IRIS Recognition Market Demand, Growth Analysis Forecast 2022-2028

According to Precision Business Insights (PBI), the latest report, the IRIS recognition market is expected to be valued at USD 2,764.3 million in 2022 and is poised to grow at a significant CAGR of 13.6% from 2022-2028. The primary driver of the expansion of the IRIS recognition market is the increasing demand for mobile phones among a larger population of the world which rises cybercrimes and consequently increases the demand for safety devices.

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Aluminum Segment to Dominate the IRIS Recognition Market:
Based on the end user, the healthcare segment is expected to account for a larger revenue share in the global IRIS recognition market, with a value share worldwide owing to the healthcare industry being beset with the persistent problem of establishing accurate patient identification. Healthcare administration applications are moving toward biometric IRIS recognition technology. The evolution of current technologies and the development of multi-layered authentication systems at feasible costs are projected to contribute to the global increase in the usage of biometric technology in healthcare infrastructure via IRIS recognition. With its high accuracy and ease of use, IRIS recognition technology offers an option to identify proper insurance status that prevents fraudulence and duplicate medical records which will be anticipated to have a progressive growth rate in the upcoming few years.

Asia Pacific IRIS Recognition Market:
The Asia Pacific market is expected to increase in the global IRIS recognition market over the forecast period. It is projected to grow at a significant CAGR in the coming years owing to the maximum attractive business destination for IRIS recognition products and solution providers due to the rising consumer electronics industry, especially the smartphone market in this region such as Samsung Electronics (South Korea), an essential smartphone and tablet manufacturer, which has adopted IRIS recognition technology to provide the safety and security features of its latest devices, has its manufacturing services located in this region. This factor is also propelling the growth of the IRIS recognition market in the Asia Pacific region.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global IRIS recognition market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region.

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The IRIS recognition market is segmented based on component type, product type, application, end-user, and geography.
Based on the component type, the market is segmented into the following:
• Hardware
• Software

Based on the product type, the market is segmented into the following:
• Smartphones
• Wearables
• Tablets & Notebooks
• PCs/ Laptops
• Scanners

Based on the application, the market is segmented into the following:
• Identity Management and Access Control
• Time Monitoring
• E-Payment

Based on the end user, the market is segmented into the following:
• Government
• Military & Defense
• Healthcare
• Banking & Finance
• Consumer Electronics
• Travel & Immigration
• Automotive
• Others

Based on geography, the market is segmented into the following:
• North America
• Europe
• The Asia Pacific
• Latin America
• MEA

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Key players' profiles in the IRIS recognition market report are Bioenable Technologies, IRISguard Inc., Eyelock Inc., Crossmatch Technologies Inc, 3M Cogent Inc., M2SYS Technology, Safran SA, Sri International Inc, IRIS Id Inc, Smartmatic International Corporation, Iritech Inc., BI² Technologies, Biomatiques Identification Solution, EyeSmart Technology, EyeVerify, Delta ID, Honeywell International Inc., Fulcrum Biometrics, and LLC and Gemalto.

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