Global Iris Biometrics Industry

In the Age of Face Masks, Failure Rates of CCTV &Facial Recognition is Increasing. Iris Biometrics Rises Over the Horizon as an Effective Alternate

The global Iris Biometrics market is expected to reach US$4.8billion by the year 2027, trailing a post COVID-19 CAGR of 10.8% over the analysis period 2020 through 2027. People worldwide are today wearing face masks to protect against the spread of COVID-19. Several governments have made wearing face masks in public mandatory under laws & regulations for control of epidemic diseases. The COVID-19 pandemic has resulted in unprecedented disruptions and sweeping changes across various industries. The no-touch culture set into motion by the pandemic has created a notable demand for touch less biometric solutions. Advanced multifactor and multimodal biometric platforms are gaining increasing relevance due to their authentication accuracy and alignment with social distancing guidelines for COVID-19. Latest rules specified by various governments require businesses to avoid using palm print, fingerprint and hand-key readers for preventing physical contact and spread of the virus. These measures are paving way for iris scans and facial recognition technologies that are user-friendly and suitable for diverse environments. With people vary of touching card readers, keypads, elevator buttons, and door handles, facial and iris recognition, as well as other such contactless biometric technologies are likely to replace methods that require repeated touching of surfaces by people.

Contactless biometrics technology is set to experience remarkable gains due to the confluence of factors such as COVID-19-related guidelines and adoption of digital security solutions. The increasing focus on public safety monitoring coupled with the need for early detection and patient screening are driving the adoption of advanced contact-less biometrics technology. Fueled by rising application of the technology for identity verification, transactions, access control and payments, the global market for contactless biometrics technology is projected to post a strong growth rate through the year 2030. Being a contactless authentication solution, Iris biometrics is witnessing sudden popularity. With effectiveness of facial recognition declining with people wearing masks, iris biometrics is emerging as an effective alternative. The technology is anticipated to receive a major boost from COVID-19 pandemic and associated need for contactless biometrics coupled with rising adoption of online transactions. The concept is expected to witness a notable uptick in facilities requiring stringent surveillance, access control and law enforcement. In addition, biotechnology and healthcare units are estimated to hold the major share, mainly for facial recognition. The adoption of security and innovative solutions for healthcare applications is expected to foster demand for iris scans and facial recognition.

Contactless biometrics is anticipated to find rising application for identity verification and access control while software solutions are estimated to enjoy the dominating position. The increasing implementation of contactless biometrics is attributed mainly to the fact that the technology is more secure in comparison to conventional access control options. The contactless nature of the technology makes biometrics a compelling proposition for enterprises and governments in the wake of COVID-19. The pandemic is poised to accelerate global adoption of contact-less access products that offer smart security while supporting hygiene protocols. A large number of organizations are anticipated to make a shift away from solutions requiring physical contact towards touch-less platforms. The touch-less biometrics technology is likely to also gain from technological advances intended to fulfill specific needs of various organizations. The increasing demand for touch-less biometrics technology is prompting various companies to develop advanced solutions to satiate the demand. Developers in Japan are coming up with innovative solutions such as new security gates to identify people, even individuals with masks. Japanese players including Optex and Fujitec are working on bringing contactless hand signals to specific locations such as elevators for opening doors. On the other hand, NEC signed a deal with Airports Authority of India for implementing paperless biometric boarding solutions at various airports for supporting Digi Yatra that is intended for digital processing of travelers at airports. In addition, increasing focus of various IT companies to disable fingerprint-based biometrics and embrace card-based or facial biometrics is a major concern for fingerprint scanner vendors. Dermalog, a Germany-based provider of facial, iris and fingerprint recognition hardware, has adopted cameras for gauging body temperature. With fever being one the main signs of COVID-19 in most patients, fever screening is emerging as a valuable option for preventing spread of the COVID-19 virus.

Competitors identified in this market include, among others,

• Bioenable Technologies Pvt., Ltd.
• Daon, Inc.
• Anviz Global
• 4G Identity Solutions Pvt., Ltd.
• Aditech Ltd.
• Argus Trueid
• Biomatiques Identification Solutions Pvt., Ltd.
• Aware, Inc.
• Bayometric
• CMI TECH