5-year Opportunity Analysis of the Global Iris Recognition Market

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May 28, 2015, 01:08 ET

NEW YORK, May 28, 2015 /PRNewswire/ -- Scope

This research service analyses trends in the iris recognition market across the government and commercial sectors, globally. Despite hardware pricing and technology know-how being major challenges, iris biometry is expected to slowly gain prominence in various applications. This study focuses on factors likely to drive and restrain market growth and provides analysis by vertical region (North America; Latin American; Asia-Pacific; and Europe, the Middle East and Africa) and product in addition to a competitive analysis. The forecast period is 2015–2019 with a 2014 base year. This deliverable will provide key market participants with the necessary business intelligence to help them accelerate growth in a fast-paced market.This research service analyses trends in the iris recognition market across the government and commercial sectors, globally. Despite hardware pricing and technology know-how being major challenges, iris biometry is expected to slowly gain prominence in various applications. This study focuses on factors likely to drive and restrain market growth and provides analysis by vertical region (North America; Latin American; Asia-Pacific; and Europe, the Middle East and Africa) and product in addition to a competitive analysis. The forecast period is 2015–2019 with a 2014 base year. This deliverable will provide key market participants with the necessary business intelligence to help them accelerate growth in a fast-paced market.

Key Findings

•The global market for iris recognition across government and commercial applications is at a nascent phase of the Gaussian curve. The compound annual growth rate (CAGR) between 2015–2019 is expected to reach xx %.
•NA and EMEA account for a major share of the world market. This trend is expected to continue over the forecast period. Government applications dominate the market for iris recognition over the short-term in these regions.
•Emerging economies such as Brazil, India, South Africa, the Middle East, Russia, and China are expected to embrace this technology, thereby offering considerable growth opportunities.
•Commercial use of iris recognition is still nascent with access control being the predominant application. Hospitality, healthcare, and finance are among major verticals that are expected to drive demand for iris recognition over the long term as pricing of iris biometrics declines.
•The hardware complexity of iris biometrics results in the hardware component of the market generating greater revenue. Companies are focused on enhancing performance of iris-on-the-move products.
•Although price is a major competitive factor at this juncture, performance and reliability are vital to iris solutions and have been major points for potential success or failure in the adoption of iris biometrics across applications.

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