Market Highlights
The global Iris Recognition Market Share is developing at a quick speed. Iris Recognition gives progressed investigation applications to upgrade security, increment throughput while further developing client experience. With cutting edge biometrics, associations are acquiring the ability to underwrite after existing reconnaissance infrastructures, access control, and time and participation applications.
Iris recognition is hailed as a more secure and more advantageous security technology. It is nearly there where one can remember to say farewell to keys, cards, passwords, PIN codes, and so on Resultantly, the reception of iris recognition is developing quickly, as is growing its market esteem. The market is relied upon to keep on earning huge foothold in the years to come.
As per Market Research Future (MRFR), the global iris recognition market is projected to make dramatic valuation by 2027, enlisting a wonderful CAGR during the conjecture time frame (2020-2027). Expanding take-up of iris recognition technology in identification confirmation, line security control and wrongdoing extortion avoidance and location is a significant tailwind for the market rise.
Furthermore, the expansion of cutting edge biometrics and brilliant cell phones, close by the rising employments of this biometric procedure in government and travel and migration businesses, helps the market size. Then again, specialized limits and digital and deception assaults, for example, mocking and altering, bogus acknowledgment rate (FAR), and bogus recognition rate (FRR), present difficulties to market development.
Likewise, the restrictive expense of arrangement and hazard implied in protection interruption are significant development obstructing factors for the market. In any case, the persistent accomplishment of this cutting-edge biometric in criminal examinations would uphold the market development all through the evaluation time frame.
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Segmentation:
The report is segmented into products, components, end-users, and regions. The product segment is sub-segmented into PC & laptop, smartwatch, smartphone, and others. The component segment is sub-segmented into hardware and software. Among these the smartphone segment accounts for the largest market share.
The application segment is sub-segmented into access control and time control. The end-user segment is sub-segmented into government, BFSI, consumer electronics, healthcare and others. Among these, the government segment accounts for the largest market share. By Region, the market is segmented into North America, Europe, Asia-Pacific, and rest-of-the-world.
Global Iris Recognition Market – Regional Analysis
North America dominates the global iris recognition market. Technological advancements and increasing usages of iris biometrics by law enforcement agencies and various other sectors are major driving forces behind the market growth. Moreover, the early adoption of cutting-edge identification and recognition technologies assures North America an edge over other regions.
The Asia Pacific iris recognition market stands second. Huge advancements in biometric technologies and the availability of futuristic yet cost-competitive identification technologies are key growth drivers for the regional market.
Also, the increasing adoption of next-generation biometrics across government and commercial sectors for the identification of individuals provides impetus to the growth of the regional market. Additionally, the dynamic growth in industries such as the web, telecom, data centers, and the internet of things (IoT) ensures a substantial share of the Region in the global space.
Global Iris Recognition Market – Competitive Analysis
Highly competitive, the iris recognition market appears to be fragmented due to numerous well-established players. Mergers & acquisitions, brand reinforcement, and innovation remain key trends of these leading players.
Major players:
Players leading the iris recognition market include Safran S.A., 3M Cogent Inc., Cross Match Technologies Inc., IriTech, Inc., Iris ID, Inc., Eye Lock, Irisys Co., Ltd., CMITech Company, Ltd., Princeton identity, and IBM Corporation.
Industry/ Innovation/ Related News:
May 5, 2021 --- Iris ID announced that its biometrics is now available on MetaDolce Technologies’ tablet. Iris ID’s biometric hardware and software embedded in MetaDolce Technologies’ latest multimodal tablet model is intended for various applications among law enforcement, border patrol, and healthcare professionals.
May 20, 2021 --- Dermalog, pioneering fingerprint biometrics, announced that it is using multimodal biometrics expertise to offer flexible access control solutions. Dermalog’s automated fingerprint identification system and fingerprint & document scanners are used in government systems worldwide. The company has established leadership in a range of biometric modalities, and its recently-unveiled Iris Face Temperature Camera.
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Iris Recognition Market, By Component (Hardware, Software), By Products (Smart Watch, PC, Smart Phones, Laptops, Scanners), By Application (Access Control, Time Monitor), By End-User (BFSI, Defense, Healthcare, Government) - Forecast 2027
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According to the new market research report "Iris Recognition Market by Component (Hardware, and Software), Product (Smartphones, Scanners), Application (Identity Management and Access Control, Time Monitoring, E-payment), Vertical, and Region - Global Forecast to 2024", the global iris recognition market size is expected to grow from USD 2.3 billion in 2019 to USD 4.3 billion by 2024, at a CAGR of 13.2% from 2019 to 2024.
The high adoption of iris scanners from government, banking & finance, military & defense, and travel & immigration verticals, especially for the identity management and access control application, is the primary reason behind the largest share of this segment in the market.
This will help to curb the cases of identity fraud and internet fraud and make e-payments more safe and secure.
A few key players operating in the iris recognition market are Thales Group (France), IDEMIA (France), Iris ID (US), IriTech (US), HID Global (US), Princeton Identity (US), EyeLock (US), Secure Identity (US), Unisys (US), Aware (US), NEC Corporation (Japan), BioEnable Technologies (India), CMITech (South Korea), 4G Identity Solutions (India), and Mantra Softech (India).
Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients.
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