Iris Recognition Market to reach USD 5.88 Billion By 2027 : Ready to Experience Exponential Growth | Emergen Research

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The increasing number of security breaches and extensive rise in the adoption of iris recognition systems (IRS) in government identity cards, smartphones & IoT devices are the major factors influencing the market growth.

According to a recent estimate by Emergen Research, the Global Iris Recognition Market would be worth USD 5.88 billion by 2027. Due to its more precise personal identification, lower risk of security breaches, and enormous overall expansion of the IoT device industry, iris recognition system (IRS) adoption is expanding in government identity systems, cellphones, and other IoT devices.

Report’s Scope

Iris recognition is a type of biometric identification technique that scans an individual’s eye’s irises from a distance, either on one or both irises. It makes use of a pattern recognition method based on sharp, distortion-free pictures of the iris. Three steps are involved in iris recognition: image capture, iris location and image optimization, and temperament matching and storage. Iris recognition can be used by several businesses depending on their requirements.

By product, the iris recognition market is divided into categories such as smartphones, wearables, tablets, notebooks, PCs, and scanners. During the projected period, scanners are anticipated to dominate the market in terms of size. The greatest share of this market segment may be attributed to the widespread use of iris scanners in the government, banking and finance, military and defence, and travel and immigration verticals, particularly for identity management and access control applications.

Competitive Landscape

The iris recognition industry is fragmented as people’s awareness of security and safety increases globally. As a result, biometric authentication technology is being widely embraced by businesses, government agencies, healthcare organisations, consumer electronics manufacturers, and financial institutions. This makes the market attractive, with many companies joining the sector.

Further key findings from the report suggest

·        A major producer of iris recognition-based identity identification technologies, EyeLock LLC, announced a global strategic alliance with South Korean company CMITech Company, Ltd. in June 2020. In addition to enabling EyeLock to introduce new interoperable solutions in addition to its current product line, the relationship and collaboration would contribute to increasing the market’s accessibility for iris technology worldwide.

·        Due to the inclusion of iris scanners in smartphones for their higher accuracy & precision in the multimodal multiple biometrics three-dimensional sensing system that significantly reduces the chances of replication or duplication, the smartphone & tablet sub-segment is projected to grow at the fastest rate of 12.6% during the projected era.

·        In the Asia Pacific, developing nations like China, India, Vietnam, Taiwan, and South Korea are seeing a rapid increase in smartphone and electronic device development as well as an increase in security threats. These developments, combined with a growing concern for personal authentication and increased economic growth and government initiatives to prevent public security breaches in developing nations in particular, are helping to drive the market’s enforcement.

Key players in the market BioEnable Technologies Pvt. Ltd., Iris ID Systems Inc., M2SYS Technology, Honeywell International Inc., IRITECH INC., Safran SA, EyeLock LLC, Aware Inc., Thales Group, and IrisGuard UK Ltd., among others.

For the purpose of this report, Emergen Research has segmented into the global Iris Recognition Market on the basis of Product, Industry Vertical, Application, System Type, Component, and Region:

Product Outlook (Revenue: USD Billion; Volume: Thousand Units; 2017-2027)

• Iris Scanners

• Smartphone & Tablets

• Wearable Gadgets

• Others

Industry Vertical Outlook (Revenue: USD Billion; Volume: Thousand Units; 2017-2027)

• Consumer Electronics

• Government & Defense

• Banking, Financial services, and Insurance (BFSI)

• IT & Telecommunication

• Retail and E-commerce

• Human Resource

• Healthcare

• Others

Application Outlook (Revenue: USD Billion; Volume: Thousand Units; 2017-2027)

• Identity management and Access Control

• Time Monitoring

• E-Payment

Component Outlook (Revenue: USD Billion; Volume: Thousand Units; 2017-2027)

• Hardware

• Software

System Type Outlook (Revenue: USD Billion; Volume: Thousand Units; 2017-2027)

• Unimodal Biometric Systems

• Multimodal Biometric Systems