Market Research Report
Iris Recognition Market - Forecasts from 2021 to 2026
|Iris Recognition Market - Forecasts from 2021 to 2026|
Published: April 26, 2021
Knowledge Sourcing Intelligence
Content info: 109 Pages
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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 is advanced automated technology of biometric identification that works on the principle of mathematical pattern recognition technique. The human iris has a complex pattern and is unique, stable, and recognizable from a distance, without contacting the device. In comparison to other biometric identification methods, iris recognition is superior as it nullifies the risk of collusions or false matching even at cross-comparison across a massive population. Iris recognition system is different from retina scanning as the latter is an oscular-based biometric technology that scans the individual's retina blood vessels. The prime reason driving the growth in the market is rising instances of cybercrime and the growing adoption of advanced security technology across several industry verticals. Moreover, the booming demand for smart devices also plays a key role in market development. Technological innovation in the consumer electronic segment provides potential growth opportunities. However, distance constraints and cyber hacking weakens the technology's security and hence hinders the market development.
Surging cases of cybercrime encourage the adoption of stronger security systems which favors the market for iris recognition.
One of the prime reasons supporting the market growth of iris scanners is surging cases of cybercrime that have the potential to harm the individual, especially financially. In the digitalized world, when every activity is online, the birth of cybercrime has threatened the safety of individuals and organizations, resulting in financial or other losses to them. Further, the growing penetration of smart devices comes with a risk of robbery, hacking, data theft, and others. Thus, the requirement of stricter technology encourages the market growth of iris recognition solutions.
Based on product integration, the market for iris recognition is segmented into smartphones, tablets and notebooks, smartwatches, PC or Laptops, scanners, and others. Smart Devices, such as smartphones, smartwatches, tablets, and electronic notebooks are anticipated to hold a dominating share of the market. Further, with rising disposable income, a surge in demand for these smart devices is observed that facilitate better operations. Particularly skyrocketing sales of smartphones have provided humungous growth prospects for iris recognition technology. Moreover, with new technological up-gradation such as the introduction of 5G networking and various smartphone application, demand for smartphones is anticipated to increase many folds. With growing digitalization and rising internet penetration smartphones enables access to banks, e-wallets, social media profiles, and other applications to the users, carrying sensitive information and hence requires topmost security. Hence, iris recognition is gaining preferability as it is more secure than other biometric technology. ViewSonic was the first company that adopted iris recognition in its ViewSonic V55 smartphones in the year 2014. Microsoft as well adopted this technology in its smartphones and smart devices in 2015. Samsung, Oppo, and Vivo are other leading brands that adopted iris scanner technology in their smart devices.
Failing to provide hack-proof security constrains the market growth of iris recognition technology.
A major constraint hindering the market growth of iris recognition solution is that even this biometric security technique is defeated at the hands of technology hackers and that too in a very simple way. Hackers defeated the iris recognition system and decreased its efficiency using the image of the authorized person in the year 2015, soon after several leading smartphone companies introduced this feature in their devices. Other glitches that hinder the market prospects are that the iris recognition solution fails to scan from a far distance, more than a meter or two, and may find it difficult to recognize while the person is moving.
Consumer electronics will have a leading share in the market of global iris recognition industry.
Based on end-users, the market is segmented as consumer electronics, healthcare, BFSI, government, military and defense, automotive, and others. During the forecasted period the consumer electronics and automotive sector are projected to grow at an auspicious rate resulting in higher demand for iris recognition technology. Rising disposable income and the increasing necessity of smart devices are the prime reasons supporting these segments' growth. The BFSI, government, and military and defense segments are anticipated to hold a dominating share of the market owing to the sensitivity of the information they carry. The healthcare sector as well will show notable growth owing to surging investment in healthcare infrastructure. The government of India, for example, has set aside US$87.85 billion to be invested in healthcare infrastructure in the next 6 years will provide growth potential for the iris recognition security market.
The North America iris recognition market will hold a dominating share in the global industry.
By geography, the global iris recognition market is divided into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific region. The North American iris recognition market is anticipated to grow to dominate the global market owing to the region's early adoption of technology. The Asia Pacific region, however, is projected to grow at the fastest rate owing to rising disposable income and growing adoption of smart devices, such as smartphones and others.
Covid Pandemic Insights:
The covid pandemic saw a rise in the adoption of touchless technology including the iris recognition solution at several across several industry verticals. A rise in demand for the technology at public places such as gyms, cooperate firms, banks, clubs, and other places also supported the market growth. Since coronavirus spreads through human touch at an exponential rate, iris recognition solutions experienced a rise in market demand. However, containment measures included a halt in the manufacturing sector and sluggish economic growth, leading to a fall in demand for consumer electronics and automotive, which contracted the demand for iris recognition solutions. However, with economic recovery, the market is predicted to resume at a significant rate.