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
Rising adoption of iris recognition technology by government organizations and surging demand for iris scanners in access control application drive market growth
The global iris recognition market size is expected to grow at a CAGR of 13.2% from 2019 to 2024, to reach USD 4.3 billion by 2024 from USD 2.3 billion in 2019. 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.
Identity management and access control application to dominate the iris recognition market share, in terms of size, during the forecast period
The market, by application, is segmented into identity management and access control, time monitoring, and e-payment. Iris recognition for identity management and access control application is expected to hold a dominant position throughout the forecast period. For various biometric requirements across the world, such as national ID documents, border control programs, travel & immigration formalities, and election administration, iris recognition systems are being deployed for identity management and access control purposes.
The government vertical to hold the largest share of iris recognition market from 2019 to 2024
In terms of market size, the government vertical is expected to dominate the iris recognition industry during the forecast period and is likely to witness significant growth in the said market during the forecast period. Demand for biometric technologies, especially fingerprint, face, and iris recognition technologies in the government sector, has increased considerably in recent years. In the government sector, iris recognition systems are used mainly for identification and authentication purposes, such as for issuing national IDs and for law enforcement. Biometric technologies, including iris recognition technology, are also used for election administration to reduce fake or bogus voting.
APAC to witness the highest growth in the market during the forecast period
APAC is expected to dominate the iris recognition market during the forecast period. APAC is the most attractive business destination for iris recognition products and solution providers due to the growing consumer electronics industry, especially the smartphone market in this region.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key officials in the iris recognition industry. Following is the breakup of the profiles of primary participants for the report.
By Company Type: Tier 1 - 35 %, Tier 2 - 45%, and Tier 3 - 20%
By Designation: C-Level Executives - 35%, Managers - 25%, and Others - 40%
By Region: Americas - 45%, Europe - 20%, APAC - 30%, and RoW - 5%
The report profiles key players in the iris recognition market and analyzes their market rankings. Players profiled in this report are Thales Group (France), IDEMIA (France), Iris ID (US), IriTech (US), HID Global (US), irisguard (UK), 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), Mantra Softech (India), BI² Technologies (US), Neurotechnology (Lithuania), EFG CZ spol. s r.o. (Czech Republic), and DERMALOG Identification Systems (Germany).
This report segments the iris recognition market by component, product, application, vertical, and geography. It also describes major drivers, restraints, challenges, and opportunities pertaining to this market, as well as includes the value chain and market ranking analysis.
Reasons to Buy This Report
The report will help leaders/new entrants in the iris recognition market in the following ways:
1. The report segments the iris recognition industry comprehensively and provides the closest market size estimation for all subsegments across regions.
2. The report will help stakeholders understand the pulse of the market and provide them with information on key drivers, restraints, challenges, and opportunities pertaining to the iris recognition market.
3. The report will help stakeholders understand their competitors better and gain insights to improve their position in the iris recognition market. The competitive landscape section describes the competitor ecosystem.
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