Iris Recognition Market Growing Popularity and Emerging Trends | IRITECH, BIOENABLE TECHNOLOGIES, SAFRAN, SMARTMATIC

A new research document is added in HTF MI database of 80 pages, titled as 'Iris Recognition Market – Global Drivers, Restraints, Opportunities, Trends, and Forecasts up to 2027' with detailed analysis, Competitive landscape, forecast and strategies. Latest analysis highlights high growth emerging players and leaders by market share that are currently attracting exceptional attention. The identification of hot and emerging players is completed by profiling 50+ Industry players; some of the profiled players are 3M, IRIS ID, IRITECH, BIOENABLE TECHNOLOGIES, SRI INTERNATIONAL, SAFRAN, SMARTMATIC, IRISGUARD, CROSSMATCH TECHNOLOGIES, EYELOCK. The Market has witnessed continuous growth in the past few years and is projected to see some stability post Q2,2020 and may grow further during forecast year 2021-2026

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Summary
Iris Recognition Market – Global Drivers, Restraints, Opportunities, Trends, and Forecasts up to 2023
Market Overview
Biometric authentication is a security measure that is based on the unique biological characteristics of an individual to verify the credentials. They capture the physiological and behavioral aspects. Iris, fingerprint, and DNA are physiological biometric identifiers and rhythm, gait, voice, and typing are behavioral identifiers. Biometric systems are based on facial features, fingerprints, handwriting, voice, hand geometry, retina, iris, etc. Biometric authentication systems match the biometric data that is captured to the confirmed authentic data in the database. The two sets of data are compared, namely the one pre-set by the owner of the device and the second one of the device visitor. If both the samples match, authentication is confirmed. The match must be precisely identical and not nearly identical. Biometric authentication is used to manage access to physical and digital resources, namely buildings, computing devices, and rooms. Biometric authentication is gradually becoming a commonplace. Biological traits cannot be easily counterfeited, and it also offers an additional benefit of convenience.

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The global population is increasingly becoming security and safety conscious, and thus biometric authentication devices are being extensively adopted across governments, healthcare institutions, financial institutions, consumer electronics, retail & commercial vehicles, and enterprises. In the past decade, the world has witnessed several technological innovations that have made biometrics technically and commercially feasible. Touchless biometrics and portable biometric devices are few such innovations. The convergence of market forces and parallel innovation-enabling technologies are encouraging the emergence of innovative products at an unprecedented rate. The cost of high-end products will reduce considerably in the coming years due to technological advancements and introduction of new devices in the market. The future market growth would be driven by rapid adoption by the government and the usage of biometrics in criminal identification.
Iris recognition technology blends with other technologies such as computer vision, statistical inferences, optics, and pattern recognition. The application areas for iris recognition are varied, and consumer electronics is one major area. Recently, iris scanners are used in various mobile devices; Samsung’s Galaxy Note 7 features an iris scanner and is also found in Lumia 950 and Lumia 950 XL Windows phones. It is being used in multiple editions of Fujitsu Arrow Devices, available through NTT Docomo, a pioneer in smartphone iris biometrics. Iris recognition is most commonly used in physical access control in government and private enterprises, but the versatility of the technology is widening its usage in other sectors of the economy, namely transportation, national identification programs, and healthcare. The technology is also used in prisons, work areas, data centers, immigration centers, etc. Security is the major prerogative for organizations using this technology, but it also offers the added advantage of productivity-enhancing applications including time and attendance.

Market Analysis
According to HTF MI Research, the global iris recognition market is expected to grow at a CAGR of 21.8% during the forecast period 2017–2023. The market is driven by factors such as integration of iris scanners in smartphones, increased use in government projects, rising incidence of fraudulent activities & security concerns, and enhanced demand from the consumer electronics segment. The future potential of the market is promising owing to opportunities such as R&D initiatives, increasing number of distribution channels, enhanced demand from the travel/immigration industry, and increased adoption in enterprises. The market growth is curbed by restraining factors such as high costs, the gap in user’s understanding of the device, the vulnerability of iris recognition systems, and intrusion of privacy.

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Table of Contents
1 Industry Outlook 9
1.1 Industry Overview 9
1.2 Industry Trends 10
2 Report Outline 12
2.1 Report Scope 12
2.2 Report Summary 12
2.3 Research Methodology 13
2.4 Report Assumptions 13
3 Market Snapshot 15
3.1 Total Addressable Market (TAM) 15
3.2 Segmented Addressable Market (SAM) 15
3.3 Related Markets 15
4 Market Outlook 16
4.1 Overview 16
4.2 Regulatory Bodies & Standards 16
4.3 Deployed Applications 18
4.4 Suitability of Iris Recognition 19
4.5 Advantages of iris recognition 21
4.6 Porter 5 (Five) Forces 22
5 Market Characteristics 23
5.1 Ecosystem 23
5.2 Market Segmentation 25
5.3 Market Dynamics 25
5.3.1 Drivers 26
5.3.1.1 Increased Use in Government Projects 26
5.3.1.2 Integration of Iris Scanners in Smartphones 27
5.3.1.3 Rising Incidence of Fraudulent Activities and Security Concerns 27
5.3.1.4 Enhanced Demand from Consumer Electronics Segment 27
5.3.2 Restraints 28
5.3.2.1 High Costs 28
5.3.2.2 Gap in User’s Understanding of the Device 28
5.3.2.3 Vulnerability of iris recognition systems 28
5.3.3 Opportunities 29
5.3.3.1 Research and Development Initiatives 29
5.3.3.2 Increasing Number of Distribution Channels 29
5.3.3.3 Enhanced Interest from Travel/Immigration Industry 29
5.3.3.4 Increased Adoption from Enterprises 29
5.3.4 DRO – Impact Analysis 30

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