Header Ads

Iris Recognition Market Size, Share, Industry Report, Revenue Trends and Growth Drivers To 2027

 The iris recognition market is projected to grow from USD 3.7 billion in 2022 to USD 8.4 billion by 2027, registering a CAGR of 17.7% during the forecast period.

The market growth is attributed to the increased use of iris recognition technology in the travel & immigration industry and the high demand for iris recognition from offices and commercial sectors. Furthermore, the rising adoption of iris recognition in the banking & finance industry to avoid fraudulent activities is expected to create lucrative opportunities for the market.

Identity management & access control application accounted for larger share of iris recognition market in 2022.

Identity management & access control application accounted for a larger share of the iris recognition market in 2022 and is expected to remain dominant throughout the forecast period. Iris recognition solutions are used in various verticals for identity management and access control applications. For example, in the banking & finance vertical, iris recognition systems are used by customers to access their bank accounts and employees to log in to their workstations. In the travel & immigration vertical, iris recognition systems prevent illegal immigrants from entering the country using fraudulent travel documents. In many airport terminals, these biometric systems are deployed to enhance the convenience, speed, and efficiency of border-crossing formalities for legitimate travelers. Many government organizations use iris recognition technology for identification and authentication purposes.


Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=141994093


Software component to lead iris recognition market during the forecast period.

The software component is expected to hold higher opportunities than the hardware component between 2022 and 2027. The software component has been sub-segmented into iris recognition software & SDK, database, and analytics solution, among others. At present, iris recognition software & SDK account for a larger market share than hardware components, and a similar trend is likely to continue in the near future. Furthermore, the presence of various major players who offer this software, such as Iris Access, EyeLock LLC, Neurotechnology, and others, further drives the market growth.

Asia Pacific market to offer significant opportunities during the forecast period.

Asia Pacific is the leading market for iris recognition in the consumer electronics vertical, with major demand from China, India, and Japan. The region held the largest share of the iris recognition industry in 2021. China and India are key countries contributing to the market growth in Asia Pacific. North America expected to account for the second-largest share of the iris recognition market throughout the forecast period. The US and Canada are significant demand-generating countries for iris recognition devices in this region.

Key players

Key players in the iris recognition market include Thales (France), IDEMIA (France), HID Global Corporation (US), Iris ID, Inc. (US), IriTech, Inc. (US), IrisGuard Ltd. (UK), EyeLock LLC (US), NEC Corporation (Japan), Princeton Identity (US), and CMITech Company, Ltd. (Korea), among others.

Know more Information @ https://www.marketsandmarkets.com/Market-Reports/iris-recognition-market-141994093.html

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ’GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on TwitterLinkedIn and Facebook.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441

No comments:

Powered by Blogger.