Insurance Technology Industry News

TMCNet:  Global Iris Recognition Market - Segmentation Analysis and Growth Forecast by Technavio

[November 13, 2017]

Global Iris Recognition Market - Segmentation Analysis and Growth Forecast by Technavio

According to the latest market study released by Technavio, the global iris recognition market is expected to grow at a CAGR of close to 21% during the forecast period.

This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20171113005860/en/

Technavio has published a new report on the global iris recognition market from 2017-2021. (Graphic: ...

Technavio has published a new report on the global iris recognition market from 2017-2021. (Graphic: Business Wire)

This research report titled 'Global Iris Recognition Market 2017-2021' provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecast for various market segments and all geographical regions.

This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing

Buy 1 Technavio report and get the second for 50% off. Buy 2 Technavio reports and get the third for free.

The market research analysis categorizes the global iris recognition market into the following type of end-user segments:

  • Government
  • Transportation
  • Healthcare

Looking for more information on this market? Request a free sample report

Technavio's sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.

Government

The government sector has adopted iris recognition biometric technology due to the incidences of violent activities and intrusions in the past. An iris scanner captures a high-resolution image of an individal's eye and ensures accurate real-time identification. Therefore, iris recognition technology was widely adopted in the government sector in 2016. The adoption of iris recognition technology is rising with the increasing adoption of mobile biometrics in the government sector for law enforcement.

According to Amrita Choudhury, a lead analyst at Technavio for automatic identification system research, "The need to track employees and government initiatives such as e-passports, border control programs, and e-governance are fostering the growth of the market. Other technologies require repeated enrollment of individuals depending on the application areas whereas the iris recognition is durable because some individuals need to enroll only once. Furthermore, the technology is preferred because it is non-intrusive and non-invasive."

Transportation

For cross border programs at various airports and seaports, there is an increase in the implementation of iris recognition biometric technology. This has led to the market experiencing revenue growth. Many immigration counters have integrated iris recognition technology that will enhance passenger verification, increase workforce efficiency, and reduce queuing up at counters. Additionally, iris recognition is being embedded in passports and visas for individual identification.

"To reduce the probability of terrorist attacks, the necessity to introduce security measures has increased as there is an increase in passenger traffic across different modes of transport. To monitor attendance of employees, identification, access control, surveillance, border control, and workforce management, iris recognition is being used in the transportation sector," says Amrita.

Healthcare

The implementation of stringent regulations such as Health Insurance Portability and Accountability Act (HIPAA) for maintaining patient privacy is one of the key reasons for the growth of the market revenue. To track time and attendance of employees and eliminate instances of borrowing swipe cards to gain access to controlled areas, the iris recognition technique is being increasingly adopted as an alternative to ID.

In the healthcare sector, the major factors that are leading to the adoption of iris recognition are healthcare frauds, medical identify theft, and inaccurate patient identification. The increased volume of critical and confidential data is promoting the growth in this sector. To maintain the privacy of electronic health records and to authenticate both patients and healthcare workers, iris recognition is being integrated with the existing systems in the healthcare sector.

The top vendors highlighted by Technavio's market research analysts in this report are:

  • BioEnable
  • Iris ID
  • IrisGuard
  • IRITECH
  • M2SYS Technology

Browse Related Reports:

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

If you are interested in more information, please contact our media team at media@technavio.com.


[ Back To Insurance Technology's Homepage ]