The iris biometric market will nearly quadruple by 2030

According to a new report from Persistence Market Research, the global iris biometric technology market will expand nearly four times by 2030. During the COVID-19 epidemic, for security reasons , iris biometric technology will be widely used.

Unlike software-based biometric solutions such as face and voice recognition, iris biometrics require specific hardware to verify an individual's identity and are therefore less common in consumer-facing deployments.

But recent advances and innovations in biometrics have made the technology more accessible in terms of cost and installation. Iris biometric technology is becoming increasingly prominent across a variety of industries, including healthcare, consumer electronics, government, and others.

Organizations have started adopting iris biometric solutions for access control and consumer authentication, which is driving the market growth significantly.

The report found that the global iris biometric market sales reached US$2.6 billion in 2019, and it is expected that the compound annual growth rate of this market will reach 14% by 2030.

According to the report, iris recognition solutions are becoming more attractive than fingerprint and face biometric solutions. This is largely due to the superior accuracy and speed of biometric technologies currently available on the market.

Iris recognition biometric technology has the potential to solve problems caused by the COVID-19 epidemic, such as facial recognition's inability to identify people wearing masks.

Among these regions, South Asia-Pacific is exhibiting high growth rates due to growing demand for digital services such as mobile banking, digital payments, and mobile wallets across the region.

“Iris recognition is rapidly becoming part of the daily operations of many law enforcement and government agencies for personal identity verification, as iris recognition remains one of the most accurate forms of identification available,” the report states.

“This shift towards iris biometric technology creates lucrative opportunities for biometric solution providers.”

Iris Biometric Solutions in Hospitals and Healthcare Facilities Application

Iris recognition is an automated biometric method that uses visible and near-infrared light to take high-contrast photos of a person's iris. Data breaches, medical identity theft and duplicate medical records are some of the major challenges faced by hospitals and healthcare organizations, the report said.

According to the Institute of Medicine, half of all hospital deaths each year are due to medical errors caused by mistaken patient identification. To prevent such incidents, iris scanning technology is the most prominent biometric technology currently in use, the report said. The increasing demand in the healthcare industry is beneficial for iris recognition as it is contactless and can scan users from a distance. Various medical institutions use iris recognition to authenticate patients, doctors and staff.

Therefore, rising adoption of iris biometric solutions in hospitals and medical institutions is driving the growth of the iris biometric market.

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