Iris Recognition Market Analysis
Iris Recognition Market Driven by Growing Demand in Biometric Authentication and Access Control Units. Iris Recognition Industry to be Dominated by North America, APAC to Exhibit Promising Growth
The global iris recognition market is expected to exhibit a CAGR of 22% over the forecast period from 2016 to 2022, according to the latest research report from Market Research Future (MRFR). The global iris recognition market is mainly driven by the growing demand for iris recognition in biometric authentication and access control systems in the corporate sector as well in consumer electronics and public sector institutions such as hospitals and government buildings.
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Leading players in the global iris recognition market include IBM Corporation, Princeton Identity, Irisys Co. Ltd., CMITech Company Ltd., Eye Lock, IriTech Inc., Iris ID Inc., Cross Match Technologies Inc., Safran SA, Cogent Inc., and 3M.
In July 2019, China announced the development of a database containing the iris recognition information of 20 million people. The database is expected to be used for public security purposes such as catching criminals or locating missing people.
The global iris recognition market is segmented on the basis of product type, component, application, end use, and region.
By product type, the global iris recognition market is segmented into PC and laptops, smartwatches, smartphones, and others. Smartphones are the major segment in the global iris recognition market and are likely to remain a steady source of revenue for the market over the forecast period due to the growing demand for iris recognition for authentication in smartphones.
By component, the global iris recognition market is segmented into hardware and software.
By application, the global iris recognition market is segmented into access control and time control.
By end use, the global iris recognition market is segmented into government, BFSI, consumer electronics, healthcare, and others. The government sector is expected to exhibit the fastest growth rate over the forecast period, followed by the BFSI sector.
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The global iris recognition market is segmented by region into North America, Europe, Asia Pacific, and rest of the world. The global iris recognition market is likely to be dominated by North America over the forecast period due to the growing awareness regarding the efficacy of iris recognition in ensuring secure access control and the development of several leading technology platforms to produce advanced iris recognition products. The widespread adoption of biometric systems in the U.S. and Canada has driven awareness about the benefits and easy installation and management of biometrics, leading to an increased interest in iris recognition technology. The high success rate of iris recognition technology to identify individuals and make reliable judgments regarding authorization of entry is likely to drive the demand from the iris recognition market in North America over the forecast period.
Europe is also likely to hold a leading share in the global iris recognition market due to the growing adoption of iris recognition and other biometric technologies in the region, which has driven the awareness among corporate end users regarding the efficacy of iris recognition technology. The growing awareness about access control in Europe is also likely to be a key driver for the iris recognition market in the region over the forecast period. The increasing development of biometric recognition technologies in the European market is also likely to ensure steady growth of the iris recognition market in the region over the forecast period.
North America holds a share of around 36% in the global iris recognition market, followed by Europe with 25%.
Asia Pacific is likely to exhibit rapid growth in the global iris recognition market over the forecast period, as leading countries in the region have exhibited a steady growth in the demand for iris recognition and other biometric technologies in order to combat a growing threat of corporate espionage, thefts and robberies, and cybercrime linked to biometric data storage. China, India, Japan, South Korea, and other leading economies in Southeast Asia, such as Thailand, Malaysia, Singapore, and Australia are likely to be the major regional markets for iris recognition technology in Asia Pacific over the forecast period.
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