DUBLIN--(BUSINESS WIRE)--The "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" report has been added to ResearchAndMarkets.com's offering.
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
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.
- Rising Adoption of Iris Recognition Technology By Government Organizations for Identification and Authentication Purposes
- Increasing Penetration Rate of Iris Recognition Technology in Consumer Electronics Industry Especially in Smartphones
- Surging Demand for Iris Scanners in Access Control Application
- Growing Use of Iris Recognition Technology in E-Passport Programs
- Fear of Privacy Intrusion and Inconvenience
- Presence of Various Competing Biometric Technologies
- Penetration of Biometric Technologies in the Automotive Industry
- Integration of Cloud Computing With Iris Recognition Technology
- Use of Iris Recognition Technology in E-Commerce
- Complexity of Integrating Iris Recognition Technology Into Conventional Identification Solutions
- Thales Group
- HID Global
- Iris ID
- NEC Corporation
- Princeton Identity
- Bioenable Technologies
- Secure Identity
- 4G Identity Solutions
- Bi Technologies
- Mantra Softech
- Efg Cz Spol. S R. O.
Dermalog Identification Systems
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