IRIS RECOGNITION MARKET TO REACH USD 7.7 BILLION BY 2027 | CAGR 16.3% – FORENCIS RESEARCH

Iris Recognition Market Size, Share, Trends, Growth, Analysis, Research

Global Iris Recognition Market: Key Highlights

  • According to the new market research report Iris Recognition Market by Product (Scanners, Smartphone, Desktop PC/Laptops, Smart Watches, Others), by Component (Hardware, Software, Services & Solutions), by Application (Identification & Access Control, Time & Attendance, Others), by End-User (Government, Consumer Electronics, Military & Defense, Automotive, BFSI, E-Commerce, Healthcare, Transportation & Immigration, and Others), by Region (North America, Asia-Pacific, Europe, Middle East & Africa, South America) – Global Forecast (2019 to 2027)”, the global Iris Recognition market is estimated to reach USD 7.7 Billion by 2027 at a CAGR of around 16.3% during the review period.
  • Iris recognition or iris scanning is the process of using near-infrared light and visible light to take high-quality photographs of iris. It is the form of biometric technology that works parallel to face recognition and fingerprint recognition.
  • Iris scanning technology provides services to law enforcement officers to compare iris images of suspects with an existing database of images in order to  or confirm the subject’s identity

Iris Recognition Market

Global Iris Recognition Market: Key Market Dynamics

  • Increasing adoption of iris recognition technology by a government for border security control and authentication and identification process and increasing installation of iris recognition technology in smartphones is expected to drive the market during the forecast period
  • However, various popular biometric technologies and privacy intrusion & inconvenience are expected to hinder the growth of the market during the projected years
  • Introduction of iris technology in the automotive industry and Integration of Cloud Computing Solutions with Iris Recognition is will become an opportunity for the market during the upcoming years
  • Asia-Pacific is expected to dominate the market and North America is expected to grow at a faster rate during the forecast period

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Global Iris Recognition Market: Regional Overview

  • Asia-Pacific

Asia-Pacific is expected to dominate the market during the projected period. Increasing the consumer electronics market, increasing population, and growing disposable income are driving the market in the Asia-Pacific region. China and India are the countries expected to hold the largest market share in this region. In July 2018, more than 1.2 billion people in India were successfully enrolled with fingerprint and iris recognition to UIDAI Project. A few years back, 15% of peoples in India are failed to register with a fingerprint because a majority of the Indian population is manual laborers such as farmers with damaged fingerprints. Hence the  UIDAI committee decided to include Iris recognition as primary biometric technology for registering the identity. The presence of global players such as NEC Corporation, BioEnable Technologies, and many others are expected to add more value to the growth of the market in this region.   

  • North America

North America is expected to grow at a higher growth rate during the projected years. Adoption of the latest technological infrastructure, the presence of global players such as Iris ID, Inc., Aware, Inc., IriTech, Inc., and EyeLock LLC are expected to grow the market with the highest growth rate during the forecast period. In the past few years, iris recognition is majorly used for security purposes by the government of the US, Canada, and Mexico for border security control, to reduce terrorist attacks, check and maintain data of border crossing peoples.

Global Iris Recognition Market: Key Players Overview

  • Gemalto NV (Thales group):

Gemalto is one of the leading providers of digital security to various end-users for securing payments, border control security, and many others. The company operates in two business segments namely identity, IoT & cybersecurity and smartcards & issuance. The company is a subsidiary of the Thales group and based in 47 countries. In October 2017, the company invested in 3M Cognet for developing new Cogent biometric identification solutions. These solutions will support multi-modal identity searches such as fingerprint, palm print, face and iris recognition

  • NEC Corporation:

NEC Corp. engages in the provision of components, services, systems, and integrated solutions for communication and computing applications. It operates through four business segments: public business, enterprise business, telecom carrier business, system platform business, and others. In August 2018, the company invested in Tascent, Inc., the US-based biometric system company intending to accelerate and expand its safety business globally.

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Rep Id : SC 070

Published : 2020-03-13