Iris Recognition Market Overview:
The Iris Recognition Market in the APAC region will grow at the fastest pace over the forecast period. It is predicted to grow at a 25% CAGR. Increasing government initiatives in China and India, increasing criminal activities and increasing technology adoption are contributing to the market growth in this region.
Iris recognition is an identification method used to maintain a high level of security and privacy. It uses a mathematical pattern recognition technique on the video images of both the irises which have complex random patterns that are stable, unique, and visible from a certain distance. This technology is generally used due to its non-invasive and non-intrusive nature. Iris recognition can identify the suspect with complete accuracy, as it captures images of the iris of a human being and authenticates it using a differential code. Such a security system is difficult for hackers to crack, hence, providing a higher level of security.
Iris scanning or iris recognition is a process that uses near-infrared and visible light for taking high-contrast images of an individual’s iris. This is a type of biometric technology just as fingerprinting and face recognition. It offers a more accessible alternative to remembering usernames and passwords. Iris scanning provides a more reliable and quicker means of authentication. Iris recognition systems are making headway into various horizontal markets, including traditional-based applications, citizen ID, computer security, physical access control, and much more.
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Iris Recognition Market Key Players
Leading players profiled in the iris recognition market report include IBM Corporation, Princeton identity, Irisys Co., Ltd., CMITech Company, Ltd., Eye Lock, IriTech, Inc., Iris ID, Inc., Cross Match Technologies Inc., Safran S.A., 3M Cogent Inc., and others.
Iris Recognition Market Segmentation
The Market Research Future report offers a wide segmental analysis of the iris recognition market on the basis of component, products, application, and end user.
Based on the component, the iris recognition market is segmented into software and hardware.
Based on products, the iris recognition market is segmented into scanners, laptops, smartphones, PC, and others. Of these, the smartphone will have the largest share in the market over the forecast period.
Based on application, the iris recognition market is segmented into time monitor and access control.
Based on end user, the iris recognition market is segmented into government, healthcare, defence, and BFSI. Of these, the government sector will dominate the market over the forecast period.
Iris Recognition Industry News
February 2019: Xperi Corporation showcased its latest technologies at Mobile World Congress 2019 which included FaceSafe, 3D Portrait, Body & Face Analytics, IrisXR, and Gaze Tracking. The IrisXR is an iris recognition product targeted at AR, VR and MR markets.
June 2019- Leading iris recognition technology provider, Iris ID is offering its iCAM M300 handheld biometric platform with attendance and time and employee mustering and gateless access control both for government and commercial markets. This is made possible through the embedded XpressEntry software offered by Telaeris. iCAM M300 users can extend the door-mounted iris readers through cloud-based mobile services, which syncs all users, activity data, and access automatically. It is ideal for any use virtually that needs mobile identity authentication. The embedded cameras will allow simultaneous capture of facial and iris modes.
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Iris Recognition Market Regional Analysis
Based on the region, the iris recognition market report covers growth opportunities and the latest trends across the Asia Pacific (APAC), the Middle East and Africa, North America, and Europe. Of these, North America will dominate the iris recognition market over the forecast period. It is expected to grow at a 23% CAGR. This is owing to the early adoption of iris biometrics by the government of Canada and the US for safety on public transport. High investment in R&D for advanced technology developments and the presence of key players in the region are also driving market growth in this region.
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