Global Iris Recognition Market size was valued at US$ 867.22 Mn in 2017 and is expected to reach US$ 4867.4 Mn by 2026 to exhibit a CAGR of 24.04 % during the forecast period.
Iris recognition is an automatic technique of biometric identification that uses mathematical pattern recognition techniques on video images of one or both of the irises of an individual's eyes, whose composite patterns are unique, constant, and can be seen from a certain distance. Iris recognition is a basic allowing technology in the biometrics market used for many security and surveillance sectors such as government sector, military & defense, healthcare, banking & finance, consumer electronics, travel & immigration, and automotive among othersThe major driving factors of the global Iris Recognition market are growing government and corporate initiatives to accept the iris recognition system in many fields, increasing evolution of e-passport program and raising integration of iris recognition in consumer electronics products.
The main restraints of the global iris recognition market are expensive iris recognition systems, very small target to scan perfectly, fear of privacy interference and inconvenience and the high cost of systems and availability of economical alternatives.
Global Iris Recognition Market
The major opportunity of global iris recognition market is the growth of iris recognition systems in the current application areas like banking, finance, consumer electronics, travel, and immigration and many others. Separately from this application of these systems in automated teller machines, mobile devices, and pharmacy providing is also creating plentiful chances in the global market after the forecast period.
The consumer electronics segment is anticipated to grow with the highest rate during the forecast period, due to the commercialization of numerous electronic iris scan-based devices, such as smart watches, tablets, smartphones, notebooks, and several others.
North America is projected to account for the largest share among regions, during the forecast period because strong financial position allows it to invest heavily in advanced solutions and technologies. These advantages have given the organizations in the region with a competitive edge in the market. Also, the region has the existence of some major product lifecycle organization software retailers such as 3M Cogent Inc., Cross Match Technologies Inc., Honeywell International Inc., SRI International Inc., Eyelock Inc., and hence, there is a strong race among the players.
Scope of the Global Iris Recognition market
Global Iris Recognition market, by Component
Global Iris Recognition market, by Product
• Smart watches
• Tablets and Notebooks
Global Iris Recognition market, by Application
• Access Control
• Time Monitor
Global Iris Recognition market, by Industry
• Consumer Electronics
• Government sector
Global Iris Recognition market, by Region
• North America
• Middle East & Africa
• South America
Key Players operating in the Global Iris Recognition market
• 3M Cogent Inc.
• Cross Match Technologies Inc.
• Iris ID, Inc.
• Iritech, Inc.
• SRI International
• Irisguard Inc.
• Crossmatch Technologies
• Bioenable Technologies
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