Iris Recognition Market

Global Iris Recognition Market

Iris Recognition Market - By Component, Product, Application, Vertical and Region.

Market Synopsis:

The Global Iris Recognition Market is valued at USD 2.9 Billion in the year 2021 and is forecasted to reach a value of USD 5.9 Billion by the year 2028. The Global Market is anticipated to grow exhibiting a Compound Annual Growth Rate (CAGR) of 12.8% over the forecast period.

Iris Recognition Market is a technology for identifying people that involves capturing one or more comprehensive photographs of their iris patterns, which are unique to each individual and do not match those of anyone else on the planet. The growing need for security systems is primarily driving the Iris Recognition Market. Cybercrime, terrorist attacks, and several other illegal activities have raised demand for high-security systems. By examining the random pattern of the iris, this is one of the most secure and accurate systems for identifying people. The rising demand from various travel and immigration organizations, as well as numerous government organizations, is another major driver of this industry over the upcoming years. Furthermore, one of the key parameters rising the price is the uniqueness, stability, and security.

The growth is being fueled by the increasing use of Iris Recognition Market technology for identification and verification by governmental bodies over the upcoming years. Due to opportunities such as the growing number of distribution channels, Research and Development (R&D) projects, high demand from the travel/immigration industry, and greater use in companies, he’s future looks bright. Besides, Alternative low-cost technologies such as smart cards and token-based authentication are creating a threat to the worldwide Iris Recognition Market since they are less expensive than Iris Recognition Market. The expansion of Iris Recognition Market systems in existing application sectors such as banking, finance, consumer electronics, travel and immigration, and others is a big opportunity for the worldwide Iris Recognition Market industry over the upcoming years. However, factors such as a user's lack of understanding of the gadget, expensive costs, the vulnerability of Iris Recognition Market systems, and invasion of privacy are restricting he’s growth over the upcoming years.

Market Segmentation:

The Iris Recognition Market is segmented based on component, application, product and vertical. Based on component, marker is segmented as hardware and software. Based on application, the market is segmented as Identity management and Access Control, Time Monitoring, E-Payment. Based on product, the market is segmented as smartphones, wearables, tablets & notebooks, PC/laptops, and scanners. Based on vertical, the is segmented as Government, Military & Defense, Healthcare, Banking & Finance, Consumer Electronics, Travel & Immigration, Automotive and Others.

Based on Vertical:

Based on vertical, the is segmented as Government, Military & Defense, Healthcare, Banking & Finance, Consumer Electronics, Travel & Immigration, Automotive and Others. Banking and Finance sector is the most dominating sector in the. In the banking and financial sector, Iris Recognition Market is used to replace PINs, account numbers, and paper-based credentials. Customers can use Iris Recognition Market to check account balances, make transactions, and access other banking services from afar. To obtain access to ATMs, customers must utilize smart cards with an iris template rather than passwords. Iris biometrics-based ATMs are regarded to be more secure than PIN-based ATMs since they cannot be faked, copied, or stolen. Furthermore, consumers usually forget their PINs and passwords, and obtaining a new PIN or password is a time-consuming process. As a result of these factors, demand will continue to increase during the forecast period.

Based on Product:

Based on product, the market is segmented as smartphones, wearables, tablets & notebooks, PC/laptops, and scanners. The scanners segment is anticipated to grow at the highest rate during the forecast period. The largest share of the Iris Recognition Market is due to the extensive use of iris scanners in the government, banking & finance, military & defense, and travel & immigration verticals, primarily for identity management and access control applications.

Asia Pacific is Projected to Grow at the Highest CAGR during the Forecast Period

Asia Pacific is accounted to grow at the highest Compound Annual Growth Rate (CAGR) during the forecast period. Due to the increasing consumer electronics industry, especially the smartphone, APAC is the most attractive commercial destination for Iris Recognition Market products and solution manufacturers. Many government agencies have started to use iris scanning technology, which is driving the forward in the region. Because of the rising crime rate and security concerns around the world, the Iris Recognition Market industry has been popular with government organizations, with most of its applications being for access control. In addition, the need for electronic access control systems in Asia-Pacific is rising steadily, owing to rising concerns about identity theft and fraud, as well as increased security in government and commercial environments.

Competitive Landscape:

The key players in the Global Iris Recognition Market include- Thales Group (France), IDEMIA (France), Iris ID (US), IriTech (US), HID Global (US) and others.

Segmentation of the Global Iris Recognition Market: