Iris Recognition Global Market Report 2022: Rise in Integration of Multi-Factor Authentication Boosts Growth

DUBLIN, Jan. 24, 2023 /PRNewswire/ -- The "Iris Recognition Market, By Component, By End-User Industry - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030" report has been added to ResearchAndMarkets.com's offering.

Iris recognition is one of the fastest forms of biometric identification, and many governments are already implementing iris-based access control systems. Some of the largest hotels in Boston use iris-based access control systems to identify guests.

Moreover, many government agencies have deployed iris-based systems to identify arrested subjects. Iris scanning is considered to be one of the most accurate forms of biometric identification. Its accuracy is known to be stable over a long period of time. A typical miss rate is between 2.5 and 20%. This means that one in two million false matches will occur.

Market Dynamics:

The growing use of smartphones and tablets, rising demand for IoT marketplaces and high-class progressive surveillance systems is driving the growth of the global iris recognition market. This is mainly due to the growing need for efficient security systems. Moreover, the iris scanners found in smartphones provide higher accuracy and lower chances of duplicity. The increasing demand for biometrics in commercial and home security applications, as well as in time and attendance management is expected to propel the market's growth.

However, availability of competitive biometric technologies and risk of privacy breach is expected to limit growth of the global iris recognition market over the forecast period.

Key Features of the Study:

• This report provides in-depth analysis of the global iris recognition market, and provides market size (US$ Million) and compound annual growth rate (CAGR%) for the forecast period (2022-2030), considering 2021 as the base year
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
• It profiles key players in the global iris recognition market based on the following parameters - company highlights, products portfolio, key highlights, financial performance, and strategies
• Key companies covered as a part of this study include IDEMIA, Iritech Inc., IrisGuard UK Ltd., BioEnable Technologies Pvt. Ltd., NEC Corporation, Aware Inc., Gemalto NV (Thales Group), Iris ID Inc., Princeton Identity Inc., HID Global, and EyeLock LLC
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
• The global iris recognition market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global iris recognition market

Market Dynamics

Drivers

• Rise in Cases of Fraudulent Activities
• Rise in Integration of Multi-Factor Authentication

Restraints

• Rise in Data Privacy Concerns
• Presence of Competing Biometric Technologies

Opportunities

• Growing Popularity of Iris-Based Identification Technology

Detailed Segmentation:
Global Iris Recognition Market, By Component

• Hardware
• Software & Services

Global Iris Recognition Market, By End-User Industry

• Consumer Electronics
• Healthcare
• BFSI
• Government and Law Enforcement
• Other End-user Industries

Global Iris Recognition Market, By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa

Company Profiles:

• Iritech Inc.
• BioEnable Technologies Pvt. Ltd
• Aware Inc.
• Iris ID Inc.
• HID Global
• EyeLock LLC
• Princeton Identity Inc.
• Gemalto NV (Thales Group)
• NEC Corporation
• IrisGuard UK Ltd
• IDEMIA

Key Topics Covered:

1. Research Objectives and Assumptions

2. Market Purview

3. Market Dynamics, Regulations, and Trends Analysis

4. Global Iris Recognition Market - Impact of Coronavirus (COVID-19) Pandemic

5. Global Iris Recognition Market , By Component, 2017-2030, (US$ Mn)

6. Global Iris Recognition Market , By End-User Industry, 2017-2030, (US$ Mn)

7. Global Iris Recognition Market , By Region, 2017-2030, (US$ Mn)

8. Competitive Landscape

For more information about this report visit https://www.researchandmarkets.com/r/c4h9kn

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