The iris recognition has the ability to identify suspect with 100% accuracy rate as it captures image of unique structure of an iris and authenticate it with a unique code which is very difficult to crack by any hacker. The structural formation of the human iris is fixed after one year of age and remains constant life time. The high demand of advanced surveillance systems, growing smartphone market and increasing IOT market has attracted biometric products and services providers to implement high-tech biometric feature such as iris recognition into smart devices.
The Iris recognition market is highly driven by the high security needs. As Iris recognition technology enables to add security to systems, help to detect suspects it can be used in various industries as government, BFSI, consumer electronics, healthcare and others.
The major growth driver of Iris Recognition Market includes growing increasing criminal activities at government & non-government sector, increasing security measures at ATMs and other financial institute, and increasing implementation of iris recognition system at airports and super-markets. In the year 2016, the global market of iris recognition had been valued at approximately USD 525 million, which is expected to be at USD 1 billion by the end of the year 2022. However, technical limitation and lack of awareness are the factors which are hindering the growth of Iris Recognition in forecast period.
Major Key Players:
- 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
- IBM Corporation
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- Iris Recognition is expected to grow at compound annual growth rate of approximately 22% from year 2016 to year 2022.
- North America is expected to dominate the market of iris recognition throughout the forecast period.
- By Product segment- Smartphones accounts for largest market share of around 24% in the global market.
- By End-User- Government segment accounts for growing 25% CAGR in the global market followed by BFSI who accounts for 20% CAGR during forecast period 2016-2022
Global Iris Recognition can be segmented as follows:
Segmentation by Product: PC & Laptop, Smartwatch, Smartphone, and others.
Segmentation by Component: Hardware and Software
Segmentation by Application: Access Control and Time Control
Segmentation by End-User: Government, BFSI, Consumer Electronics, Healthcare and others.
Regional Analysis of Iris Recognition:
By Region, North America is accounting for the highest market share, followed by Europe and Asia-Pacific. Early adoption of iris biometrics by U.S. government in order to reduce crime rate in the region is expected to drive the market in North America region. Currently, North America holds around 36% of market share followed by Europe, which has around 25% of market share while Asia-pacific has emerged as the fastest growing market in Iris recognition during 2016-2022
- Technology investors
- Government agencies
- Hardware manufacturers
- Software manufacturers
- Security providers
- Research/Consultancy firms
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Table of Contents
1 Market Introduction
1.2 Scope of Study
1.2.1 Research Objective
1.3 Market Structure
2 Research Methodology
2.1 Research Network Solution
2.2 Primary Research
2.3 Secondary Research
2.4 Forecast Model
2.4.1 Market Data Collection, Analysis & Forecast
2.4.2 Market Size Estimation
List of Tables
Table 1 Iris Recognition Market, By Components
Table 2 Iris Recognition Market, By Applications
Table 3 Iris Recognition Market, By Products
List of Figures
Figure 1 Research Network Solution
Figure 2 Iris Recognition Market: By Components (%)
Figure 3 Iris Recognition Market: By Applications (%)
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