Market Research Of Global Iris Recognition Market By Knowledge Sourcing Intelligence
Introduction
The global iris
recognition market is projected to grow at a CAGR of 18.54% over the forecast
period, increasing from US$563.329 million in 2018 to reach a total market size
of US$1,318.720 million by 2023. Iris recognition analyzes various parts
of the eye for authentication and monitoring applications, making it one
of the most secure technologies currently available, as it cannot be forged and
is effective even if the subject has undergone an eye surgery or is wearing
glasses.
The major factors driving the
demand for iris recognition solutions are- increasing security
concerns among the government organizations and rising adoption of
advanced technologies across various industry verticals. The
Asia Pacific region will grow at a significant rate across the forecast
period on account of product integration by major companies dealing in
smartphones, tablets and other devices to offer new products to their customers
and improve their market share and company profitability. Market Research is done by
knowledge sourcing industry due to huge scope with respective industry.
sample view of global iris recognition market share
Increasing Security Concerns Among
Government and Private Organiztions
The major factor
driving the demand for Iris recognition systems is the increasing concerns
by the government and private organizations. Iris recognition system uses
various points of the Iris such as freckles, corona, furrows, and
rings among others to analyze and authenticate the user profile. Iris
recognition is one of the most secure systems presently available as it can’t
be duplicated, blocked by sunglasses or affected even if a person undergoes an
eye surgery. As a result, various organizations are adopting this technology
to improve their security and prevent unauthorized accesses. Government
organizations are implementing this technology in airports and
other high-security government buildings so as to record and
prevent unauthorized accesses. For instance, in January 2018, Princeton
identity announced that around 100 of their Access500e terminals are
operational at the Dubai International Airport which use iris and facial
recognition to verify the identities of the travellers. In addition, the
company also said that about 40 additional systems would be installed at the
airport soon.
Iris recognition
offers multiple advantages to private institutions by simplifying
administrative work, reducing concerns over access cards and ensuring a
safer working atmosphere. The major security concerns for the organization
relate to the misplaced access cards that could allow an unwanted
individual to enter the premises. The use of iris recognition has ability to
eliminate the need for access cards, which in turn, further enhances the
overall security and privacy of the organization. Additionally, rising
volume of sensitive digital data is resulting in firms increasing the
investment to enhance data security. While, rising incidences of data
hack are further motivating companies to improve their security,
thus driving the demand for iris recognition over the forecast
period.
Global Iris Recognition Market
by Indsutry Vertical
By industry,
the iris recognition market is segmented as consumer electronics, healthcare,
BFSI, government, military and defense, automotive, and others. The
military segment is projected to grow rapidly on account of increasing measures
to improve border security and patrolling.
Simultaneously, the adoption of iris recognition technology in
the BFSI sector is estimated to rise substantially as a result of growing
volume of sensitive information and increasing amount of data breach incidences
in the sector over the years. Moreover, automotive manufacturers are also
leveraging towards the use of biometric technology while the consumer
electronics industry is anticipated to grow steadily during the course of the
forecast period.
sample view of global iris recognition market share by industry vertical
Conusmer Electronics
The pace of
innovation has been increasing among the players in the consumer electronic
industry over the years in order to remain competitive and improve
the market share. There has been a growing focus by the smartphone
manufacturers to develop and improve on the existing unlocking methods of the
devices. In December 2016, InFocus Corporation announced its plans to
launch a smartphone in India that has the ability to support Aadhaar
authentication using the iris scanner on the device. Similarly, Samsung is
also planning to bring the iris recognition technology in the affordable
smartphone segment. Moreover, the company has also recently launched a new
tablet which is embedded with iris recognition technology. As such, the iris
recognition market for consumer electronic industry is estimated to grow to
US$XX.XX million in 2023 from US$XX.XX million in 2017 at
a healthy CAGR of XX.XX%.
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