Massive Growth of Iris Recognition Market during the Forecast Period 2024

Iris Recognition Market: Overview

Iris recognition is an important method used in identification of people. This technology uses mathematical pattern recognition technique on video images of both the irises, whose complex random pattern are stable, unique and are visible from certain distances. This technology is widely used due to the non invasive and non intrusive nature. Iris recognition thorough its video recognition technology and infrared illumination, acquire images of the intricate and detail rich structures of the iris that is externally visible. Moreover, it is now been used in different countries for different purposes like passport free automated border crossings and many more.

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Iris Recognition Market: Drivers and Restraints

The market is primarily driven by the increasing demand of security systems. Occurrence of cybercrimes, terrorist attacks and many other illegal activities has increased the demand of high security systems. This is one of the most secured and accurate technologies to identify person by analyzing the random pattern of the iris. Another important driver of this market is the high demand from different travel and immigration and various government organization.

Due to high security concerns in different government organizations and travel and immigration, iris recognition is used. This technology is accurate, works errorless and is more secured technology used for security purposes. Further, the uniqueness, stability and security are also one of the important factors escalating the demand of iris recognition market globally. The iris pattern are stable, uses richness of textures details present in the iris like coronas, furrows, freckles and stripes, hence they are more secured in nature.

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The major restraint of this market is the expensive iris recognition systems. The cost of this iris recognition system is so expensive that it is likely to cost five times more than the cost of fingerprint scanning. Another major restraint of this market is that the iris is a very small target to scan perfectly. To scan the iris properly, the head of an individual has to be still. Moreover, anything that causes reflection makes the systems difficult to recognize the iris. Thus, it is one of the vital factors restraining the global iris recognition market. Alternative inexpensive products like smart cards and token based authentication are posing threats in the global iris recognition market as they are low in price than the iris recognition system.

The major opportunity of global iris recognition market is the expansion of iris recognition systems in the existing application areas like banking, finance, consumer electronics, travel and immigration and many others. Apart from this implementation of these systems in automate teller machines, mobile devices and pharmacy dispensing is also creating ample opportunities in the global market after the forecast period.

Iris Recognition Market: Segmentation

The iris recognition market has been categorized based on types that include smart watches, personal computers and laptops, scanners, smart phones and others. Moreover, the iris recognition market is segregated based on application which includes travel and immigration, government organization, military and defense, banking and finance, consumer electronics, health care and others. Based on geography, the market is segmented into four regions: North America, Europe, Asia-Pacific and Rest of the World.

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The major players in the iris recognition market are Iris Id, Inc., Bioenable Technologies, Smartmatic International Corporation, Crossmatch Technologies Inc., 3M Cogent Inc., Safran SA, Irisguard Inc., Eyelock Inc. and Sri International Inc. among others.

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