The Global Iris Recognition Market size is expected to reach $8.9 billion by 2028, rising at a market growth of 15.6% CAGR during the forecast period

December 21, 2022

New York, Dec. 21, 2022 (GLOBE NEWSWIRE) -- announces the release of the report "Global Iris Recognition Market Size, Share & Industry Trends Analysis Report By Application, By Product, By Component, By Vertical, By Regional Outlook and Forecast, 2022 - 2028" - The use of iris recognition technology in laptops has raised general awareness of its convenience and dependability.Although it is 10 times more expensive than fingerprint scanner technology, iris recognition is 10 times more secure. As a result, the iris recognition market has begun to migrate to reduce costs, and it is anticipated that it will soon be a technology for identity management. The distinctive patterns in people’s irises—the colourful circles in their eyes—are measured via iris scanning.To detect distinctive patterns undetectable to the human eye, biometric iris recognition scanners illuminate the iris with invisible infrared light. Eyelids, Eyelashes, and specular reflections that generally cover some of the iris are detected and excluded by iris scanners. The result is a collection of pixels that only include the iris.The bit pattern encodes the data in the iris is then extracted by analysing the pattern of the lines and colours in the eye. This bit pattern is digitalized and checked against templates that are kept in a database for identification or verification (one-to-one template matching) (one-to-many template matching).Iris scanners gather over 240 biometric characteristics, which are distinctive to each eye. The data is subsequently converted into a digital format by the scanners. This digital database contains the numeric representation of the data that was taken from the iris image.COVID-19 Impact AnalysisIris and periocular recognition could become more widely used due to biometrics research sparked by COVID-19. The adoption of COVID-19 has fostered a move from touch-based to contactless technology, which has resulted in a considerable loss for fingerprint recognition methods. The new standard of touchless recognition systems has been established since contact-based technology presents a significant risk to sanitary safety. With this change in mind, iris recognition is thought to be the greatest option by far. Therefore, the COVID-19 has a favourable effect on the market for iris recognition.Market Growth FactorsGovernmental agencies are using iris recognition technology more often for identification and authentication.One of the first industries to use iris recognition technology, the government sector creates significant demand for its goods and services. This is one of the main drivers of the iris recognition market’s expansion. Iris recognition technology is used by government departments, agencies, and organisations worldwide for identification and authentication. For instance, the Next Generation Identification (NGI) systems, and the National Crime Information Center (NCIC) were developed by the Federal Bureau of Investigation (FBI) in collaboration with local, state, tribal, and federal authorities. As a trustworthy method of identification, these systems use iris recognition.Adoption Of Biometric Technologies In The Defence And Automobile IndustriesTouchless biometric products are anticipated to have strong demand in the automotive industry in the upcoming years. User/driver authentication, in-cabin personalisation, in-car payment, and intra-vehicle network encryption are just a few of the uses for scanning the vein, face, iris, or finger. Numerous automotive behemoths, including Ford Motor Company (US), Audi AG, and BMW AG, are developing touchless biometric systems for automobile use. In addition, the car industry is embracing iris-based biometric systems because of their high accuracy, non-contact characteristics, and ability to operate in low light.Market Restraining FactorsCompetition With Other Biometric TechnologiesThere are numerous biometric technologies on the market, including voice recognition, vascular recognition, face recognition, fingerprint recognition, and iris recognition. The market acceptability of various technologies varies depending on their benefits and drawbacks. Face and fingerprint recognition technologies are fierce competitors for iris recognition technology. Its high price is one of the main causes of this. Iris scanners cost more than face and fingerprint detection systems, which are their alternatives.Component OutlookBased on the Component, the Iris Recognition Market is divided into Hardware and Software. In terms of revenue, the Software component sector held the largest market share in 2021. The software part has been divided into sub-segments, including iris recognition software & SDK, database, and analytics solution. Iris recognition software and SDK held a higher market share than hardware components, and a common pattern is projected to persist shortly.Product OutlookBased on Product, Iris Recognition Market is divided into Scanners, Wearables, Tablets & Notebooks, Personal Computers/Laptops, and Smartphones. The smartphone sub-segment is expected to register the significant market share in the iris recognition market by 2021. Smartphones are regarded as the most cutting-edge technology of the twenty-first century. This smartphone’s integration of IRIS technology increases its functionality and ability to provide precise results.Application OutlookBased on Application, the Iris Recognition Market is divided into E-Payment, Time Monitoring, and Identity Management & Access Control. In 2021, the E-Payment accounted for the significant share in Iris recognition market. Companies are already beginning to use biometric technology for payments and money transfers due to a rise in smartphone usage for banking and shopping purposes. Customers that use solely PINs and passwords are particularly vulnerable to fraud.Verticals OutlookBased on the verticals, the Government, Military & Defense, Healthcare, Banking & Finance, Consumer Electronics, Travel & Immigration, Automotive, and Others. Military & Defense segment generated the prominent revenue share in 2021. The usage of biometrics in defence is not simply restricted to one or two functions; it offers a wide range of applications for safeguarding various military operations or actions. Identification and access control are the two most crucial biometrics applications in the defence industry.Regional OutlookBased on geography, the Iris Recognition Market is divided into North America, Europe, Asia Pacific, and LAMEA. In terms of revenue, North America currently owns the largest share, and it is predicted that the region will continue its dominance during the projected period. The main factors fueling the growth in this region are the presence of significant players and massive investments in R&D activities to advance cutting-edge technologies. Additionally, it is anticipated that installing ocular scanners at US borders will increase demand in this industry.The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Thales Group S.A., IDEMIA SAS (Advent International, Inc.), NEC Corporation, Aware, Inc., M2SYS Technology, Inc., Unisys Corporation, IrisGuard Ltd., Iris ID, Inc, and Princeton Identity, Inc.Scope of the StudyMarket Segments covered in the Report:By Application• Identity Management & Access Control• Time Monitoring• E-PaymentBy Product• Scanners• Smartphones• Personal Computers/Laptops• Tablets & Notebooks• OthersBy Component• Software• HardwareBy Vertical• Banking & Finance• Consumer Electronics• Military & Defense• Automotive• Government• Travel & Immigration• Healthcare• OthersBy Geography• North Americao USo Canadao Mexicoo Rest of North America• Europeo Germanyo UKo Franceo Russiao Spaino Italyo Rest of Europe• Asia Pacifico Chinao Japano Indiao South Koreao Singaporeo Malaysiao Rest of Asia Pacific• LAMEAo Brazilo Argentinao UAEo Saudi Arabiao South Africao Nigeriao Rest of LAMEACompanies Profiled• Thales Group S.A.• IDEMIA SAS (Advent International, Inc.)• NEC Corporation• Aware, Inc.• M2SYS Technology, Inc.• Unisys Corporation• IrisGuard Ltd.• Iris ID, Inc• Princeton Identity, Inc.Unique Offerings • Exhaustive coverage• Highest number of market tables and figures• Subscription based model available• Guaranteed best price• Assured post sales research support with 10% customization freeRead the full report: ReportlinkerReportLinker is an award-winning market research solution. 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