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.
Market Driver:
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.
Market Opportunity:
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.
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.
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Report Features |
Specifics |
|---|---|
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Historical/Estimated/Forecasted Market Size Years |
2018-2027 |
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Base Year for Market Calculation |
2019 |
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Forecasted Period |
2020-2027 (2020 estimated year, forecasted up to 2027) |
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Measured Units |
Value (USD Million) |
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Segments Included |
Product, Component, Application, End-User |
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Regional Coverage |
North America, Asia-Pacific, Europe, Middle East & Africa, South America |
For the scope of the report, In-depth segmentation is offered by Forencis Research
Iris Recognition Market, by Product
Iris Recognition Market, by Component
Iris Recognition Market, by Application
Iris Recognition Market, by End-User
Iris Recognition Market, by Region
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE IRIS RECOGNITION MARKET STUDY
Note1: Tentative table of contents, may get updated during the course of research.
Note2: Company financial information is subject to availability in public domain
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE STUDY
