WASHINGTON, June 16, 2022 (GLOBE NEWSWIRE) -- The Global Iris Recognition Market finds that increased incidences of cybercrime drive the deployment of more robust security measures and increasing demand for consumer electronics are some factors that augment the growth of the Iris Recognition Market in recent years.
The Global Market revenue stood at a value USD 2.9 Billion in the year 2021.
The Global Iris Recognition Market size is forecasted to reach USD 5.9 Billion by the year 2028 and is expected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 12.8% during the forecast period; states Vantage Market Research, in a report, titled “Iris Recognition Market Size, Share & Trends Analysis Report by Component (Hardware, Software), by Product (Smartphones, Wearables, Tablets & Notebooks, PCs/ Laptops), by Application (Identity Management and Access Control, Time Monitoring, E-Payment), by Vertical (Government, Military & Defense, Healthcare, Banking & Finance), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Market Dynamics:
Driver:
Increased Incidences of Cybercrime Drive the Deployment of More Robust Security Measures
The surge in cases of cybercrime that have the potential to hurt an individual, especially financially, is one of the main reasons for the market expansion of iris scanners. In today's digitalized world, when everything is done online, the emergence of cybercrime has put people's and organizations’ safety in jeopardy, resulting in financial and other damage. Hence, cybercrime, terrorist attacks, and a variety of other unlawful activities have raised the demand for high-security systems. Examining the random pattern of the iris is one of the most secure and accurate systems for identifying people. The rising demand from various travel and immigration organizations, as well as numerous government organizations, is another major driver of this industry. Iris recognition is employed in several government agencies, as well as travel and immigration, due to heightened security concerns. This system is precise, error-free, and more secure than other security technologies. These are some of the factors driving the market growth.
Increasing Demand for Consumer Electronics
The Iris Recognition Market is divided into smartphones, tablets, notebooks, smart-watches, PCs or laptops, scanners, and others based on product integration, which are expected to command a significant portion of the market. The increasing use of smart gadgets increases the risk of robbery, hacking, data theft, and other crimes. As a result, the need for more stringent technology is driving the market for iris recognition systems to surge. Furthermore, with increased disposal income, there is a surge in demand for these smart devices that help with operations. Smartphone sales have skyrocketed, presenting enormous potential opportunities for iris detection technology. Furthermore, with new technological advancements such as the launch of 5G networking and a plethora of smartphone applications, demand for smartphones is expected to skyrocket. Smartphones, which enable users to access banks, e-wallets, social media profiles, and other applications because of increasing digitalization and internet penetration, carry critical information and hence demand the highest level of security.
Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Iris Recognition market is predicted to grow at a CAGR of roughly 12.8% during the forecast period.
- The Iris Recognition market was estimated to be worth roughly USD 2.9 Billion in 2021 and is expected to reach USD 5.9 Billion by 2028; based on primary research.
- On the basis of region, Asia Pacific is projected to dominate the worldwide Iris Recognition market.
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Segmentation of the Global Iris Recognition Market:
- Component
- Hardware
- Software
- Product
- Smartphones
- Wearables
- Tablets & Notebooks
- PCs/ Laptops
- Scanners
- Application
- Identity Management and Access Control
- Time Monitoring
- E-Payment
- Vertical
- Government
- Military & Defense
- Healthcare
- Banking & Finance
- Consumer Electronics
- Travel & Immigration
- Automotive
- Others
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the electronics industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
The Report on Iris Recognition Market Highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
Asia Pacific Holds Largest Market Share
Asia Pacific is expected to dominate the growth of Iris Recognition Market in 2021. Electronic access control systems are also in high demand in Asia-Pacific, owing to rising worries about identity theft and fraud, as well as increased security in government and commercial settings. The market in Asia Pacific is predicted to grow at fastest Compound Annual Growth Rate (CAGR) throughout the forecast period, owing to governments in the region have implemented various initiatives related to border administration and national identities.
Browse market data Tables and Figures spread through 142 Pages and in-depth TOC on "Iris Recognition Market Size, Share & Trends Analysis Report by Component (Hardware, Software), by Product (Smartphones, Wearables, Tablets & Notebooks, PCs/ Laptops), by Application (Identity Management and Access Control, Time Monitoring, E-Payment), by Vertical (Government, Military & Defense, Healthcare, Banking & Finance), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/iris-recognition-market-627955
List of Prominent Players in the Iris Recognition Market:
- Thales Group (France)
- IDEMIA (France)
- Iris ID (US)
- Iri Tech (US)
- HID Global (US)
Recent Developments:
June 2021: Iris ID Systems Inc. and Aware Inc. have announced a new relationship. This firm provides iris recognition and identity identification technology to enable state and local governments to use the FBI's Next Generation Identification (NGI) Iris Service.
April 2021: Eye Lock LLC, a provider of iris identity authentication solutions and a subsidiary of VOXX International Corporation, has been awarded a contract to manage individual access to the four data center facilities responsible for monitoring and controlling all government buildings, streets, and service providers in Egypt's New Capital City.
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Iris Recognition Market?
- How will the Iris Recognition Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Iris Recognition Market?
- What is the Iris Recognition market drivers and restrictions?
- What will be the CAGR and size of the Iris Recognition Market throughout the forecast period?
This market titled “Iris Recognition Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered | • Component o Hardware o Software • Product o Smartphones o Wearables o Tablets & Notebooks o PCs/ Laptops o Scanners • Application o Identity Management and Access Control o Time Monitoring o E-Payment • Vertical o Government o Military & Defense o Healthcare o Banking & Finance o Consumer Electronics o Travel & Immigration o Automotive o Others • Region o North America o Europe o Asia Pacific o Latin America o Middle East & Africa |
| Region & Counties Covered | • North America o U.S. o Canada o Mexico • Europe o U.K o France o Germany o Italy o Spain o Rest Of Europe • Asia Pacific o China o Japan o India o South Korea o South East Asia o Rest Of Asia Pacific • Latin America o Brazil o Argentina o Rest Of Latin America • Middle East & Africa o GCC Countries o South Africa o Rest Of Middle East & Africa |
| Companies Covered | • Thales Group (France) • IDEMIA (France) • Iris ID (US) • IriTech (US) • HID Global (US) |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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