Iris Recognition Market 2018 Growth And Market Size Analysis By 3M Cogent, CMITech, IBM, Safran S.A, Cross Match Technologies, IriTech, Eye Lock, Iris ID

The Analysis presents the study of Global Iris Recognition Market facilitating the regional and country wise analysis covering the strategic analysis of each market player and the market share they hold.

Iris Recognition Market, By Component (Hardware, Software), By Products (Smart Watch, PC, Smart Phones, Laptops, Scanners), By Application (Access Control, Time Monitor), By End-User (BFSI, Defense, Healthcare, Government) - Forecast 2022

Key Players:

Some of the prominent players in global iris recognition market include 3M Cogent Inc., CMITech Company, Ltd., IBM Corporation, Safran S.A., Cross Match Technologies Inc., IriTech, Inc., Eye Lock, Irisys Co., Iris ID, Inc., Ltd., Princeton identity and others.

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Market Scenario:

Iris recognition exploits the stable, unique, complex and detail-rich, intricate structures and patterns of iris for biometric identification using pattern-recognition technologies. The global iris recognition market was valued at USD 525 million in 2016 and which is projected to grow to USD 1 billion at a CAGR rate of 22 %, by the end of forecast period of 2022.

Market Dynamics:

Drivers

Growing demand for identification due to the creation of antecedents is the major growth driver of global iris recognition market. The antecedents of iris recognition are growth of frauds and crimes, installation of ATMs, airports, growing financial industry, remote technologies, ecommerce, anonymity, and prohibitive cost of noncompliance.

The support of governments to programs such as employment, direct cash transfers such as the Aadhar of Government of India, reimbursement aids etc. Democracy is aiding the industry due to its expansive reach to citizens, demand for third generation rights such as right to life etc. Which has resulted in development of citizens databases.

The technical drivers of the market are its high fidelity which ensures 100 % accuracy rate, specificity, search ability and accessibility, high demand of advanced surveillance systems, growing adoption of smart devices, growth of connected devices and internet of things, and growth of distance services needing authorization and identification. The robustness of iris recognition technologies make it prohibitive to crack by use of cracking software’s and malicious programs. Growth of social media is another driver as exemplified by Facebook acquisition of Confirm.io.

Restraints

High cost of installation and lack of awareness are the major restraints on the market. The poor reach of Governments and financial sector in undemocratic and poor regions of the globe are hampering the market. The financial sector being an early adopter speeds up the rapid expanse of the market.

Segments:

To generate an intricate understanding of the market the global iris recognition report has been segmented by product, component, application, end-user and regions.

Based on product the market has been segmented as pc & laptop, smart watch, smartphone, and others. Smartphones segment accounts for major market share of 24 % in 2018.

Based on component the market has been segmented as hardware and software.

Based on applications the market has been segmented as access control and time control.

Based on end-user the market has been segmented as Government, BFSI, consumer electronics, healthcare and others. Government sector accounts for the fastest 25 % CAGR growth followed by BFSI at 20 %.

Based on regions the market has been segmented as North America, Europe, Asia Pacific, Middle East and Africa.

Regional Analysis:

North America accounts for the highest market share, owing to large financial industry, ecommerce, presence of large players, followed by Europe and Asia-Pacific.

Europe accounts for the second largest share of the market led by Germany, U.K., France and others. The developed regions also possess the early biometrics adopter’s advantage which is a major reason for their dominance. North America holds 36% of market share followed by 25 % of Europe. Asia-pacific is expected to be the fastest growing market owing to the explosive growth of economy with China and India leading the region.

The Middle East and Africa is expected to grow moderately owing to poor social and economic reasons.

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Industry news:

January, 2018 - Facebook acquired Confirm.io, which developed technologies that let verification of identification card, such as driver’s license.

October, 2017 -Imprivata, acquired the identity and access management business of Caradigm.

December 2017 - Thales acquired Gemalto so as to create a one roof solution provider in digital security

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