Global Iris Recognition Market is Expected to Exceed USD 4 billion by 2022

“Iris Recognition Market”
Iris Recognition Market, By Component (Hardware, Software), By Products (Smart Watch, PC, Smart Phones, Laptops, Scanners), By Application (Access Control, Time Monitor), By End-User (BFSI, Defense, Healthcare, Government) – Forecast 2022

Market Highlights

In this rapidly changing and technologically developing environment, security needs are ever increasing. The market trend towards the higher requirement effective security systems, theft detection systems are driving the Iris recognition market. The study indicates that due to the popularity of smart gadgets, most of the organizations are focusing on embedding various biometric solutions to their products. This would ultimately result in the increase of Iris Recognition Market.

 

The study indicates that iris recognition has many advantages as high reliability, considerable ease of use, high stability, ideal for handling large database, and others. These advantages of iris recognition technology drives its market. The iris recognition has few challenges to overcome. The challenges include high costs, favorable environment i.e. proper light, person has to be still for some time to capture the iris image. These challenges are the restraining factors in the growth of iris recognition market. As per a recent news, the product named NCheck Bio Attendance 4.0 software that provides iris recognition feature for mobile or on-site time and attendance logging is launched by Neurotechnology.

 

The Iris Recognition Market is growing rapidly over ~20% of CAGR and is expected to reach at USD ~4 billion by the end of forecast period.

 

Key Players

  • 3M Cogent Inc. (U.S.)
  • Safran (France)
  • Cross Match Technologies Inc. (U.S.)
  • Iris ID, Inc. (U.S.)
  • Iritech, Inc. (U.S.)
  • SRI International (U.S.)
  • EyeLock (U.S.)
  • CMITech Company, Ltd. (Korea)
  • Bioenable Technologies (India)
  • Irisys Co., Ltd. (Korea)

 

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Iris recognition Market Segmentation

The Iris recognition market has been segmented on the basis of component, product, applications and end-user. Looking through the component segment it’s been observed that hardware component dominate the market but the study indicates that by software component is fastest growing in the Iris recognition market. The rise in demand for high-tech devices and accurate results have inhibited consumer electronics sector to adopt iris recognition.

 

The study indicates that products such as smart watch, smart phones are expected to see a sudden hike in the iris recognition market by the forecast period owing to the technological advancements in biometric softwares.

 

Market Research Analysis:

Regional analysis for Iris recognition market is studied in different geographic regions as Americas, Europe, Asia-Pacific and Rest of world. It has been observed that North America region would account for larger share in Iris recognition market followed by Europe. It has been observed that North America region has increased demand for security systems which has resulted in the growth of Iris recognition market. The study reveals that Asia-Pacific region is expected to have a significant growth in Iris recognition market by the forecast period owing to factors such as extensive R&D carried out by various players in this region, government initiatives to adopt iris recognition into major programs, and others.

 

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Intended Audience:

  • Technology investors
  • Government agencies
  • Hardware manufacturers
  • Software manufacturers
  • End-users
  • Security providers
  • Research/Consultancy firms

 

Related Report

The global Semiconductor Assembly and Testing Services market is expected to grow at USD ~43 billion by the end of year 2022 with ~5% of CAGR. https://www.marketresearchfuture.com/reports/semiconductor-assembly-testing-services-market

 

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