Iris Recognition Market is projected to reach a value of over USD 7.7 billion by 2027
IRIS RECOGNITION MARKET: SUMMARY
The Global Iris Recognition Market is projected to reach a value of over USD 7.7 billion by 2027 at a CAGR of around 16.3%.
Iris recognition measures the unique patterns in the colored circles present in the eye to authenticate and verify personal identity. The advantages such as contactless, speed, and accuracy, the iris recognition can operate from long distance. Iris recognition technology is used for various identification & access control, time & attendance, and many other systems to identify peoples and give authority to enter the work area. This system is used in various end-user industries such as BFSI, military & defense, government, consumer electronics, healthcare, and automotive among others.
IRIS RECOGNITION MARKET: DRIVERS & OPPORTUNITIES
Market Driver:
- Increasing Adoption of Iris Recognition Technology by Government for Border Security Control and Authentication and Identification Process
Iris recognition is one of the biometric technology which enables secure delivery of government services to the citizens. Many national governments used iris biometrics systems to authenticate people for social service benefits, passports, voter registration, and many other governmental applications. In the past few years, iris recognition technology is highly used for border security applications for securing the nation from terrorists. Millions of people in the number of countries around the world have enrolled in iris recognition systems for various convenience purposes such as national ID systems based on iris recognition and passport-free automated border-crossings. In most cases, this system is enabled with other biometrics systems for more accurate identification of an individual. Due to the increasing requirement for border security control and government uses for various benefits are expected to drive the market during the forecast period.
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Market Opportunity:
- Integration of Cloud Computing Solutions with Iris Recognition
Cloud computing provides reliable and fast services to the client. The integration of cloud computing and the iris recognition system provides fast and secure software services to users. IRITECH, INC. one of the major providers of the iris recognition system, developed IriSecureID, a cloud-based iris recognition service for providing various types of functions such as enrollment, verification, identification, and de-duplication. This service is deployed as web services which makes easier to integrate into other existing applications. Increasing demand for security against various attacks with on-board processing, PKI- based encryption, secure client/server communication channel, and sophisticated forking matching algorithm, cloud computing with iris recognition has become an opportunity during the forecast period. This integration will suitable for small as well as large-scale applications.
IRIS RECOGNITION MARKET: KEY SEGMENTS
- Based on product: Scanners, Smartphone, Desktop PC/Laptops, Smart Watches, and Others
- Based on component: Hardware, Software, and Services & Solutions
- Based on the application: Identification & Access Control, Time & Attendance, and Others
- Based on end-user: Government, Consumer Electronics, Military & Defense, Automotive, BFSI, E-Commerce, Healthcare, Transportation & Immigration, and Others
- Segmentation based on region covers: North America, Europe, Asia-Pacific, Middle East & Africa and South America with individual country-level analysis.
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IRIS RECOGNITION MARKET: REPORT SCOPE
The report on the iris recognition market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
Report Features
Specifics
Historical/Estimated/Forecasted Market Size Years
2018–2027
Base Year for Market Calculation
2019
Forecasted Period
2020–2027 (2020 estimated year, forecasted up to 2027)
Measured Units
Value (USD Million)
Segments Included
Product, Component, Application, End-User
Regional Coverage
North America, Asia-Pacific, Europe, Middle East & Africa, South America
KEY COMPANIES COVERED
- Gemalto NV (Thales Group) (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
- Iris ID, Inc.
- IRITECH, INC.
- NEC Corporation
- IDEMIA
- EyeLock LLC
- BioEnable Technologies
- CMI TECH.
- IrisGuard Inc.
- Aware, Inc.
- Other Key Companies
- Princeton Identity.
- DERMALOG Identification Systems GmbH
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IRIS RECOGNITION MARKET: REPORT SEGMENTATION
For the scope of the report, In-depth segmentation is offered by Forencis Research
Iris Recognition Market, by Product
- Scanners
- Smartphone
- Desktop PC/Laptops
- Smart Watches
- Others
Iris Recognition Market, by Component
- Hardware
- Software
- Services & Solutions
Iris Recognition Market, by Application
- Identification & Access Control
- Time & Attendance
- Others
Iris Recognition Market, by End-User
- Government
- Consumer Electronics
- Military & Defense
- Automotive
- BFSI
- E-Commerce
- Healthcare
- Transportation & Immigration
- Others
Iris Recognition Market, by Region
- North America
- US
- Canada
- Mexico
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Taiwan
- Rest of Asia-Pacific
- Europe
- Germany
- UK
- France
- Italy
- Netherlands
- Rest of Europe
- Middle East & Africa
- Saudi Arabia
- UAE
- Rest of Middle East & Africa
- South America
- Brazil
- Argentina
- Rest of South America
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Table of Content
1 Introduction
2 Research Design & Scope
3 Executive Summary
4 Market Dynamics
5 Industry Trends — Porters Five Forces Analysis
6 GLOBAL IRIS RECOGNITION MARKET BY PRODUCT, Market Size in USD Million (2019–2027)
7 GLOBAL IRIS RECOGNITION MARKET BY PRODUCT, Market Size in USD Million (2019–2027)
8 GLOBAL IRIS RECOGNITION MARKET BY APPLICATION, Market Size in USD Million (2019–2027)
9 GLOBAL IRIS RECOGNITION MARKET BY END USER, Market Size in USD Million (2019–2027)
10 Competitive Landscape
11 Company Profiles
12 Appendix
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