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

About Forencis Research

Forencis Research is a B2B market research, intelligence and advisory firm engaging in market research and consulting services across leading industries, globally. Our robust and meticulous research team provides high growth and niche syndicated reports, customized reports and consulting reports to the diverse global fortune clientele and intellectual institutions. Forencis Research database is a constantly evolving pool of reports and white paper studies which helps companies to foster accelerated revenue growth in global and regional markets. Forencis Research delivers market research and consulting reports on high growth markets to help companies dominate their competition and set themselves apart by attaining increased revenue growth. To enable exclusive insights around the target market, Forencis Research employs robust research Methodology & Design which includes data acquisition, data synthesis and data correlation, through Primary and Secondary Research. Through the obtained data, Top-down and bottom-up methods are exercised to attain and verify data sanity within the entire market. This market data is yet again correlated with Forencis Research’s internal database before presenting it in any of our final publications. These methods of data correlation and amalgamation benefit us to put forward accurate market estimates enabling our clients to transform their business, markets and most importantly their “REVENUES”.

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Data Bridge set forth itself as an unconventional and neoteric Market research and consulting firm with unparalleled level of resilience and integrated approach

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