Increasing Penetration Rate of Iris Recognition Technology in Consumer Electronics Industry

Scanners to account for the largest market share during the forecast period
The iris recognition market, by product, is segmented into smartphones, wearables, tablets & notebooks, PC/laptops, and scanners. Scanners are expected to dominate the market, in terms of size, during the forecast period. The high adoption of iris scanners from government, banking & finance, military & defense, and travel & immigration verticals, especially for the identity management and access control application, is the primary reason behind the largest share of this segment in the iris recognition market.

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The market for e-payment application to grow at highest CAGR during the forecast period
The market for the e-payment application is expected to grow at the highest CAGR during the forecast period. This growth can be attributed to the growing demand for iris recognition technology to authenticate the user making e-payments. This will help curb the cases of identity fraud and internet fraud and make e-payments more safe and secure.

APAC to account for the largest market share during the forecast period
APAC is expected to account for the largest share of 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.

Samsung Electronics (South Korea), an essential smartphone and tablet manufacturer, which has adopted iris recognition technology to increase the safety and security features of its latest devices, has its manufacturing facilities located in this region. This factor is also positively impacting the growth of the iris recognition market in APAC.

Key Market Players
Key players in the iris recognition industry include Thales Group (France), IDEMIA (France), Iris ID (US), IriTech (US), and HID Global (US). Thales Group is a well-known player in the digital identity and security market. Strong brand name and customer base are among the key factors that led to the leading position of Thales Group in the iris recognition market. Apart from the strong brand name and customer base, the company has strong R&D capabilities and geographic presence. Thales Group focuses on strategies such as acquisitions and product launches to strengthen its product portfolio and maintain its position in the iris recognition market.

Mr. Sanjay Gupta
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This release was published on openPR.