LeapZipBlog: Steve Blade's blog: IRIS Biometrics Market Growing Demand to Impact Revenue Share during 2018-2026

IRIS Biometrics Market Growing Demand to Impact Revenue Share during 2018-2026

July 18, 2019 by Steve Blade  

As organizations are focusing more on secure authentication methods for user access, e-commerce, and other safety applications, the demand for IRIS biometrics is growing rapidly. The increasing dependency on digital technologies and automation is further expected to drive the growth of the IRIS Biometrics Market. Moreover, the continuous demand for enhanced security and identification systems has led to the increasing adoption of IRIS biometrics. Furthermore, as the businesses strive to implement the right mix of technologies and policies for security and reliability, the demand for IRIS biometrics is expected to grow rapidly.

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IRIS biometrics is an automated method of biometric authentication which uses mathematical pattern-recognition techniques to identify the irises of an individual’s eye. The widespread deployment of physical access security through IRIS biometrics is fuelling the growth of the IRIS biometrics market. Also, with the exponential increase in the number of users switching to mobile banking, various organizations are adopting IRIS biometrics as security measures. Due to these factors, the demand for IRIS biometrics is expected to increase rapidly in the near future.

IRIS Biometrics Market: Drivers and Challenges

The rising demand for authentication and advancements in surveillance, access, and identity applications are the primary factors fuelling the growth of the IRIS biometrics market. Moreover, the meteoric rise in the demand for smartphones and tablets is also one of the major factors driving the demand for IRIS biometrics. Moreover, the rise in demand for IRIS biometrics for identification and verification application in BFSI (banking, financial services, & insurance), government, retail, and healthcare industries are creating potential growth opportunities for the IRIS biometrics market. The primary application of IRIS biometrics is to provide access to an authorized individual into a premise. Owing to this, the governments of various countries are taking initiatives for promoting the adoption of the IRIS biometrics.

The rate and frequency of frauds and forgeries are increasing with the advancements in the technology, and due to this factor, the demand for IRIS biometrics is increasing. The adoption of IRIS biometrics is increasing as IRIS biometrics helps in reducing identity duplication issues and provides a high level of accuracy.

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The high cost of IRIS biometrics system is the primary factor which hampers the growth of IRIS biometrics market. Moreover, technical issues regarding the compatibility with existing systems is also another major factor which will hinder the growth of IRIS biometrics market. Apart from this, the availability of cost-effective alternatives is also a major challenge for the growth of the IRIS biometrics market. 

Key Players

Examples of some of the key players in the global IRIS biometrics market are MorphoTrak, Smartmatic, Anviz Global, Smart Sensors Ltd., Iris ID Inc., Aditech Ltd., BioEnable Technologies Pvt. Ltd., Human Reco Systems, IrisGuard Inc., EyeLock Corporation, and AOptix Technologies Inc.

IRIS Biometrics Market: Regional Overview

On the basis of geography, North America is expected to dominate the IRIS biometrics market due to the presence of various IRIS biometrics solution providers and high adoption of IRIS biometrics in various industries. Asia Pacific and Europe are also expected to create potential growth opportunities for the IRIS biometrics market, owing to the increasing adoption of smartphones and tablets in the region. In addition to this, the unorganized market for IRIS biometrics in China, Japan, and India is creating a competitive environment for global IRIS biometrics providers. Moreover, the demand for IRIS biometrics has risen dramatically in the past few years in the Middle East & Africa and Latin American regions, due to rise in digital technologies and increasing number of frauds and forgeries activities in various countries of the region.

The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The report also maps the qualitative impact of various market factors on market segments and geographies.

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