India – March 16, 2022 —
Iris Recognition Market Research Report- Forecast till 2030
Market Highlights
Global Iris Recognition market is estimated to reach USD 9.74 billion by 2030 from USD 525 million in 2020 growing with 16.2% CAGR during forecast period 2020-2030.
Iris recognition is hailed as a safer and more convenient security technology. It is almost there where one can think to bid goodbye to keys, cards, passwords, PIN codes, etc. Resultantly, the adoption of iris recognition is growing rapidly, and so is expanding its market value. The market is expected to continue to garner significant traction in the years to come.
With next-generation biometrics, organizations are gaining the capability to capitalize upon existing surveillance infrastructures, access control, and time & attendance applications.
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Segmentation:
The Global Iris recognition market has been segmented into products, component, application and End-user. By products the market is classified into PC & laptop, smartwatch, and smartphones. By component, the market is classified into hardware and software. Iris recognition is being used for two applications majorly namely access control and time control and serving various industrial verticals namely government, BFSI, consumer electronics, healthcare and others.
The prominent players in the Iris Recognition market are- 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.
Regional Analysis:
North America dominates the global iris recognition market. Technological advancements and increasing usages of iris biometrics by law enforcement agencies and various other sectors are major driving forces behind the market growth. Moreover, the early adoption of cutting-edge identification and recognition technologies assures North America an edge over other regions.
The Asia Pacific iris recognition market stands second. Huge advancements in biometric technologies and the availability of futuristic yet cost-competitive identification technologies are key growth drivers for the regional market.
Also, the increasing adoption of next-generation biometrics across government and commercial sectors for the identification of individuals provides impetus to the growth of the regional market. Additionally, the dynamic growth in industries such as the web, telecom, data centers, and the internet of things (IoT) ensures a substantial share of the Region in the global space.
Global Iris Recognition Market – Competitive Analysis
Highly competitive, the iris recognition market appears to be fragmented due to numerous well-established players. Mergers & acquisitions, brand reinforcement, and innovation remain key trends of these leading players.
Major players:
Players leading the iris recognition market include Safran S.A., 3M Cogent Inc., Cross Match Technologies Inc., IriTech, Inc., Iris ID, Inc., Eye Lock, Irisys Co., Ltd., CMITech Company, Ltd., Princeton identity, and IBM Corporation.
Industry/ Innovation/ Related News:
May 5, 2021 — Iris ID announced that its biometrics is now available on MetaDolce Technologies’ tablet. Iris ID’s biometric hardware and software embedded in MetaDolce Technologies’ latest multimodal tablet model is intended for various applications among law enforcement, border patrol, and healthcare professionals.
May 20, 2021 — Dermalog, pioneering fingerprint biometrics, announced that it is using multimodal biometrics expertise to offer flexible access control solutions. Dermalog’s automated fingerprint identification system and fingerprint & document scanners are used in government systems worldwide. The company has established leadership in a range of biometric modalities, and its recently-unveiled Iris Face Temperature Camera.
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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 2030
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