Iris Recognition Market 2020 Insights by Leading Companies and Emerging Technologies till 2023

Iris Recognition Market Overview:

Iris Recognition Global Market will project a robust CAGR of 22% during the assessment period

Iris recognition is an identification method used to maintain a high level of security and privacy. It uses a mathematical pattern recognition technique on the video images of both the irises which have complex random patterns that are stable, unique, and visible from a certain distance. This technology is generally used due to its non-invasive and non-intrusive nature. Iris recognition can identify the suspect with complete accuracy, as it captures images of the iris of a human being and authenticates it using a differential code. Such a security system is difficult for hackers to crack, hence, providing a higher level of security.

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 Such growth can be attributed to a rise in the demand for advanced surveillance systems, the emergence of smartphones and an increased IoT penetration in multiple sectors across the globe. High-security needs for biometric products and implementation of biometric technologies in smart devices are foreseen to contribute heavily to the iris recognition market growth. Industrial sectors such as government, BFSI, consumer electronics, and healthcare are witnessing propelled demand for iris recognition system integration.

Iris Recognition Market Key Players:

Some of the noteworthy players in the iris recognition market as profiled by Market Research Future, in their latest report include 3M Cogent Inc., Safran S.A., Cross Match Technologies Inc., Iris ID, Inc., IriTech, Inc., Eye Lock, CMITech Company, Ltd., Irisys Co., Ltd., Princeton identity, and IBM Corporation.

Iris Recognition Market Industry Update:

February 2019: Xperi Corporation showcased its latest technologies at Mobile World Congress 2019 which included FaceSafe, 3D Portrait, Body & Face Analytics, IrisXR, and Gaze Tracking. The IrisXR is an iris recognition product targeted at AR, VR and MR markets.

Iris Recognition Market Segmentation:

The iris recognition market has been segmented by product, component, application, and end-user. By product, the iris recognition market is segmented into PC & laptop, smartwatch, and smartphone. The smartphone segment is anticipated to account for the largest market share with 24% of the total share for iris recognition systems. By component, the market has been segmented into hardware and software. Based on application, the iris recognition market has been segmented into access control and time control. By end-user, the market is segmented into government, BFSI, healthcare, and consumer electronics. The government segment is estimated to project the highest growth rate of 25% with the BFSI segment in second place, showcasing a growth rate of 22% during the forecast period.

Iris Recognition Market Competitive Analysis:

Budding expansion of global iris recognition systems in existing application areas like banking, finance, travel & immigration, and consumer electronics poses as a significant growth opportunity for iris recognition market. Additionally, the implementation of these systems in smartphones, pharmacy dispensing, and automated teller machines are amplifying growth opportunities for iris recognition market around the globe.

In contrast, the expensive nature of the iris recognition systems poses as a major restraint for the global market. The cost of an iris recognition system is likely to be five times a fingerprint recognition system, further restraining the global market growth. Also, an iris is a small target to scan, making any reflection or distortion the of light it difficult for the system to capture the iris.

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Iris Recognition Market Detailed Regional Analysis:

The iris recognition market has been geographically segmented into North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW). North America is expected to dominate the iris recognition market attributable to the early adoption of iris recognition technologies by the U.S. government to impact the crime rates in the region. Europe follows North America, and the Asia Pacific is prophesied to grow at the fastest rate during the assessment period. North America is forecasted to hold around 36% of the market share, followed by Europe holding approximately 25% of the global iris recognition market.

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