The iris recognition can identify suspect with 100% accuracy as it captures an image of the unique structure of an iris and authenticates it with a unique code which is very difficult to crack by any hacker. The structural formation of the human iris is fixed after the first year of life and remains constant through a lifetime. The high demand for advanced surveillance systems, growing smartphone market and increasing IOT market has attracted biometric products and service providers to implement a high-tech biometric feature such as iris recognition into smart devices. The Iris recognition market is driven by the need for a sophisticated security system. As Iris recognition technology is used in security systems to detect suspects, therefore it has significant demand in various industries such as government, BFSI, consumer electronics, healthcare, and others.
By component, the iris recognition market is segmented as hardware and software. The hardware components include scanners, cameras, handheld devices, integrated devices, and others. The software components consist of SDKs and APIs for iris recognition. Various major players such as Iris ID, IriTech, Inc. CMITech company and many others offer a wide range of products including high-end hardware and software.
The high demand for advanced surveillance systems, growing adoption of smartphones and increasing IOT market has attracted biometric products and service providers to implement high-tech biometric features such as iris recognition into smart devices. The iris recognition market by product is segmented into personal computers or laptops, smart watches, and smartphones among others. Personal computers or laptops are highly adopted in education, corporates, and law enforcement agencies worldwide to perform operations such as crime investigation, access control, time & attendance management, visitor data management and many others. Furthermore, the growing technological advancements result in the deployment of iris recognition feature into smartphones and smartwatches.
The global iris recognition market was valued at USD 525.91 Million in the year 2016, which is expected to reach USD 1801.29 Million by the end of the forecast period growing at 22.78% CAGR.
The key players of Iris Recognition Market 3M Cogent Inc., Safran S.A., Cross Match Technologies Inc., Iris ID, Inc., IriTech, Inc., Eye Lock, CMITech Company, Ltd., Irisys Co., Ltd., Princeton identity and IBM Corporation among others.
Global Iris Recognition Market Analysis & Forecast, from 2016 to 2022
- To provide a detailed analysis of the market structure along with a forecast for the next ten years of the various segments and sub-segments included in global iris recognition market with analysis of its development and demand in the market
- Upcoming technologies, high growth geographies, and countries were identified
- Regional and country-specific demand and forecast for iris recognition were studied
- Key segments covered in the report are: components, product, application, and end-user.
- The unit breakdown for all different classification was finalized; and same was referred for forecasting, keeping few assumptions into factor
- For all the regions, forecast demand for all applications was identified, and then with historical figure, data collected through primary and annual reports were triangulated to derive the regional market size
- Historical trend is identified to forecast and estimate the future value data
- Technology investors
- Government agencies
- Hardware manufacturers
- Software manufacturers
- Security providers
- Research/Consultancy firms
- The global iris recognition market is expected to reach USD 1801.29 Million by 2022.
- By component, the solution segment in iris recognition accounts for the largest market share and is growing with approximately 21.14% CAGR during the forecast period.
- By Product, PC & Laptop sub-segment holds the largest market, growing with approximately 23.08% CAGR by the end of forecast period.
- Geographically, North America region has been projected to have the largest market share in global iris recognition market followed by Europe region,
Regional and Country Analysis of Iris Recognition Market Estimation and Forecast
The regional analysis of iris recognition market is being studied for regions such as Asia Pacific, North America, Europe and the Rest of the World. North America region holds the highest market share in the iris recognition market owing to the early adoption of iris recognition system at U.S. and Canadian airports. Asia Pacific region is estimated to be the fastest growing in the iris recognition market owing to the successful implementation of iris recognition system for child trafficking.
The reports also cover country-level analysis:
- ·Rest of Europe
- ·Rest of Asia Pacific
- ·Middle East & Africa
- ·Latin America