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Iris is one of the most widely used biometric modalities because of its uniqueness, high matching performance, and inherently secure nature. Iris segmentation is an essential preliminary step for iris-based biometric authentication. The authentication accuracy is directly connected with the iris segmentation accuracy. In the last few years, deep-learning-based iris segmentation methodologies have increasingly been adopted because of their ability to handle challenging segmentation tasks and their advantages over traditional segmentation techniques. However, the biggest challenge to the biometric community is the scarcity of open-source resources for adoption for application and reproducibility. This review provides a comprehensive examination of available open-source iris segmentation resources, including datasets, algorithms, and tools. In the process, we designed three U-Net and U-Net++ architecture-influenced segmentation algorithms as standard benchmarks, trained them on a large composite dataset (>45K samples), and created 1K manually segmented ground truth masks. Overall, eleven state-of-the-art algorithms were benchmarked against five datasets encompassing multiple sensors, environmental conditions, demography, and illumination. This assessment highlights the strengths, limitations, and practical implications of each method and identifies gaps that future studies should address to improve segmentation accuracy and robustness. To foster future research, all resources developed during this work would be made publicly available.