Iris Recognition Market: Introduction
Iris recognition is a technology which is accurate and efficient for security of data, individual and other such valuable assets. Iris recognition is gaining traction these days due to its use in consumer electronics products like computers and laptops. Embedding of iris recognition technology to laptops has led to widespread awareness about the feature and reliability it offers. Iris recognition is termed to be 10 times more secure but 10 times more expensive technology then the fingerprint scanner technology. Iris recognition market has started its transition to cut down its cost and is seen as a potential technology for identity management in the near future.
Iris Recognition Market: Drivers and Challenges
There are many factors driving the market for iris recognition, from which one of the major factors is the increasing demand for high security systems in the sectors like government and travel & immigration. Also, many criminal activities and duplicate identity matches been traced globally which is forcing the users to buy these products and is thus increasing the market for iris recognition globally. Other drivers for the iris recognition market include awareness among the users about process of authentication where a particular person doesn’t have an iris duplicate and positive authentication can only be called by the same individual.
Some of the restraints for iris recognition market have been related to the cost of these iris recognition systems. Cost of these iris recognition systems are on a higher scale which forces the users to use other inexpensive alternatives to the iris recognition systems. This has been a major restraint for the market and has been a factor for its slow growth. Another restraint for the iris recognition market has been the flexibility of the iris recognition systems. The iris recognition system needs the subject to adjust to it, such that the head should not move while scanning or there should not be any reflection in the eye while scanning rather than self-adjusting to the conditions, which makes the systems lower on the flexibility scale and this also adds to the reason for the slow growth of the iris recognition market in terms of adoption and revenue growth.
Iris Recognition Market: Segmentation
The iris recognition market can be segmented into various segments but as per the market analysis the market for iris recognition is most suitably segmented by component, product, application, and region.
On the basis of component the iris recognition market can be divided into;
- Hardware
- Software
- Service
On the basis of product, the iris recognition market can be segmented into;
- Smartphones
- Computers
- Scanners
- Wearables
- Others
On the basis of application, the iris recognition market can be segmented into;
- Travel and Immigration
- Government Organizations
- Banking and Finance
- Military and Defense
- Consumer Electronics
- Healthcare
- Others
Iris Recognition Market: Key Players
Some of the key players of iris recognition market are: Bioenable Technologies, Irisguard Inc., Eyelock Inc., Crossmatch Technologies Inc., 3M Cogent Inc., Safran SA, Sri International Inc., Iris Id, Inc., Smartmatic International Corporation, Iritech, Inc., M2SYS Technology, BI² Technologies, Biomatiques Identification Solution, EyeSmart Technology, EyeVerify, Delta ID, Honeywell International Inc., Fulcrum Biometrics, LLC and Gemalto, among others.
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Iris Recognition Market: Regional Overview
On the basis of geography, iris recognition market can be segmented into North America, Latin America, Western Europe, Eastern Europe, China, SEA and other APAC, Japan, and Middle East & Africa. Among various regions, North America iris recognition market is seen to be leading in terms of value with U.S. being the most attractive market. Also, China market is seen to be growing at the fastest rates due to increase in the usage of iris recognitions in consumer electronics and wearables. The regions which follow North America iris recognition market in terms of value are SEA and others of APAC and China iris recognition market for the forecast period due to the increase in the spending for research in these regions and the presence of key manufacturer in the region for iris recognition. Iris recognition market has been prevalent for government organizations and find most of its applications for access control due to the increasing crime rate and security issues all round the world.