Iris Recognition Markets, 2024 - Rising Adoption of Iris Recognition Technology By Government Organizations for Identification and Authentication Purposes
DUBLIN, Oct. 30, 2019 /PRNewswire/ -- The "Iris Recognition Market by Component (Hardware, and Software), Product (Smartphones, Scanners), Application (Identity Management and Access Control, Time Monitoring, E-payment), Vertical, and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The iris recognition market was valued at USD 2.0 billion in 2018 and is projected to reach USD 4.3 billion by 2024; it is expected to grow at a CAGR of 13.2% from 2019 to 2024.
The rising adoption of iris recognition technology by government organizations for identification and authentication purposes and surging demand for iris scanners in access control applications are key driving factors of the iris recognition market growth. However, the fear of privacy intrusion and inconvenience, and the presence of various competing biometric technologies are a few of the factors hindering the growth of the iris recognition industry.
Security has become a major concern for every country because of multiple factors including rising terrorist attacks, cybercrimes, and other frauds. Authentication is one way through which security can be improved. For authentication purposes, biometric technologies are considered to be the most reliable.
Biometric technology is defined as a technology that identifies an individual through the verification of physical and behavioural characteristics, such as fingerprints, eye retinas, irises, deoxyribonucleic acid (DNA), voice patterns, facial patterns, and hand measurements for authentication purposes. Iris recognition is one of the ideal ways of biometric identification because the iris pattern remains stable over a person's life as long as there are no injuries or it is not affected by any disease. Therefore, a single enrollment scan can last a lifetime.
The increasing penetration of iris recognition technology in consumer electronics, especially smartphones is among the key driving factors for the iris recognition market. The high adoption of iris recognition technology by government organizations for identification and authentication purposes, high demand for iris scanners for the access control application, and a few other key factors are having a positive impact on the growth of the iris recognition market.
Thales Group (France), IDEMIA (France), Iris ID (US), IriTech (US), HID Global (US), Princeton Identity (US), EyeLock (US), Secure Identity (US), Unisys (US), Aware (US), NEC Corporation (Japan), BioEnable Technologies (India), CMITech (South Korea), 4G Identity Solutions (India), and Mantra Softech (India) are among the key players operating in the iris recognition market. The strategy of product launches is one of the major strategies adopted by key players to grow in the market from 2017 to 2019.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Rising Adoption of Iris Recognition Technology By Government Organizations for Identification and Authentication Purposes
5.2.1.2 Increasing Penetration Rate of Iris Recognition Technology in Consumer Electronics Industry Especially in Smartphones
5.2.1.3 Surging Demand for Iris Scanners in Access Control Application
5.2.1.4 Growing Use of Iris Recognition Technology in E-Passport Programs
5.2.2 Restraints
5.2.2.1 Fear of Privacy Intrusion and Inconvenience
5.2.2.2 Presence of Various Competing Biometric Technologies
5.2.3 Opportunities
5.2.3.1 Penetration of Biometric Technologies in the Automotive Industry
5.2.3.2 Integration of Cloud Computing With Iris Recognition Technology
5.2.3.3 Use of Iris Recognition Technology in E-Commerce
5.2.4 Challenges
5.2.4.1 Complexity of Integrating Iris Recognition Technology Into Conventional Identification Solutions
5.3 Value Chain Analysis
6 Iris Recognition Market, By Component
6.1 Introduction
6.2 Hardware
6.2.1 Iris Camera is the Most Critical Hardware Component of Iris Recognition System
6.3 Software
6.3.1 Software Segment to Continue to Hold Largest Size of Market During Forecast Period
7 Iris Recognition Market, By Product
7.1 Introduction
7.2 Smartphones
7.2.1 Rising Penetration of Biometric Technologies in Smartphones Boosting Growth of Market for Smartphones
7.3 Wearables
7.3.1 Iris Recognition Technology Expected to Witness High Penetration in Smart Wearables
7.4 Tablets & Notebooks
7.4.1 Declining Shipment of Tablets to Negatively Impact Market for Tablets & Notebooks
7.5 Personal Computers/Laptops
7.5.1 Americas to Continue to Hold Largest Size of Market for Personal Computers/Laptops During Forecast Period
7.6 Scanners
7.6.1 Government Vertical to Witness Largest Size of Market for Scanners During Forecast Period
8 Iris Recognition Market, By Application
8.1 Introduction
8.2 Identity Management and Access Control
8.2.1 Consumer Electronics Vertical is Driving Growth of Market for Identity Management and Access Control Application
8.3 Time Monitoring
8.3.1 Americas is Registering Largest Size of Market for Time Monitoring Application
8.4 E-Payment
8.4.1 Increasing Preference for Cashless Payments By Consumers Driving Growth of Market for E-Payment Application
9 Iris Recognition Market, By Vertical
9.1 Introduction
9.2 Government
9.2.1 APAC Region Witnessing Highest Growth of Market for Government Vertical
9.3 Military & Defense
9.3.1 Identity Management and Access Control Application Dominates Iris Recognition Market for Military & Defense Vertical
9.4 Healthcare
9.4.1 Rise in Adoption of Biometrics for Applications Such as Patient Identification, Patient Security, and Staff Attendance Tracking Driving Growth of Market in Healthcare Vertical
9.5 Banking & Finance
9.5.1 Banking & Financial Institutes are Adopting Iris Recognition Systems to Tackle Critical Security Challenges
9.6 Consumer Electronics
9.6.1 Smartphone Industry Drives Growth of Market for Consumer Electronics Vertical
9.7 Travel & Immigration
9.7.1 Identity Management and Access Control Application Dominates Market for Travel & Immigration Vertical
9.8 Automotive
9.8.1 Europe Expected to Continue to Hold Largest Size of Market for Automotive Vertical During Forecast Period
9.9 Others
10 Geographic Analysis
11 Competitive Landscape
11.1 Overview
11.2 Market Ranking Analysis: Iris Recognition Market
11.3 Competitive Leadership Mapping
11.4 Competitive Benchmarking
11.5 Competitive Situations and Trends
12 Company Profiles
Key Players
- Thales Group
- Idemia
- HID Global
- Iris ID
- Iritech
- Irisguard
- Eyelock
- NEC Corporation
- Princeton Identity
- Cmitech
Other Companies
- Bioenable Technologies
- Secure Identity
- 4G Identity Solutions
- Bi Technologies
- Mantra Softech
- Aware
- Unisys
- Neurotechnology
- Efg Cz Spol. S R. O.
- Dermalog Identification Systems
For more information about this report visit https://www.researchandmarkets.com/r/tk4dok
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