Iris Recognition Market Overview, Merger and Acquisitions , Drivers, Restraints and Industry Forecast By 2027

by Emergen Research · December 8, 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 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 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. Iris Recognition Market Size – USD 2.26 billion in 2019, Market Growth – CAGR of 12.6%, Market Trends – Higher usage of iris recognition system (IRS) in government biometric portfolio. 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 .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. 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.

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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. Those are further intended to assist businesses involved in this sector in sound decision-making and formulating lucrative business plans. 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. Additionally, the report also gives an insight into product portfolios, costs, sales, production capacities, and market players. Raw materials, demand analysis, product flow, and distribution channels have been studied and surveyed extensively in this research report. A detailed course of development is offered in the report along with insights into businesses connected with it, which include firms, industries, organizations, vendors, and local manufacturers.

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.

For the purpose of this report, Emergen Research has segmented into the global Iris Recognition Market on the basis of Product, Industry Vertical, Application, System Type, Component, and Region:

Product Outlook (Revenue: USD Billion; Volume: Thousand Units; 2017-2027)

Iris Scanners

Smartphone & Tablets

Wearable Gadgets

Others

Application Outlook (Revenue: USD Billion; Volume: Thousand Units; 2017-2027)

Identity management and Access Control

Time Monitoring

E-Payment

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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Regional Overview:

The global Iris Recognition market has been categorized on the basis of key geographical regions into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. It evaluates the presence of the global Iris Recognition market in the major regions with regards to market share, market size, revenue contribution, sales network and distribution channel, and other key elements.

Overview of the Iris Recognition Market Report:

Introduction, Product Scope, Market Overview, and Opportunities

Analysis of the Manufacturers with sales, revenue, and price analysis

Comprehensive analysis of the competitive landscape

Extensive profiling of the key competitors along with their business strategies and market size

Regional analysis of the market along with sales, revenue, market share, and global position

Country-wise analysis of the market along with types, applications, and manufacturing

Market Taxonomy:

Chapter 1: Methodology & Scopes

Definition and forecast parameters
Methodology and forecast parameters
Data Sources

Chapter 2:

Executive Summary

Business trends
Regional trends
Product trends
End-use trends

Chapter 3:

Industry Insights

Industry segmentation
Industry landscape
Vendor matrix
Technological and innovation landscape

Chapter 4:

Regional Landscape

Chapter 5:

Company Profile

Business Overview
Financial Data
Product Landscape
Strategic Outlook

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