Iris Recognition Market – Overview, Key Vendors and Forecast by 2024

Iris Recognition Market

Global Iris Recognition Market: Overview

Iris recognition is a biometric technology that is used for the purpose of identification. This technology uses mathematical pattern-recognition methods on the video images of both the irises; these patterns are very complex, unique, and stable and are only visible from certain distances. The technology is used widely owing to the nonintrusive and noninvasive nature. It is widely used in many countries for different purposes such as passport-free automated border crossings and many others.

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Global Iris Recognition Market: Segmentation

The iris recognition market is segmented globally into its component, product, application, and end-user industry. On the basis of the component, the global market is segregated into software and hardware. Based on the product, the market is categorized into smart watches, PCs/laptops, smartphones, tablets & notebooks, and scanners. On the basis of application, the market is divided into time monitor, access control, and others. Based on the end-user industry, the iris recognition market is bifurcated into military & defense, banking & finance, travel & immigration, government, healthcare, consumer electronics, and automotive.

Global Iris Recognition Market: Growth Factors

The increasing demand of the security systems is driving the demand of the iris recognition market. The increased occurrences of the terrorist attacks, cybercrimes and many other illegal activities have prompted the need to develop the security systems. The iris recognition method is considered as one of the securest and accurate methods to identify a person as it uses random patterns of the iris. Different government organizations and travel and immigration are using this technology on a large scale. As this technology is accurate and errorless it is considered more secure. The patterns of the iris are unique and stable, thus there are literally no chances of error, hence considered as a safe security method. The other areas where this technology is used include pharmacy dispensing, automate teller machines, and mobile devices, thus increasing the demand in the global market. The major restraining factor is that the iris recognition system is very expensive. It is more costly than the fingerprint scanning.

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Global Iris Recognition Market: Regional Analysis

Region-wise, the iris recognition is diversified into Asia-Pacific, Europe, North America, and Rest of the World. The region that dominates the iris recognition market is the North America which is followed by Europe and Asia-Pacific region. The factor that attributes to this growth in the North American region is the presence of the key market holders in this region. The increasing number of crimes and the terrorist attacks has compelled several government organizations to install this technology to improve their security, this factor anticipates the market growth in the Asia-Pacific region.

Global Iris Recognition Market: Competitive Players

The key market players in the iris recognition market include Iris Id, Inc., Smartmatic International Corporation, 3M Cogent Inc., Irisguard Inc., Sri International Inc., Bioenable Technologies, Crossmatch Technologies Inc., Safran SA and Eyelock Inc.

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