Expanding Application Areas and Technology Advances Drives the Global Market for Iris Biometrics, According to New Report by Global Industry Analysts, Inc.

GIA announces the release of a comprehensive global report on Iris Biometrics markets. Global market for Iris Biometrics is projected to reach US$1.5 billion by the year 2018, primarily driven by technology advances, expanding application areas and the encouraging use of the technology in physical access control applications.

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Iris Biometrics: A Global Strategic Business Report

San Jose, California (PRWEB) February 06, 2013

Follow us on LinkedIn – Prominent among the contactless biometric identification technologies, Iris biometrics identifies an individual by analyzing random colored patterns within human irises, which are unique to each individual and do not easily alter over lifetime. Relatively young in 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 however 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 traveler 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 has a huge untapped market as an emerging technology with adoption currently seen only in the area of high-end security and access control applications. 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. Demand for iris biometrics based access control deployments will also soar in work environments where individuals cannot use their hands to validate their claim of identity such as nuclear/chemical plants, biomedical labs, coal mines, food processing, construction, and even oil & gas companies.

Conscientious research and development efforts in this space will foster the expansion of application areas, thereby helping create robust growth opportunities for the Iris biometrics market. Novel applications such as use of iris biometrics for workforce management, automotive ignition and integration with automated teller machines are projected to gain traction in the near future thereby pushing the market further in the medium to long term. In the upcoming years, the CIVETS countries are poised to emerge into the next cluster of developing markets to turbo-charge future growth in the market. Characterized by burgeoning economies, increase in foreign investments, fast paced urbanization, presence of large relatively untapped private security markets, CIVETS is forecast to witness increased adoption of security systems. Rapid expansion in construction, commercial, public and residential, in this region will create new opportunities for biometrics based access control systems including iris biometrics systems. Growing economic activity, establishment of new business operations across all industrial sectors increases the need for efficient and safe identity verification and thus offers optimistic growth opportunities for Iris biometrics market.

As stated by the new market research report on Iris Biometrics, the US continues to remain the largest regional market accounting for a majority share in global sales. The Middle East region represents one of the fastest growing regional markets with sales in the region waxing at a CAGR of about 29.1% over the analysis period.

Major players in the global marketplace include Aditech Ltd., AOptix Technologies, Inc., BioEnable Technologies Pvt. Ltd., Iris ID, IrisGuard Inc., SRI International, EyeLock Corp., and Human Reco Systems, among others.

The research report titled “Iris Biometrics: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, company profiles, mergers, acquisitions and other strategic industry activities. The report provides market estimates and projections for global iris biometrics market in US$ Thousand for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, UK and Rest of Europe), Asia-Pacific, Middle East, and Latin America.

For more details about this comprehensive market research report, please visit –
http://www.strategyr.com/Iris_Retinal_Biometrics_Market_Report.asp

About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.

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Global Industry Analysts, Inc.
Telephone: 408-528-9966
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Email: press(at)StrategyR(dot)com
Web Site: http://www.StrategyR.com/

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