Global Iris Recognition Market – Growth, Trends, COVID-19

New York, Feb. 18. Feb. 2, 2022 (GLOBE NEWSWIRE) — announces the publication of the report “Global Iris Recognition Market – Growth, Trends, COVID-19 Impact and Forecast (2022 – 2027)” – https://www.

Iris recognition technology uses mathematical pattern recognition techniques on video images of the two irises, whose complex random patterns are stable, unique and visible at certain distances. Uniqueness, stability and security are the significant factors driving the demand for the iris recognition market. The iris pattern is stable utilizes the rich detail of textures found in the iris, such as crowns, furrows, freckles, and stripes; hence, they are more secure in nature.
Factors such as the integration of iris scanners into smartphones, increased usage in government projects, growing incidence of fraudulent activities and security issues, and increased demand from the consumer electronics segment stimulate the market.
The future of the market is encouraging, owing to opportunities such as the growing number of distribution channels, R&D initiatives, strong demand from the travel/immigration industry, and increased adoption by businesses. .
Market growth is hindered by restraining factors, such as user understanding gap of the device, high costs, vulnerability of iris recognition systems and privacy intrusion.
The opportunities created by the pandemic due to the emphasis on contactless transactions and secure identification technologies have been offset by the large-scale disruptions experienced by several industries, especially in the commercial space. The construction industry has seen declining numbers due to complete nationwide shutdowns to limit the spread of the coronavirus. The revival of the construction sector is anticipated by various bodies, including the Office of Natural Statistics in the United Kingdom.

Main market trends

The healthcare sector will experience the strongest growth

The healthcare industry is grappling with the persistent problem of establishing accurate patient identification. Healthcare management applications are turning to biometric iris recognition technology. The evolution of current technologies and the development of multi-layered authentication systems at reasonable costs should contribute to the global increase in the use of biometric technology in healthcare systems via iris recognition.
With its high accuracy and ease of use, iris recognition technology provides an option to identify appropriate insurance status that prevents fraud and duplication of medical records. Patients can also benefit from appropriate treatments.
In addition, the use of iris recognition technology helps to implement effective authentication and authorization mechanisms in various areas of healthcare, including tracking patient registration, treatment or transitions to different services, organization and planning of examinations, repetitive treatment, coverage of national or private health insurance. cards and outpatient treatment document, among others.
Technologies, such as iris recognition in patient identification, are gaining traction in healthcare facilities, not only for their ability to accurately identify a patient upon entering a healthcare facility, but also for their usefulness in quickly and accurately identifying the current location of patients in the hospital among different departments, such as home health, emergency and other mobile environments, or in any other location before administering care long term.
Due to strict new regulations established by the Health Insurance Portability and Accountability Act (HIPPA) to safeguard the privacy and confidentiality of patient information, the implementation of biometrics is also expected to improve the safety of patients, physicians and nurses.

North America will have the largest market share

The substantial rise in data breaches in the region across various industries is pushing organizations to embrace biometrics which provides another layer of security for users to protect themselves.
Many government agencies have started implementing iris scanning devices which are fueling the growth of the market in the region. For example, the Federal Bureau of Investigation (FBI) relies on its partnerships with local, state, tribal, and federal agencies to collaboratively develop vital programs such as the National Crime Information Center (NCIC) and Next Generation Identification ( NGI) systems. These systems implement iris recognition as a viable means of identification.
Due to the COVID-19 pandemic, there has been an increased demand for contactless solutions, and iris recognition has been seen as the replacement for fingerprint sensors in access control. This has become even more relevant as concerns grow about the effectiveness of facial recognition when people use masks.
Additionally, in collaboration with Olive and Dove Company, Iris ID is adopting this biometric technology with the implementation of an iris recognition system that will be supported by home video and IoT security solutions under the Remo+ brand. . This partnership allows the company to introduce new products that complement and extend the capabilities of access control systems with iris recognition technology.
According to the Federal Trade Commission, identity theft related to the payments and banking industry is significant in the United States, which, in turn, would drive the adoption of secure biometric solutions. The Digital Identity Tracker report published by Pymnts in March 2021 suggested that financial institutes like TD Bank operating in the United States are focusing on digital identity verification solutions to strengthen customer onboarding processes with a major contribution to verification of CIP and KYC procedures. With financial institutes operating in the country considering the implementation of various identity verification software, Iris recognition systems and software are poised to become increasingly relevant.

Competitive landscape

The iris recognition market is fragmented as people around the world are increasingly security conscious. Thus, biometric authentication devices are widely adopted by governments, healthcare facilities, consumer electronics, financial institutions, commercial and retail vehicles, and enterprises. This makes the market attractive, with many companies entering the market. Some of the major market players are Iritech Inc., BioEnable Technologies Pvt Ltd?, Aware Inc.?, Iris ID Inc.?, HID Global?, EyeLock LLC?, etc.

January 2022 – Princeton Identity (PI) and Emphor Trading Abu Dhabi, a division of ScreenCheck and a subsidiary of the Centena Group, have formed a new biometric partnership. Emphor Trading will offer customers the entire portfolio of iris and facial biometric security solutions from PI under this partnership, as well as custom integrations to meet specific security and operational requirements.
October 2021 – IriTech Inc. announced a new partnership with Patron to develop an on-board camera module including iris identification and eye tracking functions for AR/VR/MR devices. Patron Co. Ltd will manufacture the camera module.

Additional benefits:

The Market Estimate (ME) sheet in Excel format
3 months of analyst support
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