The iris recognition system is an automated method of biometric identification, which uses mathematical patterns for the recognition techniques on video image of an individual’s eyes. The patterns of an iris are complex, stable, and unique for each individual, which therefore increases the security of the automated teller machine (ATM) transactions. Furthermore, it uses video camera technology with a delicate infrared illumination, which, in turn, clicks the image of the intricate structure of an iris. Therefore, enhanced security for ATM machines and lower cost of investment are expected to boost the iris recognition-based ATM market growth in the near future.

Top impacting factors: market scenario analysis, trends, drivers, and impact analysis

Provision of advanced security to prevent frauds, reduced transaction time, and rising adoption of iris recognition technology by government banks are driving the growth of the market. However, lack of awareness among consumers regarding iris recognition-based ATM usage is expected to hamper the growth of the market. Contrarily, increase in penetration for the iris recognition-based ATM in emerging markets such as china, brazil and others can be seen as an opportunity for the market investments.

The global iris recognition-based ATM market trends are as follows:

Lack of awareness among consumers regarding iris recognition-based ATM usage:

Lack of awareness for the safety & security feature provided by iris recognition-based ATM in the developing countries is becoming major factor hampering market growth. Furthermore, for the service to function properly during the COVID-19 outbreak with lower incurring technological costs, the consumers are required to get the sufficient awareness for any iris recognition-based ATM. Moreover, the increased requirement of the iris recognition-based ATM during the pandemic is anticipated to require higher awareness. Therefore, the lack of awareness among the consumers regarding iris recognition-based ATM usage, will hamper the growth of global iris recognition-based ATM market size during the forecast period.

Provision of advanced security to prevent frauds:

The cash management iris recognition-based ATM automatically verifies the consumers authenticity by via scanner provided by iris ATM. Furthermore, to avoid frauds, the companies are introducing advanced & innovative technologies such as iris recognition-based ATM. In addition, the iris recognition-based ATM’s are difficult to manipulate by the robbers. Moreover, the cash management iris recognition-based ATM are tamper-proof which makes it harder to penetrate the machine. Therefore, the provision of advanced security to prevent frauds is anticipated to foster the global iris recognition-based ATM market growth in the near future.

COVID-19 scenario analysis

• With an unprecedented rise in COVID-19 cases, iris recognition-based ATM industry has experienced significant impact. As consumers are enlightened to use the iris recognition-based ATM during the PIN entering, a contact is made with the machine, which can be a major reason for the coronavirus transmission. 
• The financial sector was majorly affected due to the COVID-19 outbreak, owing to which the demand for the iris recognition-based ATM was witnessed to be rising due to contactless transaction from the ATM.

Market scope and structure analysis:

Key benefits of the report:

• This study presents analytical depiction of the global iris recognition-based ATM market along with the current trends and future estimations to determine the imminent investment pockets.    
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the market share.     
• The current market is quantitatively analyzed from 2020 to 2027 to highlight the global iris recognition-based ATM market growth scenario.         
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.    
• The report provides a detailed market analysis depending on the present and future competitive intensity of the market.

Key segments covered:

Questions answered in the iris recognition-based ATM market research report:             

• Which are the leading players active in the global iris recognition-based ATM market share?
• What would be the detailed impact of COVID-19 on the global iris recognition-based ATM market size?
• What are current trends that would influence the market in the next few years?
• What are the driving factors, restraints, and opportunities of the global iris recognition-based ATM market?
• What are the projections for the future that would help in taking further strategic steps?