Digital technology is bound to imply use of AI, Metaverse, non-fungible tokens, augmented reality, and voice search optimization going forward. Programmatic advertising is another feather in cap. The future can’t be imagined without digitization, especially after the world has turned out to be aa global village. This would be the scene with digital technology market in the near future.
As per findings of a new market research report by Persistence Market Research, worldwide sales of the iris biometrics market reached US$ 2.6 Bn in 2019, and the market is anticipated to exhibit an impressive CAGR of 14% through 2030.
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Unlike software-based biometric solutions such as face and voice recognition, iris biometrics requires specific hardware to verify a person’s identity, hence, it is less common in consumer-facing deployments. But latest advancements and innovations in the biometrics space have made this technology more accessible in terms of cost and installation. Iris biometrics technology is becoming more prominent across various industries, including healthcare, consumer electronics, government, and others. Organizations have started adopting iris biometric solutions for the purpose of access control and consumer identity verification, which is significantly driving market growth.
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Key Takeaways from Iris Biometrics Market Study
- Iris recognition solutions are gaining traction over fingerprint and face biometrics solutions. This is mainly attributed to the exceptional accuracy and speed among the biometric technologies currently available in the market.
- Iris recognition biometrics technology has the potential to solve problems caused by the COVID-19 pandemic, such as facial recognition’s inability to recognize people when they are wearing masks.
- Among the regions, South Asia Pacific is exhibiting a high growth rate, owing to rising demand for digital services such as mobile banking, digital payments, and mobile wallets, across the region.
Rising Adoption of Iris Biometric Solutions in Hospitals & Medical Institutes
Iris recognition is an automated method of biometric identification, using visible and near-infrared light to take a high-contrast photograph of a person’s iris. Data breach, medical identity theft, and duplicate medical records are some of the major challenges hospitals and medical institutes face. According to the Institute of Medicine, half of hospital deaths each year occur due to medical errors from patient misidentification. For protection against such accidents, iris scanning technology is the most prominent biometrics technology being used nowadays. Increase in demand from the healthcare industry favors iris recognition, as it is contactless, scanning users from a distance. Various healthcare facilities use iris recognition to authenticate patients, physicians, and staff. Thus, rise in adoption of iris biometric solutions among hospitals and healthcare institutes is propelling the growth of the iris biometrics market.
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Key Questions Answered in the Iris Biometrics Market Report
How is the Iris Biometrics Market expected to grow over the projected period?
What direction is the Iris Biometrics Market expected to take in terms of volume and value during the forecast period?
What is the impact of macroeconomic factors on the Iris Biometrics Market in future?
What are the key market drivers in the Iris Biometrics Market?
What are significant opportunities and improvement areas for Iris Biometrics Market manufacturers?
What are the key developments and trends taking over the Iris Biometrics Market?
Which are the emerging countries that are expected to create significant growth opportunities in the Iris Biometrics Market?
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