Vancouver, BC -- (SBWIRE) -- 03/17/2021 -- The Global Iris Recognition Market is forecasted to be worth USD 5.88 billion by 2027, according to a current analysis by Emergen Research. The key factors influencing the market include increasing usage of iris recognition system (IRS) in government identity systems and smartphones & other IoT devices owing to its more accurate personal identification, reduced risks of security breaches, and huge overall growth of the IoT device industry.

Extensive growth in the smartphone usage and higher requirement of effortless & quick biometric security in smartphone and tablet devices have been a substantial impulsive factor behind the growth of this market growth. Microelectronic & semiconductor equipment have been investing enormously in the research & development of various types of iris-based biometric techniques and implementing those in those devices. Additionally, increasing usage of multimodal two-step authentication system along with a higher preference of iris recognition techniques in such multimodal systems has been a major propelling factor for this market.

The research takes a closer look at prominent factors driving the growth rate of the prominent product categories across major geography. Furthermore, the study covers a lot of the sales, gross margin, consumption capacity, spending power and customer preference across various countries. The report offers clear indications how the Iris Recognition market is expected to witness numerous exciting opportunities in the years to come. Critical aspects including the growing requirement, demand and supply status, customer preference, distribution channels and others are presented through resources such as charts, tables, and infographics.

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The report on global Iris Recognition market is intended to offer business owners, stakeholders and field marketing executives a broad overview of the business they should be focussing on for the estimated period. The research further holds vital information on the size of market and data on the prominent leaders' product owners have to compete with, in the coming years. Assessments of the broad strengths, as well as weaknesses too, add value to the overall research. Products details not only cover the popular applications and its performance, but it also unveils certain trends and value of specific products within specific regions.

Further key findings from the report suggest
In June 2020, EyeLock LLC, a leading manufacturer of the iris recognition-based identity authentication solutions, revealed a global strategic partnership with CMITech Company, Ltd. of South Korea. The partnership & collaboration would help broaden the accessibility of the global iris technology market and enable EyeLock to launch new interoperable products in addition to the existing product line.
The smartphone & tablet sub-segment is growing with the fastest growth rate of 12.6% during the projected era with extensive implementation in the smartphone industry, owing to the incorporation of the iris scanners in the smartphones for their higher accuracy & precision in the multimodal multiple biometrics three-dimensional sensing system that drastically reduces the chances of replication or duplicity.
The developing regions including China, India, Vietnam, Taiwan, and South Korea in the Asia Pacific are experiencing a rapid development in the smartphone & electronic devices and growing incidences of security threats, and a huge concern for the personal authentication along with a higher economic development & government initiatives against the public security breaching in the developing countries especially, deliberately help propel the market enforcement.
Key players in the 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.

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Research Methodology
Data triangulation and market breakdown
Research assumptions Research data including primary and secondary data
Primary data includes breakdown of primaries and key industry insights
Secondary data includes key data from secondary sources

The study relies heavily on both qualitative and quantitative to generate, interpret and analyze raw data about the target market, product or services offered and prominent market players operating in the Iris Recognition market for the forecast period, 2020 - 2027.

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

Regional Analysis Covers:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

The research methodologies used for evaluating the Iris Recognition market are inventive and also provides enough evidence on the demand and supply status, production capability, import and export, supply chain management and investment feasibility.

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Here are the questions we answer...
What are the future opportunities in store for the vendors operating in the Iris Recognition market?
What does the competitive landscape look like?
Which emerging technologies are believed to impact the Iris Recognition market performance?
What are the key trends and dynamics?
Which regulations that will impact the industry?
Which segment will offer the most opportunity for growth between 2020 and 2027?
Where will most developments take place in the long term?
Who are the most prominent vendors and how much market share do they occupy?
What are the latest technologies or discoveries influencing the Iris Recognition market growth worldwide?

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Table of Content
Chapter 1. Methodology & Sources
1.1. Market Definition
1.2. Research Scope
1.3. Methodology
1.4. Research Sources
1.4.1. Primary
1.4.2. Secondary
1.4.3. Paid Sources
1.5. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2027
Chapter 3. Key Insights
Chapter 4. Iris Recognition Market Segmentation & Impact Analysis
Chapter 5. Iris Recognition Market By Type Insights & Trends Revenue (USD Million)
Chapter 6. Iris Recognition Market By Technology Insights & Trends Revenue (USD Million)
Chapter 7. Iris Recognition Market By Application Insights & Trends Revenue (USD Million)
Chapter 8. Iris Recognition Market Regional Outlook
Continued…