Global Iris Recognition Market (2022 to 2027) - Growth, Trends, COVID-19 Impact and Forecasts - ResearchAndMarkets.com

The "Global Iris Recognition Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" report has been added to ResearchAndMarkets.com's offering.

The global iris recognition market was valued at USD 2,911.7 million in 2021, and it is expected to reach USD 7,903.9 million by 2027, registering a CAGR of approximately 18.22% during 2022-2027.

Companies Mentioned

• Iritech Inc.
• BioEnable Technologies Pvt Ltd
• Aware Inc.
• Iris ID Inc.
• HID Global
• EyeLock LLC
• Princeton Identity Inc.
• Gemalto NV (Thales Group)
• NEC Corporation
• IrisGuard UK Ltd
• IDEMIA

Key Market Trends

Healthcare Sector to have the Highest Growth

• The healthcare industry is plagued with the persistent problem of establishing accurate patient identification. Healthcare management applications are turning toward biometric iris recognition technology. The evolution of current technologies and the development of multi-layered authentication systems at reasonable costs are projected to 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 offers an option to identify proper insurance status that prevents fraudulence and duplicate medical records. The patients may benefit as well by getting correct treatments.
• Furthermore, the use of iris recognition technology helps implement effective authentication and authorization mechanisms in various areas of healthcare, which include tracking the patient registration, treatment, or passageways to different departments, checkup arrangement and scheduling, repetitive treatment, supporting national or private health insurance cards, and ambulant treatment document, among others.
• Technologies, such as iris recognition in patient identification, are gaining momentum in healthcare settings not only for their ability to identify a patient upon entry into a healthcare facility accurately but also for their utility to quickly and accurately identify patients' current location in the hospital among the various departments, such as home health, the ER, and other mobile environments, or in any other location prior to administering long term care.
• Due to new stringent regulations established by the Health Insurance Portability and Accountability Act (HIPPA) to preserve the confidentiality and privacy of patient information, the implementation of biometrics is also predicted to enhance security for patients, doctors, and nurses.

North America to have the Largest Market Share

• The substantial increase in data breaches in the region across various industries is proliferating organizations to adopt biometrics that provide another layer of security for users to secure themselves.
• Many government bodies have started implementing iris scanning devices which are fueling the market's growth in the region. For instance, The Federal Bureau of Investigation (FBI) relies on its partnerships with local, state, tribal, and federal agencies to collaborate for the development of vital programs such as the National Crime Information Center (NCIC) and the Next Generation Identification (NGI) systems. These systems implement iris recognition as a viable means of identification.
• Owing to the pandemic COVID-19, there has been an increased demand for contactless solutions, and iris recognition was witnessed as the replacement for fingerprint sensors in access control. This has become even more relevant as the concerns increase about the efficiency of facial recognition when people are using masks.
• Also, working with Olive and Dove Company, Iris ID is embracing this biometric technology with the implementation of an iris recognition system that will be supported by home video security and IoT solutions under the brand Remo+. This partnership enables the company to introduce new products which complement and expand the capabilities of access control systems with Iris recognition technology.

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET INSIGHTS

4.1 Market Overview

4.2 Industry Value Chain Analysis

4.3 Industry Attractiveness - Porter's Five Forces Analysis

4.4 Assessment of the Impact of COVID-19 on the Market

5 MARKET DYNAMICS

5.1 Market Drivers

5.1.1 Increasing Frequency of Fraudulent Activities

5.1.2 Growing Integration of Multi Factor Authentication

5.2 Market Restraints

5.2.1 Data Privacy Concerns

6 MARKET SEGMENTATION

6.1 By Component

6.1.1 Hardware

6.1.2 Software

6.2 By End-user Industry

6.2.1 Consumer Electronics

6.2.2 Healthcare

6.2.3 BFSI

6.2.4 Military and Defense

6.2.5 Government

6.2.6 Other End-user Industries

6.3 By Geography

6.3.1 North America

6.3.2 Europe

6.3.3 Asia Pacific

6.3.4 Latin America

6.3.5 Middle East and Africa

7 COMPETITIVE LANDSCAPE

7.1 Company Profiles

8 INVESTMENT ANALYSIS

9 MARKET OPPORTUNITIES AND FUTURE TRENDS

For more information about this report visit https://www.researchandmarkets.com/r/fr13vb

View source version on businesswire.com: https://www.businesswire.com/news/home/20220322005643/en/