Global Iris Recognition Market Overview:
Over the past couple of decades, the need to develop technologically advanced security systems such as biometric solutions has been increased. Also, the instances of cyber hacking attacks, terrorist attacks, cyber crimes, and many others have been robustly increasing across the globe. In addition to this, the iris recognition provides one of the accurate, errorless and securest solutions to the consumers. Each Human has different Iris designs and structures, that ultimately neglects the errors and considered one of the security solutions. Iris recognition is one of the major solutions under the biometrics market which is used in various security and surveillance solutions. This recognition method serves the government sector, military & defense, healthcare, banking & finance, consumer electronics, travel & immigration, and automotive among others. Some of the key players profiled in the study are Cogent Systems, Inc. (United States), Safran (France), Cross Match Technologies Inc. (United States), Iris ID, Inc. (United States), Gemalto, Inc. (United States), Idemia (France), Iritech, Inc. (United States), SRI International (United States), EyeLock (United States) and BioEnable Technologies Pvt. Ltd. (India). According to Market Analyst at AMA, the Global Iris Recognition market may see a growth rate of 18.29% and would reach the market size of USD1563.21 Million by 2024.
On the basis of geography, the market of Iris Recognition has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North Amercia region held largest market share in the year 2018. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement. If we see Market by End Use Industry, the sub-segment i.e. Consumer Electronics will boost the Iris Recognition market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Component, the sub-segment i.e. Hardware will boost the Iris Recognition market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Growing Adoption of E-Passport Programs which requires Iris Recognition
- Integration of Iris Recognition in Consumer Electronics Products
- Increasing Adoption of Aris Recognition in Developing Secure ID Proves
- Increasing Applications of Touchless Biometric Products
- Threat of Data theft, Privacy Intrusion, and Inconvenience
- Comparatively Higher Cost of Systems as well as Significant Post Purchase Maintenance Cost
- Favorable Government Initiatives in Iris Recognition System Development
- Upsurging Integration of Biometric Technology with Cloud Computing
- Availability of Alternative Cheaper Biometric Systems
- Upsurging Cost for Highly Automated Sensors
Major Market Developments:
On March 26, 2019, a leading global provider of iris recognition technology, 'Iris ID', as partnered with Africa’s leading manufacturing conglomerate, Dangote Group, to provide a time and attendance solution for more than 30,000 employees working at Dangote Cement manufacturing plants in five countries. Initial installation of the time and attendance system was completed by Maxut Consulting Ltd. Of Lagos, Nigeria. Iris ID technology is used in several African nations providing identity authentication for national ID, voter registration and other public and private programs.
On March 22, 2019, Safran Electronics & Defense Australasia Pty Ltd (SEDA) has been awarded a contract by the Australian Defence Force (ADF) to provide in-service support to the Royal Australian Navy's Infrared Search and Track (IRST) VAMPIR systems. Under the VAMPIR support contract, Safran Electronics & Defense Australasia Pty Ltd will allocate most of the work in Australia, including full support and maintenance for the defense platforms, engineering management, strategic procurement, and inventory management.
Iris Recognition Manufacturers, Iris Recognition Distributors and Traders, Iris Recognition Upstream and Downstream Buyers, Government Agencies, Research and Development Institutes, Biometric System Industry Associations and Others
Major Objectives Focused through this Study
To define, describe, and forecast the Global Iris Recognition market on the basis of product [Smartphone, Tablet & Notebook, Scanner, PC/Laptop, Smartwatches and Others] , application [Access Control and Others], key regions and end user
To provide in-depth information regarding major influencing factors affecting the growth of the market (trends, drivers, restraints, opportunities, and industry-centric and regional challenges)
To strategically analyse the micro-markets and important business segments with respect to individual growth drivers , market trends and potential, and historical contributions to the total market
Identifying the opportunities in the market for key stakeholders and detailing the competitive landscape for market leaders
To provide market size for various segments of the Iris Recognition market with respect to major geographies, namely, South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico)
To strategically profile the key players and analyzing their market shares and core competencies in the Iris Recognition industry
To track key developments such as product launches, expansions, agreements, partnerships, mergers & acquisitions, and R&D activities that are key factors in shaping the market
Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**. Additionally, the Players which are also part of the research are Smartmatic (United Kingdom) and IrisGuard UK Ltd (United Kingdom).
** Confirmation on availability of data would be informed prior purchase
While framing the research framework, major and emerging players operating in the Iris Recognition market in various regions have been profiled, and their offerings, geographic footprints, and distribution/sales channels have been analysed through in-depth discussions. Top-down and bottom-up approaches have been used to determine the overall market size. Sizes of the other individual markets have been estimated using the percentage splits obtained through secondary sources such as Hoovers, Bloomberg BusinessWeek, and Dow Jones (Factiva), along with primary respondents. The complete methodology includes the study of the annual and financial reports of the key market players and extensive interviews with industry experts such as CEOs, VPs, directors, and marketing executives for key insights (both qualitative and quantitative) related to the market.