Analysis on Impact of Covid-19 - Global Iris Recognition Market 2020-2024| Growing Need to Reduce Identity Duplication to Boost Market Growth | Technavio

LONDON--(BUSINESS WIRE)--The global iris recognition market size is expected to grow by USD 2.08 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio. Request a free sample report

The growing need to reduce identity duplication will be one of the primary factors driving iris recognition market growth. With advancements in technology, a higher number of fraudulent activities and forgeries are being witnessed. Iris recognition technology provides a high level of accuracy, prevents forgery, and misuse of identity. This reduces the chances of data theft or identity duplication. As a result of these advantages, many government and private authorities are adopting iris recognition in their organizations for enhanced security.

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As per Technavio, the increased adoption of iris recognition in the government sector will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.

Iris Recognition Market: Increased Adoption of Iris Recognition in the Government Sector

Increasing instances of terrorist threats at airports have led governments of various countries to deploy biometrics to thoroughly verify an individual based on the behavioral and physiological characteristics such as iris scan and fingerprint scan that is embedded in passports and visas. The government sector is giving prominence to the adoption of iris recognition technology as it has a very high accuracy rate, which makes its usage feasible in highly secure premises of government organizations. Iris recognition is also increasingly being employed for large-scale applications, especially in government-supported projects such as Aadhaar initiative taken by the Government of India. Thus, the increased adoption of iris recognition in the government sector will drive the growth of the market during the forecast period.

“Factors such as the growing need for advanced security, and the increased implementation of the iris recognition technology in large and mid-size organizations will have a significant impact on the growth of the iris recognition market value during the forecast period,” says a senior analyst at Technavio.

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Iris Recognition Market: Segmentation Analysis

This market research report segments the iris recognition market by end-user (government, transportation, healthcare, and others), product (hardware and software), and geography (APAC, Europe, MEA, North America, and South America).

The APAC region led the iris recognition market in 2019, followed by Europe, MEA, North America, and South America respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the modernization of the IT infrastructure in global enterprises, and the presence of major consumer electronics device manufacturers such as Samsung and Sony.

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Some of the key topics covered in the report include:

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

• Vendors covered
• Vendor classification
• Market positioning of vendors
• Competitive scenario

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