The Global Iris Recognition Market is forecasted to be worth USD 5.88 billion by 2027. The key factors influencing the market include increasing usage of iris recognition system (IRS) in government identity systems and smartphones other IoT devices owing to its more accurate personal identification, reduced risks of security breaches, and huge overall growth of the IoT device industry.
Extensive growth in the smartphone usage and higher requirement of effortless quick biometric security in smartphone and tablet devices have been a substantial impulsive factor behind the growth of this market growth. Microelectronic semiconductor equipment have been investing enormously in the research development of various types of iris-based biometric techniques and implementing those in those devices. Additionally, increasing usage of multimodal two-step authentication system along with a higher preference of iris recognition techniques in such multimodal systems has been a major propelling factor for this market.
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The report on the Global Iris Recognition Market is an investigative study on the key features of the business landscape along with an analysis of the growth opportunities, challenges, threats, drivers and restraints, and limitations of the market. The report also offers insights into the segments, sub-segments, and regions exhibiting promising growth.
The report further sheds light on the competitive landscape of the Iris Recognition market to offer the readers an advantage over others. The competitive landscape section of the report talks about the recent advancements in the RD and technologies undertaken by the prominent players, along with their strategic business expansion plans, product launches, and brand promotions. The report pays special attention to the strategic alliances such as mergers and acquisitions, joint ventures, collaborations, agreements, corporate and government deals, and others adopted by the prominent players of the industry to expand their market presence and gain a substantial market position.
Companies profiled in the global Iris Recognition market:
BioEnable Technologies Pvt. Ltd., Iris ID Systems Inc., M2SYS Technology, Honeywell International Inc., IRITECH INC., Safran SA, EyeLock LLC, Aware Inc., Thales Group, and IrisGuard UK Ltd., among others.
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Emergen Research has segmented into the global Iris Recognition Market on the basis of Product, Industry Vertical, Application, System Type, Component, and Region:
Product Outlook (Revenue: USD Billion; Volume: Thousand Units; 2017-2027)
Iris Scanners
Smartphone Tablets
Wearable Gadgets
Others
Industry Vertical Outlook (Revenue: USD Billion; Volume: Thousand Units; 2017-2027)
Consumer Electronics
Government Defense
Banking, Financial services, and Insurance (BFSI)
IT Telecommunication
Retail and E-commerce
Human Resource
Healthcare
Others
Application Outlook (Revenue: USD Billion; Volume: Thousand Units; 2017-2027)
Identity management and Access Control
Time Monitoring
E-Payment
Component Outlook (Revenue: USD Billion; Volume: Thousand Units; 2017-2027)
Hardware
Software
System Type Outlook (Revenue: USD Billion; Volume: Thousand Units; 2017-2027)
Unimodal Biometric Systems
Multimodal Biometric Systems
Key Highlights from the Report
In June 2020, EyeLock LLC, a leading manufacturer of the iris recognition-based identity authentication solutions, revealed a global strategic partnership with CMITech Company, Ltd. of South Korea.
The partnership collaboration would help broaden the accessibility of the global iris technology market and enable EyeLock to launch new interoperable products in addition to the existing product line.
The smartphone tablet sub-segment is growing with the fastest growth rate of 12.6% during the projected era with extensive implementation in the smartphone industry, owing to the incorporation of the iris scanners in the smartphones for their higher accuracy precision in the multimodal multiple biometrics three-dimensional sensing system that drastically reduces the chances of replication or duplicity.
Regional Bifurcation of the Iris Recognition Market Includes:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Objectives of the Report:
Study of the global Iris Recognition market size by key regions, types, and applications with reference to historical data (2017-2019) and forecast (2021-2028)
Industrial structure analysis of the Iris Recognition Market by identification of various sub-segments
Extensive analysis of key market players along with their SWOT analysis
Competitive landscape benchmarking
Analysis of Iris Recognition market based on growth trends, futuristic outlook, and contribution to the total growth of the market
Analysis of drivers, constraints, opportunities, challenges, and risks in the global Iris Recognition market
Comprehensive analysis of competitive developments such as expansions, agreements, new product launches, and other strategic alliances
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