Iris Recognition Market Analysis
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.
The global iris recognition market is predicted to touch USD 1 billion at a notable 22% CAGR over the forecast period (2016-2022), reveals the latest Market Research Future (MRFR) report. 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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Various factors are pushing the growth of the iris recognition market. These factors, in accordance to the Market Research Future (MRFR) report, include burgeoning demand for security systems due to increasing incidences of terrorist attacks, cybercrimes, and other illegal activities, growing demand for iris recognition systems from immigration, travel and numerous government organization, emergence of smartphones, and increased penetration of IoT in multiple sectors. Additional factors pushing the market growth include high-security requirements for biometric products, biometric technology implementation in smart devices, growing demand from healthcare, consumer electronics, BFSI and government, implementation of such systems in automated teller machines and pharmacy dispensing and increasing application of such systems at supermarkets and airports. On the contrary, lack of awareness about iris recognition systems, technical limitation, high costs, an intrusion of privacy, and vulnerability of the system are factors that may impede the iris recognition market growth over the forecast period.
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 Global Iris recognition market has been segmented into products, component, application and End-user. By products the market is classified into PC & laptop, smartwatch, and smartphones. By component, the market is classified into hardware and software. Iris recognition is being used for two applications majorly namely access control and time control and serving various industrial verticals namely government, BFSI, consumer electronics, healthcare and others.
Iris Recognition Industry News
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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