The iris biometrics market has been estimated to hit a value of US$1.5 billion by 2018, predominantly driven by technological advances, expanding application areas and the encouraging use of the technology in physical access control applications.
Relatively young within the biometric identification market with commercial availability only since 1995, iris biometrics, thanks to its swift results, low failure to error rates and high accuracy levels, is fast proving to be a preferred choice of biometric identification in a range of applications.
Growth in the iris biometrics market until now has been largely driven by increased adoption of the technology in travel and immigration segment and physical access control applications. Mandatory checking of traveller credentials and establishing their identity, as a part of homeland/border security, has been especially creating significant demand for range of biometric technologies, including iris recognition in travel and immigration control.
Government regulations mandating stringent security measures to be in place for key infrastructure facilities, particularly airports have also been driving growth in the market over the years.
Being contactless technology and capable of capturing iris images of up to 30 people from as far as 2 to 3 meters and even when they are on the move, iris scanning systems is proving to be a best bet for the high-throughput access control deployments such as in airports and immigration control.
Iris biometric systems have a huge untapped market as an emerging technology with adoption currently seen only in the area of high-end security and access control applications. The changing nature of security requirements in a range of government and commercial application areas is especially offering a host of opportunities for iris biometrics.
These include safe and unobtrusive contactless biometric identification, robust identification systems with smaller and flexible form factors that can easily be integrated into a range of electronic systems, and identification systems with the ability to offer extensive security by performing one-to-many identification.
Growth in the market over the next few years will be especially driven by increasing use of iris technology for national ID programs, banking and financial services, and system and network access control.
Major players dominating the iris biometrics market include Aditech Ltd., AOptix Technologies, Inc., BioEnable Technologies Pvt. Ltd., Iris ID, IrisGuard Inc., SRI International, EyeLock Corp., and Human Reco Systems.
For more information on the iris biometrics market, see the latest research: Iris Biometrics Market
Follow us on Twitter @CandMResearch
Companiesandmarkets.com issues news updates and report summaries covering all major industries and sectors. The service provides additional client monitoring and timely alerts to breaking industry and sector news leading the day's business headlines. News articles, written by our staff, contain additional analyst insight, providing value added insight for our readers. News updates and real-time alerts on newly-released market reports are also available from our Facebook page, Twitter feed @CandMResearch and RSS links. We also welcome inquiries from business journalists and the news media.