The Global Iris Recognition Market is estimated to account for US$ 3422.4 Mn in terms of value by the end of 2022. Using iris recognition is a fast and effective way to positively identify an individual. The process requires the use of an infrared camera that collects images of intricate iris structures. These are then combined to produce a digital template. The template is encoded using mathematical algorithms and statistical algorithms to produce a unique digital representation of an individual. This information is used to positively identify the individual, eliminating the need for gender and ethnic bias. Iris recognition is fast becoming a common form of biometric identification, and many agencies and governments are using it on a daily basis.
Global Iris Recognition Market: Drivers
Rise in number of novel agreements and contracts of market players with government bodies and other end users is expected to propel growth of the global iris recognition market over the forecast period. For instance, in April 2021, an iris identity authentication solutions company, EyeLock LLC received a contract of controlling individual access to the four data center facilities that monitor and control governmental buildings service providers and streets for New Capital City of Egypt. Thus, such agreements and contracts are driving growth of the market all over the world.
Global Iris Recognition Market: Opportunities
Growing applications areas of iris recognition systems such as finance, banking, travel, and consumer electronics among others is expected to create lucrative environment for growth opportunities in the global iris recognition market over the forecast period. The application of iris recognition systems in automated teller machines, pharmacy, and mobile devices is also expected to create growth opportunities in the market. Due to commercialization of various electronic iris scan-based devices such as tablets, smart watches, notebooks, and various other products, the consumer electronics industry is witnessing high growth, which in turn is creating opportunities for the market.
Global Iris Recognition Market: Restraints
Factors such as flexibility of the iris recognition systems is expected to impede growth of the global iris recognition market during the forecast period. The use of iris recognition system requires subjects to adjust to the system in a way that their head does not move during the scanning process, or reflection of anything in the user’s eye during scanning can also disturb the process and affect the results. Due to these factors, the iris recognition systems have limited flexibility, which affects adoption of these systems. Thus, this factor is likely to hamper growth of the global iris recognition market over the forecast period.
Global Iris Recognition Market - Impact of Coronavirus (Covid-19) Pandemic:
The epidemic of COVID-19 pandemic positively affected the global iris recognition market. The virus outbreak spread across several countries around the world, leading to implementation of stringent lockdown regulations and social distancing. The demand for contactless solutions increased during this period, due to which, the iris recognition was highly adopted as an alternative for fingerprint sensors in access control. Due to use of masks facial recognition systems became concerning, and demand for iris recognition increased. Thus, the global iris recognition market witnessed a positive impact of the COVID-19 pandemic.