Iris Recognition Market Overview Share, Strategies, Emerging Technologies, Growth Rate Analysis, Trends and Forecast

The security of critical data stored in several electronic devices is becoming more important in the world of information technology. The integration of cloud computing technology with the iris biometrics system has created opportunities for the growth of the global iris recognition market. There is high adoption of biometrics in various projects, like e-visas, e-passports, and driving licenses to eradicate identity theft and duplication. Iris recognition is one of the most secure methods of identification and authentication, because of the unique distinctive characteristics of iris.

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The Iris recognition technology is also used within the infant security systems in hospitals, and offers proven protection against infant theft or abduction, and swapping by centralizing the infant database. The biometrics systems are used for home security and commercial purposes, which is driving the growth of the biometrics market, thus propelling the growth of the global iris recognition market. Biometric technology is used in commercial applications for time and attendance, and workforce management.

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The consumer electronics segment is expected to grow with the highest rate during the forecast period, because of the commercialization of several electronic iris scan-based devices, such as smart watches, tablets, smartphones, notebooks, and several others. As the governments in Asia-Pacific have introduced several projects in terms of border administration and national identities, the market in the region is expected to grow with the fastest rate during the forecast period. The demand of electronic access control systems in Asia-Pacific is continuously increasing, due to concerns over the increasing identity theft and fraud, and enhancement of security across government and commercial setting. North America is expected to account for the largest share among regions, during the forecast period. The high cost of systems, and availability of cost effective alternatives are some of the factors, restraining the growth of the global iris recognition market. The biometric technology is also used in the fingerprint verification system.

Market Segmentation:
By Component
• Hardware
• Software
By Product
• Smartphones
• Smartwatches
• PCs
• Laptops
• Tablets and Notebooks
• Scanners
• Others
By Application
• Access control
• Others
By Industry Type
• Government
• Military and Defense
• Healthcare
• Banking and Finance
• Consumer Electronics
• Travel and Immigration
• Others

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Iris ID Inc., 3M, Iritech Inc., Smartmatic, BioEnable, SRI International, Safran, IrisGuard Inc., CROSSMATCH, EyeLock are some of the competitors in the global iris recognition market.

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