 2019 (NPE 2019), a manufacturing target of 1 billion mobile phones is projected by 2025, with 600 million units for exports.

Micron announced in March 2021 that it will concentrate its investment on memory devices that use the Compute Express Link (CXL) and will discontinue the development of its 3D XPoint technology. The company stated that it aims to move efforts away from 3D XPoint memory products to CXL-enabled memory solutions. The increased shipping of smartphone units, combined with the introduction of innovative, sophisticated, and revolutionary solutions, is likely to fuel the growth of the Phase Change Memory market.

A Rise in the Automotive Sector Will Support the Market Growth

Electric cars will have a significant influence on the market in the coming years. According to the International Energy Agency, global sales of electric vehicles in 2019 were about 2.1 million. According to the International Council on Clean Transportation, global cumulative electric commercial car sales were estimated to reach 10 million in 2020, with electric vehicles accounting for a record-high 4.6 % of new commercial vehicle sales. Due to continued policy adoption and technological deployment, the number of high-volume electric commercial car models increased by 49 % in 2020, average battery pack cost decreased by 12 %, and public electric vehicle charger stock increased by 48 %. European countries such as France, the Netherlands, Norway, and the United Kingdom are on a path to meet their 100% electric car sales share targets.

STMicroelectronics provided the first stellar advanced automotive microcontrollers for the next generation of sophisticated car electronics, delivering new levels of productivity and safety in June 2021. In October of the same year, STMicroelectronics disclosed further information about its revolutionary Stellar automotive microcontrollers (MCUs), demonstrating how the chips enable reliable and predictable execution of several independent real-time applications. ST and Bosch collaborated on the development of deterministic high-performance open-market MCUs that can host a variety of applications, including safety and security virtualization via HW capabilities. The adoption of advanced microcontrollers will drive the growth in the phase change memory market in the coming years.

High Cost of Material and Manufacturing Process

The switching time and inherent scalability of PRAM make it particularly desirable. Its temperature sensitivity is arguably its most prominent disadvantage, one that may need adjustments in the manufacturing processes of businesses that use the technology.

Asia-Pacific Region Is Expected to Have a Prominent Market Share

China is expected to lead the market due to being home to many smartphone brands as well as huge adoption rates of the electric car.

According to an IEEE Communications Society tech blog post, Xiaomi’s growth rate reached 83%, making it one of the top five mobile phone brands with the highest market share growth rate. Xiaomi accounted for 17% of worldwide smartphone shipments in the second quarter of 2021, while Oppo and Vivo each accounted for 10%.

China has pledged to reach a peak in national CO2 emissions by 2030 and to achieve carbon neutrality by 2060. Truck and van manufacturers and business fleets have pledged to electrify their manufacturing and operations. While the trend toward zero-emission heavy-duty vehicles (ZE-HDVs) is still in its early stages, it is gaining traction. China is implementing its commercial vehicle New Energy Vehicle strategy to encourage the use of electric cars.

The European electric vehicle (EV) industry saw remarkable growth in 2020, with sales of commercial electric vehicles increasing by 143% over 2019. With strong sales in 2020, Europe surpassed China to become the world’s largest EV market. This occurred during a period of significant disruption in the automotive market as a result of COVID-19. Although total new car sales in Europe decreased by 20%, the jump in EV sales increased the EV proportion to 11%.

Electronics such as heating, ventilation, and air conditioning (HVAC) systems extensively use phase-change memory. The need for phase change memory in electronics is anticipated to rise throughout the forecast period due to rising domestic and global demand for electronics, as well as the shift of countries towards renewable energy.

The Coronavirus Pandemic Had a Negative Effect on the Phase Change Memory Market

COVID-19 had a negative influence on numerous universities and organisations throughout the world, halting research progress. The market for phase change memory was directly impacted by a drop in demand in end-user industries. However, as the economy improves, the demand for phase change memory is likely to rebound quickly.

Global Phase Change Memory Market Scope:

Report Metric	Details
Market size value in 2019	US$347.914 million
Market size value in 2026	US$12,450.978 million
Growth Rate	CAGR of 66.71% from 2019 to 2026
Base year	2019
Forecast period	2021–2026
Forecast Unit (Value)	USD Million
Segments Covered	Technology, Application, And Geography
Regions covered	North America, South America, Europe, Middle East and Africa, Asia Pacific
Companies covered	Micron Technology, IBM, Intel, Taiwan Semiconductor Manufacturing, GlobalFoundries, STMicroelectronics
Customization scope	Free report customization with purchase

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.