The Global Iris Recognition Market is forecasted to be worth USD 5.88 billion by 2027, according to a current analysis by Emergen Research. 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.
The Global Iris Recognition Market report contains historical, current, and forecast estimation of the revenue generation and profits for each segment and sub-segment of the Iris Recognition Market in each key region of the world. The report additionally sheds light on the emerging growth opportunities in the business sphere that are anticipated to bolster the growth of the market.
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Key players in the 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.
The complete regional analysis covers:
- North America (U.S., Canada, Mexico)
- 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)
key findings from the report suggest
- 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.
- The developing regions including China, India, Vietnam, Taiwan, and South Korea in the Asia Pacific are experiencing a rapid development in the smartphone electronic devices and growing incidences of security threats, and a huge concern for the personal authentication along with a higher economic development government initiatives against the public security breaching in the developing countries especially, deliberately help propel the market enforcement.
For the purpose of this report, 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
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