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Iris Recognition Market is forecasted to reach at US$ 6.1 Bn by 2028, growing at a CAGR Of 12.7 % During the Forecast Period
The global iris recognition technology has shown tremendous growth since last few years and is expected to grow rapidly over the forecast period. Some of the factors fuelling the growth of the global market include rising adoption from various industry sectors, R&D initiatives, and rising smartphone penetration.
Rising Concern Regarding Security and Surveillance Coupled with Growing Number of Cyber Crimes is Fuelling the Market Growth
The incidences of cyber-attacks and data breaches are increasing rapidly which promotes the demand for better surveillance technology. The iris recognition technology is majorly preferred biometric technology across the globe. In the first quarter of 2019, more than 4 billion cases have been registered for data breaches in which password and email breaches have registered the major share. To minimize these incidences and secure their business from these hackers, enterprises are deploying iris technology systems across the globe. This is anticipated to fuel the growth of global iris recognition market during the forecast period.
Scanners Segment Held Larger Share in Global Iris Recognition Market in 2019
On the basis of the product, the global iris recognition market is dominated by the scanners segment. This is mainly due to the wide range of applications offered by iris scanners in several industry verticals such as travel & immigration, government, military & defence, and finance & banking. The scanners are majorly being used for identity management and access control applications in these industries.
E-Payment Segment Occupied Significant Share in 2019
Based on the application, the e-payment segment occupied a significant market share in 2018. The segment is estimated to grow at the fastest CAGR between 2020-2028. In the e-payment process, these are high chances of internet fraud and identity fraud. To minimize the number of these fraud cases, the vendors are deploying iris recognition technology into their system at a major extend. Moreover, the rising internet penetration across the globe is anticipated to support the growth of the segment in the coming years.
Asia Pacific is anticipated to be the Largest Share Holder in Global Market
By region, the global market is dominated by the Asia Pacific throughout the forecast period. The region is expected to witness remarkable growth during the forecast period. In Asia Pacific, the rising consumer electronics industry, particularly the smartphone market majorly favours the growth of the market in Asia Pacific. The companies are focused on expanding their distribution channels and operations in emerging economies such as India, China, South Korea, and Japan owing to the large customer base in these countries. Moreover, the presence of prominent players such as Samsung Electronics is expected to put a positive impact for the regional growth of iris recognition market.
The companies are engaged in research and development activities in order to launch innovative products which might help them to strengthen their foothold in the global market.
In July 2019, Lenovo announced the launch of Lenovo Tab V7. The new product is a portable tablet, comes in different storage options with an iris recognition technology, serving enterprises, and the government sector.
In November 2018, eyeDisk unveiled the unhackable USB flash drive under the brand name Kickstarter. The new product is integrated with iris recognition technology.
In November 2018 Lexton announced the launch of their new product line of biometric products which include iris camera, microphone, onboard software, and high-spec camera.
In October 2018, UAE-based carrier Emirates announced that they are planning to integrate iris recognition technology for flights intended to minimize the document verification procedure.
Some of the prominent companies operating in the global Iris Recognition market include HID Global, Thales Group, IriTech, Iris ID, and IDEMIA.
Global Iris Recognition Market by Component
Global Iris Recognition Market by Product
- PCs/ Laptops
- Tablets & Notebooks
Global Iris Recognition Market by Application
- Identity management and Access Control
- Time Monitoring
Global Iris Recognition Market by End-Use Industry
- Travel & Immigration
- Consumer Electronics
- Banking & Finance
Global Iris Recognition Market by Region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America