Global Iris Recognition Market market report also offers a thorough analysis of the key market drivers and restraints that play a vital role in influencing the growth of the industry. The report considers the currently unfolding coronavirus pandemic as one of the key influencing factors. The research report analyzes the overall impact of the pandemic on the Iris Recognition Market industry, along with its impact on the key segments and sub-segments of the market
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.
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Competitive Landscape:
The research offers a bird’s eye view of the current market scenario regarding the operations of the leading companies in the Iris Recognition Market market. The report presents an extensive analysis of the leading players with regards to their business portfolio, product portfolio, market share and size, global reach and position, revenue share, gross profit margins, and production and manufacturing capacity.
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.
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.
Iris Recognition Market Market Segmentation:
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
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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
Iris Recognition Market Market Region:
The report mainly focuses on the key market regions where the market is spread, including North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The report further focuses on the key segments of the market, such as product types, application spectrum, technology, end-user industries, among others.
Major Highlights of the ToC:
Market Dynamics:
- Market Trends
- Opportunities
- Market Drivers
- Challenges
- Influence Factors
Developmental Trend Analysis:
- Market Trend Analysis
- Market Size (Volume and Value)
Methodology/Research Approach:
- Research Programs/Design
- Market Size Estimation
- Market Breakdown and Data Triangulation
- Data Source
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.
Read More:https://www.emergenresearch.com/industry-report/iris-recognition-market
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