LONDON--(BUSINESS WIRE)--Technavio’s latest report on global iris recognition market provides an analysis of the key trends expected to impact the global iris recognition market across 2016-2020. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The global iris recognition market is expected to grow at a CAGR of over 21% to reach almost USD 5 billion by 2020. Iris recognition is increasingly being used in monitoring systems for security-related applications in airports, government buildings, and border control. It is considered to be the most accurate identification biometrics technology, as an iris scanner captures high-resolution images of an individual’s eye and provides real-time identification of an individual.
Iris recognition technology can operate accurately irrespective of environmental conditions. The technology is also safe and hygienic, as there is no physical contact with the hardware. Amrita Choudhary, lead analyst for the automatic identification systems industry at Technavio says, “However, the year-over-year (YoY) growth of this technology is likely to decline due to the high cost of iris scanners. Moreover, the infrared light used in the scanners is also harmful to the eyes, which may restrict the use of this technology.”
The top three trends according to Technavio’s ICT industry research analysts are:
Introduction of iris recognition into multimodal biometrics
Multimodal biometrics includes a combination of two or more biometrics technologies to identify and verify individuals. In certain situations, using only one form of biometrics identification does not provide an accurate, exact match of the identity of an individual. These biometrics systems are more accurate, reliable, secure, and are capable of preventing spoofing attacks.
Iris recognition combined with facial and fingerprint identification is widely accepted for border control. Some multimodal biometrics are available with both fingerprint and iris recognition technology in a single device, which allows the user to avoid purchasing two individual biometrics devices.
Multimodal biometrics is gaining prominence in countries such as the US, Japan, and Australia where they are deployed for national ID, voter registration, national healthcare, and e-passport projects.
Adoption of iris recognition biometrics in BFSI sector
Iris recognition biometrics is used in the banking, financial services, and insurance (BFSI) sector as a replacement for PINs, account numbers, and paper-based credentials. Iris biometrics enables customers to check their account balance, make transactions, and access other banking services from remote locations.
Customers are required to use smart cards with an iris template in place of passwords to gain access to ATMs. Since an iris pattern cannot be faked, copied, or stolen, iris biometrics-based ATMs are considered to be more secure than PIN-based ATMs. For instance, in 2015, Qatar bank QNB implemented an iris recognition system provided by IrisGuard at its branches and ATMs to deliver secure banking services to its clients.
Adoption of iris recognition biometrics in education sector
Iris biometrics technology is being used in the education sector for a number of applications, such as book borrowing, cashless canteen systems, vending machines, time and attendance systems, and school payments. It is also used by teachers to update the performance of students. With growing instances of security threats, a number of schools have incorporated iris-based biometrics and access control systems.
“With technological advances and rising security concerns, iris biometrics technology is being used to authenticate individuals for online examinations. Iris scans are being used by a number of schools for identification purposes, thus eliminating the need for ID cards and badges” says Amrita.
Iris-scanning cameras with computers are being used to identify students and staff who are preauthorized to enter the schools. For instance, a number of schools under National Institute of Justice (NIJ) are using iris recognition biometrics technology to control access of parents, teachers, and staff members to the school premises and prevent any violent activities.
The top five vendors in the global iris recognition market, as researched by Technavio analysts are:
- 3M Cogent
- Crossmatch Technologies
- Iris ID
Browse Related Reports:
- 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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