Global Iris Recognition Market 2020 (Includes Business Impact of COVID-19)

                                          
“Global Iris Recognition Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by Trusted Business Insights. The global iris recognition market report has been segmented on the basis of component, product, end use industry, and region.

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Global Iris Recognition Market: Overview

Iris recognition is a type of biometric identification method, that scans one or both iris of individual’s eye from a distance. It is uses pattern recognition technique based on distortion free and high resolution images of the iris. Iris recognition commonly follows three steps namely image capturing, locating iris and image optimization, and biometric temperament storage and matching.

Global Iris Recognition Market: Dynamics

Increasing adoption of iris recognition system by private and government organisations, owing to rising concerns regarding security is a key factor driving growth of the global iris recognition market. Iris recognition can be used for pubic as well as private applications.  Iris is visible from outside, hence scanning can be done from certain distance.  Iris recognition are simpler than retina scan and can be widely deployed. These are some of the factors supporting growth of the global market. Increasing use e-passport is another factor anticipated to fuel growth of the target market. Furthermore, increasing adoption of iris recognition system in smart devices such as smartphones, laptops, tablets, warbles, etc. is a factor expected to support growth of the global iris recognition market over the forecast period.

However, high cost of iris scanners and availability of other alternatives such as face scanners, fingerprint scanners are factors that may hamper growth of the global iris recognition market. Nevertheless, growing adoption of touchless recognition systems can create high revenue opportunities for players in the target market.

Global Iris Recognition Market: Segment Analysis

Among the component segments, the hardware segment is expected to register high growth in terms of revenue in the near future. Hardware for iris recognition includes readers, modules, and iris recognition cameras. Increasing demand for iris recognition system is supporting growth of this segment in the target market.

Among the end use industry segments, the government segment is expected to register lucrative growth in terms of revenue over the forecast period. Increasing installations of iris recognition systems by government institutions, owing to increasing concerns regarding security breaches is a factor fueling growth of this segment in the global market.

Global Iris Recognition Market: Regional Analysis

Market in North America accounts for major share in terms of revenue and is expected to maintain its dominance over the forecast period. Presence of prominent players and high investment in R&D activities for development of advanced technology are factors driving growth of the target market in this region. In addition, increasing adoption of iris recognition in security solutions for providing secure and accurate recognition system is a factor fueling growth of the target market in this region.

Market in Asia Pacific is anticipated to register high growth in terms of revenue in the near future. Growing consumer electronics industry, coupled with increasing adoption of iris recognition in wearables and smart devices are factors propelling growth of the target market in countries in this region.

Global Iris Recognition Market Segmentation:

Segmentation by Component:

Software
Hardware

Segmentation by Product:

Tablet & Notebook
Smartphone
Scanner
PC/Laptop
Smartwatch
Others

Segmentation by end use industry:

Military & Defense
Consumer Electronics
Government
Automotive
Banking & Finance
Healthcare
Travel & Immigration