Global Iris Recognition Market 2017-2021
About Iris Recognition
Iris recognition is one of the biometric authentication technologies that captures an image of the eye pattern, converts the iris image to a binary template, and then saves the data to a server for future to match the identity of an individual. Some of the major characteristics of technology include contactless, fast and renowned for its accuracy, iris recognition can operate at long distances, stable, non-invasive, non-contact, and hygienic characteristics.
Technavio’s analysts forecast the global iris recognition market to grow at a CAGR of 20.68% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global iris recognition market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Iris Recognition Market 2017-2021
Technavio recognizes the following companies as the key players in the global iris recognition market: BioEnable, Iris ID, IrisGuard, IRITECH, and M2SYS Technology.
Other Prominent Vendors in the market are: BI² Technologies, Biomatiques Identification Solution, Delta ID, EyeLock, EyeSmart Technology, EyeVerify, Gemalto, HONGBOG, HYPR, Infinity Optics Solutions, IRISYS, Precision Group, and Princeton Identity.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is increased demand for iris recognition in BFSI sector. Iris recognition is used in the BFSI sector as a replacement for PINs, account numbers, and paper-based credentials. Iris recognition enables customers to check their account balance, make transactions, and access other banking services from remote locations.”
According to the report, one driver in the market is increased adoption of iris recognition in government sector. The government has increased its spending on biometrics techniques and reduced adoption of other non-biometric technologies due to their constraints of being lost or stolen by the individual. Furthermore, due to instances of terrorist threats at airports in the past, governments of various countries are deploying biometrics to thoroughly verify an individual based on the behavioral and physiological characteristics such as iris scan and fingerprint scan that are embedded in passports and visas.
Further, the report states that one challenge in the market is vulnerability of biometrics systems. There may be instances of iris recognition biometrics systems being compromised by design or by accident, which makes them vulnerable to damage or attack at the level of the device or associated equipment. Iris recognition biometrics devices are vulnerable to spoofing, physical attacks, and damage to cables and wires. At the level of the system, algorithms and templates are susceptible to hackers; data is vulnerable to alteration, deletion, or theft at the administrator or account level; and software components are vulnerable to attack.
BioEnable, Iris ID, IrisGuard, IRITECH, and M2SYS Technology, BI² Technologies, Biomatiques Identification Solution, Delta ID, EyeLock, EyeSmart Technology, EyeVerify, Gemalto, HONGBOG, HYPR, Infinity Optics Solutions, IRISYS, Precision Group, and Princeton Identity.