Global iris recognition market is valued approximately at USD 2 billion in 2018 and is anticipated to grow with a healthy growth rate of more than 13.20% over the forecast period 2019-2026. Iris recognition can be defined as an automated way or method for biometric identification that uses mathematical pattern recognition technique based on video images of both the iris. This technology combines pattern recognition computer vision, optics and statistical inference. Iris recognition technology is widely used for identification, recognition and for authentication purpose. This technology is suitable and widely used in authoritative premises towards reducing incidences of security breaches. Rising adoption of iris technology by different end use industries such as government organization, consumer electronics coupled with surging demand for iris scanners in access control application are key driving factors of market growth.
Furthermore, increasing use of iris technology in e-passport programs and in automotive industry are also contributing towards market growth. Moreover, integration of cloud computing with iris recognition technology and use in e-commerce industry is expected to create significant growth opportunity in the market over the forecast period. However, fear of privacy intrusion and inconvenience impedes the growth of the market over the forecast period of 2019-2026.
The regional analysis of global iris recognition market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share the presence of prominent players coupled with high investment in R&D activities in the development of advanced technologies. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2019-2026. Factors such as growing consumer electronics coupled with would growing occurrences of cybercrime create lucrative growth prospects for the Iris Recognition market across Asia-Pacific region.
Major market player included in this report are:
- Thales Group
- HID Global
- Iris ID
- NEC Corporation
- Princeton Identity
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Military & Defense
Banking & Finance
Travel & Immigration
Tablets & Notebooks
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2016, 2017
Base year – 2018
Forecast period – 2019 to 2026
Target Audience of the Global Iris Recognition Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers