Iris Recognition Market Share, Size, Growth and Forecast 2019-2024

Iris Recognition Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024

The global iris recognition market is expected to grow at a CAGR of around 18% during 2019-2024. Despite genetic similarities, irises of different individuals are structurally distinct and unique, which allows them to be used for recognition, identification and authentication purposes. Iris recognition, also known as iris scanning, is a method used for identifying individuals based on the unique pattern of their iris. The process utilizes visible and near-infrared light to capture a high-contrast image of the iris. The technology combines computer vision, pattern recognition, statistical inference and optics. This form of biometric system helps law enforcement officers to compare iris images of a suspect with an existing database. Also, several countries across the globe are implementing these systems in airports, points of entry or exit and other authoritative premises to reduce security breach incidences.

Market Trends:

Over the past few years, there has been a rise in the number of crimes and the threat of terrorist attacks across the globe. These incidences have prompted government facilities to install high-tech biometric systems to improve security conditions and preventing fraudulent activities. This remains one of the primary factors that are driving the growth of the market.
Manufacturers are developing iris recognition technology so that it can be integrated with various devices such as smartphones, banking systems and ATMs. These innovations are attracting investors who are interested in conducting large-scale R&D for applying these designs in real-life applications which, in turn, is influencing the market growth positively.
Healthcare providers are making efforts to use iris-recognition for addressing patient identity challenges. The combination of iris biometric technology and healthcare-focused PTOYNet blockchain network will help in delivering improved administrative, financial and clinical efficiencies.

IMARC Group’s latest report provides a deep insight into the global iris recognition market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the global iris recognition market in any manner.

Report Coverage:

Historical, Current and Future Market Trends
Market Breakup by Component:
- Hardware
- Software
Market Breakup by Product Integration:
- Smartphone
- Tablet and Notebook
- Scanner
- PC/Laptop
- Smartwatches
- Others
Market Breakup by End-User:
- Government
- Transportation
- Healthcare
- Others
Market Breakup by Region:
- Asia Pacific
- Europe
- North America
- Middle East and Africa
- Latin America

Competitive Landscape:

The report has also analysed the competitive landscape of the market with some of the key players being BioEnable, Iris ID, IrisGuard, M2SYS Technology, Gemalto Cogent, IriTech, Inc, SRI International, Crossmatch, EyeLock LLC, etc.

Key Questions Answered in This Report:

How has the global iris recognition market performed so far and how will it perform in the coming years?
What are the key regional markets in the global iris recognition industry?
What is the breakup of the market based on the component?
What is the breakup of the market based on the product integration?
What is the breakup of the market based on the end-user?
What are the various stages in the value chain of the global iris recognition industry?
What are the key driving factors and challenges in the global iris recognition industry?
What is the structure of the global iris recognition industry and who are the key players?
What is the degree of competition in the global iris recognition industry?