Iris recognition: Key market research findings
- Cutting-edge multimodal biometrics
- Exclusive usage in the government and BFSI sectors
Technavio has released a new market research report on the global iris recognition market, which is expected to grow at a CAGR of 21% between 2016 and 2020. Several smartphone vendors such as Samsung and LG are planning to integrate iris scanners in their smartphones to enhance the security features of the devices. The demand for contactless biometrics is increasing the demand for iris recognition system as it is hygienic compared to fingerprint recognition systems and is an important growth driver for the market.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Multimodal biometrics is a new trend in the biometrics market, which includes a combination of two or more biometrics technologies for verification and authentication. These biometrics systems are more accurate, reliable, secure, and are capable of avoiding spoofing attacks. Countries are deploying this biometrics system for national ID, voter registration, national healthcare, and e-passport projects,” says Amrita Chaudury, Lead Analyst, ICT, Technavio Research.
Iris scanners in smartphones:
The government sector dominates the iris recognition market, accounting for 50% of the total market share. There is high growth expected in the healthcare sector and the government sector as these sectors require advanced security for critical data protection. Iris recognition biometrics is used in the BFSI sector as a replacement for PINs, account numbers, and paper-based credentials. Since iris pattern cannot be faked, copied, or stolen, iris biometrics-based ATMs are considered to be more secure than PIN-based ATMs.
The leading vendors in the global iris recognition market include 3M Cogent, BioEnable, Crossmatch Technologies, Iris ID, and IRITECH. This market is highly fragmented because of the presence of numerous small and large vendors. The providers in the market compete on the basis of price, quality, innovation, service, reputation, distribution, and promotion. The high vendor competition has led to an increased number of mergers and acquisitions in the iris recognition market.
A more detailed analysis is available in the Technavio report, Global Iris Recognition Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
Other related reports:
- Biometrics Market in MENA: Research Report, Trends, and Forecast 2015-2019
- Global Law Enforcement Biometrics Market 2015-2019
- Global Biometrics Spending Market in the Government Sector 2015-2019
- Global Biometrics Market in BFSI Sector 2015-2019
- Biometrics Market in the United States in Education Sector 2015-2019
- Biometrics Market in BRIC Countries 2015-2019
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