The Iris recognition Market is growing rapidly over ~20% of CAGR and is expected to reach at USD ~4 billion by the end of forecast period.
In this rapidly changing and technologically developing environment, security needs are ever increasing. The market trend towards the higher requirement effective security systems, theft detection systems are driving the Iris recognition market. The study indicates that due to the popularity of smart gadgets, most of the organizations are focusing on embedding various biometric solutions to their products. This would ultimately result in the increase of iris recognition market.
The study indicates that iris recognition has many advantages as high reliability, considerable ease of use, high stability, ideal for handling large database, and others. These advantages of iris recognition technology drives its market. The iris recognition has few challenges to overcome. The challenges include high costs, favorable environment i.e. proper light, person has to be still for some time to capture the iris image. These challenges are the restraining factors in the growth of iris recognition market. As per a recent news, the product named NCheck Bio Attendance 4.0 software that provides iris recognition feature for mobile or on-site time and attendance logging is launched by Neurotechnology.
Taste the market data and market information presented through more than 30 market data tables and figures spread over 100 numbers of pages of the project report. Avail the in-depth table of content TOC & market synopsis on “The Iris recognition Market Research Report –Forecast to 2022”.
Iris recognition Market Segmentation:
The Iris recognition market has been segmented on the basis of component, product, applications and end-user. Looking through the component segment it’s been observed that hardware component dominate the market but the study indicates that by software component is fastest growing in the Iris recognition market. The rise in demand for high-tech devices and accurate results have inhibited consumer electronics sector to adopt iris recognition.
The study indicates that products such as smart watch, smart phones are expected to see a sudden hike in the iris recognition market by the forecast period owing to the technological advancements in biometric softwares.
The prominent players in the Iris recognition market are- 3M Cogent Inc. (U.S.), Safran (France), Cross Match Technologies Inc. (U.S.), Iris ID, Inc. (U.S.), Iritech, Inc. (U.S.), SRI International (U.S.), EyeLock (U.S.), CMITech Company, Ltd. (Korea), Bioenable Technologies (India), Irisys Co., Ltd. (Korea) among others.
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Market Research Analysis:
Regional analysis for Iris recognition market is studied in different geographic regions as Americas, Europe, Asia-Pacific and Rest of world. It has been observed that North America region would account for larger share in Iris recognition market followed by Europe. It has been observed that North America region has increased demand for security systems which has resulted in the growth of Iris recognition market. The study reveals that Asia-Pacific region is expected to have a significant growth in Iris recognition market by the forecast period owing to factors such as extensive R&D carried out by various players in this region, government initiatives to adopt iris recognition into major programs, and others.
Commenting on the report, an analyst from Market Research Future (MRFR)’s team said:
By End-user segment, the government sector is dominating the Iris Recognition market, whereas the banking, financial and insurance sectors also show a positive growth in the Iris Recognition market. The rising penetration of smart electronic devices with biometric features would result in the growth of iris recognition market in the consumer electronics sector by the end of forecast period.
By Region, North America region has been leading the Iris Recognition market. Many factors such as innovation, high technological developments have credited to improvements of Iris Recognition market in North America region. North America region is followed by Europe region showing a positive growth in the Iris Recognition Market. It has been observed that Asia-Pacific countries like China, Japan and India would enhance the Iris Recognition market by the forecast period.
For the purpose of this study, the global Iris Recognition market has been segmented on the basis of equipment and end user industries. The report on Iris Recognition contains detailed analysis with market size of each segment.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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