DUBLIN--(BUSINESS WIRE)--The "Global Iris Recognition Market Size, Share & Industry Trends Analysis Report By Application, By Product (Scanners, Smartphones, Personal Computers/Laptops, Tablets & Notebooks), By Component, By Vertical, By Regional Outlook and Forecast, 2022 - 2028" report has been added to ResearchAndMarkets.com's offering.
The Global Iris Recognition Market size is expected to reach $8.9 billion by 2028, rising at a market growth of 15.6% CAGR during the forecast period.
Iris recognition is a precise and effective technology for protecting information, people, and other sensitive things. Due to its usage in consumer electronics devices like PCs and laptops, iris recognition is becoming more popular. The use of iris recognition technology in laptops has raised general awareness of its convenience and dependability.
Although it is 10 times more expensive than fingerprint scanner technology, iris recognition is 10 times more secure. As a result, the iris recognition market has begun to migrate to reduce costs, and it is anticipated that it will soon be a technology for identity management. The distinctive patterns in people's irises - the colourful circles in their eyes - are measured via iris scanning.
To detect distinctive patterns undetectable to the human eye, biometric iris recognition scanners illuminate the iris with invisible infrared light. Eyelids, Eyelashes, and specular reflections that generally cover some of the iris are detected and excluded by iris scanners. The result is a collection of pixels that only include the iris.
The bit pattern encodes the data in the iris is then extracted by analysing the pattern of the lines and colours in the eye. This bit pattern is digitalized and checked against templates that are kept in a database for identification or verification (one-to-one template matching) (one-to-many template matching).
Iris scanners gather over 240 biometric characteristics, which are distinctive to each eye. The data is subsequently converted into a digital format by the scanners. This digital database contains the numeric representation of the data that was taken from the iris image.
Market Growth Factors
Governmental agencies are using iris recognition technology more often for identification and authentication.
One of the first industries to use iris recognition technology, the government sector creates significant demand for its goods and services. This is one of the main drivers of the iris recognition market's expansion. Iris recognition technology is used by government departments, agencies, and organisations worldwide for identification and authentication.
For instance, the Next Generation Identification (NGI) systems, and the National Crime Information Center (NCIC) were developed by the Federal Bureau of Investigation (FBI) in collaboration with local, state, tribal, and federal authorities. As a trustworthy method of identification, these systems use iris recognition.
Adoption Of Biometric Technologies In The Defence And Automobile Industries
Touchless biometric products are anticipated to have strong demand in the automotive industry in the upcoming years. User/driver authentication, in-cabin personalisation, in-car payment, and intra-vehicle network encryption are just a few of the uses for scanning the vein, face, iris, or finger.
Numerous automotive behemoths, including Ford Motor Company (US), Audi AG, and BMW AG, are developing touchless biometric systems for automobile use. In addition, the car industry is embracing iris-based biometric systems because of their high accuracy, non-contact characteristics, and ability to operate in low light.
Market Restraining Factors
Competition With Other Biometric Technologies
There are numerous biometric technologies on the market, including voice recognition, vascular recognition, face recognition, fingerprint recognition, and iris recognition. The market acceptability of various technologies varies depending on their benefits and drawbacks. Face and fingerprint recognition technologies are fierce competitors for iris recognition technology. Its high price is one of the main causes of this. Iris scanners cost more than face and fingerprint detection systems, which are their alternatives.
Scope of the Study
By Application
- Identity Management & Access Control
- Time Monitoring
- E-Payment
By Product
- Scanners
- Smartphones
- Personal Computers/Laptops
- Tablets & Notebooks
- Others
By Component
By Vertical
- Banking & Finance
- Consumer Electronics
- Military & Defense
- Automotive
- Government
- Travel & Immigration
- Healthcare
- Others
By Geography
North America
- US
- Canada
- Mexico
- Rest of North America
Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Thales Group S.A.
- IDEMIA SAS (Advent International, Inc.)
- NEC Corporation
- Aware, Inc.
- M2SYS Technology, Inc.
- Unisys Corporation
- IrisGuard Ltd.
- Iris ID, Inc
- Princeton Identity, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/9u8gel
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