The increasing number of security breaches and extensive rise in the adoption of iris recognition systems (IRS) in government identity cards, smartphones & IoT devices are the major factors influencing the market growth.
Vancouver, BC -- (SBWIRE) -- 02/08/2021 -- Iris Recognition Market
Iris recognition is a prominent method used in the identification of people. This technology uses the mathematical pattern-recognition technique on both the irises' video images, whose complex random pattern is unique, stable, and visible from certain distances.
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Prominent Players Profiled in the Iris Recognition Market:
BioEnable Technologies Pvt. Ltd., Iris ID Systems Inc., M2SYS Technology, Honeywell International Inc., IRITECH INC., Safran SA, EyeLock LLC, Aware Inc., Thales Group, and IrisGuard UK Ltd., among others.
Market Drivers
The rising demand for security systems majorly drives the market. The increasing prevalence of terrorist attacks, cybercrimes, and several other illegal activities has raised the demand for high-security systems. This is one of the most accurate and secured technologies to identify a person by analysing the random pattern of the iris. Another major factor affecting the market is the high demand from different travel and immigration and various government organization. Iris recognition is extensively utilised owing to increased security concerns in many government organizations and travel and immigration. This technology works errorless, is accurate, and more secure. The primary factor influencing the global iris recognition market is the expansion of iris recognition systems in application areas such as finance, banking, consumer electronics, travel, and immigration.
Product Outlook (Revenue: USD Billion; Volume: Thousand Units; 2017-2027)
Iris Scanners
Smartphone & Tablets
Wearable Gadgets
Others
Industry Vertical Outlook (Revenue: USD Billion; Volume: Thousand Units; 2017-2027)
Consumer Electronics
Government & Defense
Banking, Financial services, and Insurance (BFSI)
IT & Telecommunication
Retail and E-commerce
Human Resource
Healthcare
Others
Application Outlook (Revenue: USD Billion; Volume: Thousand Units; 2017-2027)
Identity management and Access Control
Time Monitoring
E-Payment
Component Outlook (Revenue: USD Billion; Volume: Thousand Units; 2017-2027)
Hardware
Software
System Type Outlook (Revenue: USD Billion; Volume: Thousand Units; 2017-2027)
Unimodal Biometric Systems
Multimodal Biometric Systems
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Key Summary of the Iris Recognition Market Report:
Insightful information regarding the global Iris Recognition market
Identification of growth in various segments and sub-segments of the Iris Recognition market
Strategic recommendations for investment opportunities
The report covers significant statistics related to the industry along with products, applications, price analysis, demand & supply, and production and consumptions rate
Emerging trends and current market segment analysis to help investors formulate new business strategies
Accelerates the decision making process through the detailed description of the drivers, restraints, growth prospects, and limitations
Thorough SWOT analysis and Porter's Five Forces analysis along with feasibility analysis and investment return analysis
Regional Landscape
North America dominates the iris recognition market is and is followed by Europe and Asia-Pacific region. The factor that influences the growth of the regional market is the presence of the key market players in this region. The rising number of crimes and terrorist attacks has forced various government organizations to install this technology to improve their security, and this factor is expected to fuel the market growth in the Asia Pacific region.
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