Iris Recognition Biometrics Market is predicted to reach USD 22.65 billion by 2030 with a CAGR of 22.5% from 2020-2030

The Global Iris Recognition Biometrics Market size is estimated to be USD 2.43 billion in 2019 and is predicted to reach USD 22.65 billion by 2030 with a CAGR of 22.5% from 2020-2030.

Iris Recognition Biometrics is an authentication process which involves the different iris patterns of an individual eye. These patterns can be recorded by the help of infrared technique and digital camera. It offers various advantages over the other authentication process such as high accuracy and maintains the security. There are various countries which have deployed the iris biometric system to maintain the cross border activities by creating national ID’s for the people.

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Top Companies: Cross Match Technologies Inc. (HID Global), Safran SA, Fulcrum Biometrics LLC, Iritech Inc., Iris ID Inc., Eyelock Inc., SRI International Inc., Honeywell International Inc and others.

Market Dynamics and Trends

There have been various technological advancements taking place with the increase in infrastructure and increased demand of authentication with security. Furthermore, increase in E-passports, and criminal identification is expected to support the growth of iris recognition biometrics market.

The other factors include high adoption of iris recognition and identification and increased demand of iris scanners for the access control application is further expected to augment the market growth. However, high cost of iris scanners and privacy concerns are expected to impede the market growth. Moreover, innovation coupled with research and development activities are expected to create ample opportunities in the iris recognition biometrics market in the near future.

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Market Segmentations and Scope of the Study:

The global iris recognition biometrics market share is analyzed on the basis of component, product, application, vertical and geography. Based on component, the market is fragmented into hardware and software. On the basis of product, the market is divided into Smartphones, Wearables, Tablets & Notebooks, PCs/ Laptops, and Scanners. On the basis of application, the market is fragmented into Identity management and Access Control, Time Monitoring, and E-Payment. Based on vertical the market is classified into Government, Military & Defense, Healthcare, Banking & Finance, Consumer Electronics, Travel & Immigration, Automotive, and Others. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

North America is expected to dominate the iris recognition biometrics market in terms of market share owing to the presence of technological advancement and developed infrastructure. Furthermore, increased demands of high security are also expected to further promote the market growth over the forecast period.

Asia Pacific is expected to dominate the iris recognition biometric market in terms of growth rate with gradual increase in market share owing to the increased adoption of iris recognition with further development of iris scanners and wide application in different sectors for authentication purpose.

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