ID: MRFR/ICT/1797-CR | April 2017 | Region: Global | 68 pages
The Global Iris Recognition Market will be extensively growing with a CAGR of 22% during the forecast period from 2016 to 2022. This estimation leads the market to an estimated valuation of 809.68 million US dollars during the same forecast period. The estimation shows that the market is growing rapidly. Iris Recognition is an advanced biometric recognition technique operating on some mathematical pattern recognition.
The technological advancements and increasing demand for biometric identification for security reasons have led to the growth in the Iris Recognition Market size. Cybercrime has generated threats among individuals as well as organizations. The Iris recognition techniques help them to avoid this threat and enhance dealing with security issues.
Therefore, the increasing threats of hacking, data theft, robbery, and other similar problems have become the reason for Iris Recognition Market growth. The need for high-class technological support for dealing with these threats has encouraged the market growth for Iris recognition solutions.
Covid 19 Analysis
As the covid 19 was spread all over the world, it has a vast impact on individuals as well as organizations and industries. It has created an uncertain disruption throughout the markets globally. However, the international Iris Recognition Market size was somehow getting some benefits during the pandemics. The increasing number of patients in the hospitals increased the demand for Iris Recognition Market growth.
The need for the Iris recognition machines increased with the increasing demand of identifying the patient’s precise identities. This requirement in healthcare departments to reduce healthcare frauds has upsurged the demands for Iris Recognition Market. The hospitals and healthcare amenities are using biometric techniques for security purposes and it focuses on market growth.
Market dynamics are basic factors that affect the market growth in several ways such as driving, challenging, opportunities, and others prevailing in the market. The dynamics that affected the Iris Recognition Market growth are mentioned below.
The key driver that affected the Iris Recognition Market share is the increase in criminal activities in private and government sectors throughout the world. Due to these security threats, both sectors are encouraging the use of Iris Recognition technology in their respective fields. Apart from this, the need for security in financial institutes such as banks and ATMs has also risen the Iris Recognition Market Revenue.
Also, airports and supermarkets are other drivers that increase the use of Iris Recognition technology solutions. The implementation of this technology on airports and supermarket helps in decreasing security issues and lead market to grow.
According to the global Iris Recognition Market Forecast, the increasing automation and use of smart technology have been the most effective market opportunities that lead to market growth. The high-class progressive surveillance systems, growing IoT markets, high demand for smartphones and similar technologies have been enticing the use of biometrics products and services. Thus, these increasing demands can be the best opportunities that can support market growth.
Despite the market growth factors, certain factors hamper the growth in the Iris Recognition Market shares. Absent knowledge and awareness for dragging privacy and security problems are the major restraining factors that hinder the growth. Most people are unaware of the high technological advancements. Thus, they do not enough knowledge about biometric systems. Moreover, certain technological restrictions lack the performances of the iris recognition systems and results in a decline in the market.
Several challenges occurred in the way of the international growth in the Iris Recognition Market demand. The demand for biometric services including the Iris Recognition systems has been increasing globally. However, the lack of awareness about these systems in the market can be more challenging. Moreover, the small hindrances in the technologies that somehow restrict the quality performances of the biometric technologies can be another challenging factor that needs to be focused on.
In recent years, the use of iris recognition systems has increased due to the security threats prevailing in the market. This results in the increases in demand for the Iris Recognition Market trends with an increase in the compound annual growth rate of 22% during the Iris Recognition Market Forecast period. The increasing CAGR has risen the estimation values in the market shares to USD 809.68 million. However, this growth can fluctuate based on the opportunities and restraining factors prevailing in the market.
Value Chain Analysis
With the increasing use of biometric products and services, the demand for Iris recognition systems has also risen. The increasing use of this technology on airports, financial institutes, ATMs, supermarkets, and other government as well as non-government sectors has enhanced the market growth rate. The demand can increase the Iris Recognition Market Trends in the future according to the forecast for the period 2016-2022. This growth can help in balancing the global economy and the problems faced due to the covid 19 pandemics.
The Iris Recognition Market is classified into several segments that are discussed in this research report. Furthermore, the segment classifications are as follows: Product Integration, Components, End-users, and geographical distributions. Below is short-detailed research of segmentations with all its sub-segments.
By Product Integration
According to the product integration, the market is further segmented into the following sub-segments:
According to the components, the Iris Recognition Market is classified into some other sub-segments. These are mentioned as under:
The End-users are important segments that affect the market and its exponential growth. The sub-segments of End-user segmentation are as follows:
By Geographical Distributions
Geographical distributors contribute positively to the market growth on Iris Recognitional technological systems. However, some important geographical regions that support the markets are as under:
This market research report focuses on several regions that support and encourages the markets of Iris recognition technologies. the significant regions that show an increase in the use of growing iris recognition systems. These regional distributions are:
Among these, North America ranks at the top in terms of revenue. This region proves to be the most dominating one during the forecast period. Moreover, the report evaluated that there are more than 20 countries that show potential growth in the market sector. Some of them are Canada, Mexico, France, Spain, Brazil, Saudi Arabia, UAE, Argentina, and more others.
The international Iris Recognition Market has shown steady and rapid growth in different regions as discussed. With technological advancements, there is an increase in the number of new companies that develop new ideas and innovative products. This helps in offering better services and meeting up the requirements.
However, plenty of new industries have been contributing to this industry and enhancing technological advancements. Some of the leading key players that are expected to grow in the respective fields are as follows:
This research report is maintained with necessary primary and secondary sources that display the growth factors in the market. Moreover, the report covers several other details that result in the growth of the market during the forecast period from 2016 to 2022. Some of the factors are market dynamics, the impact of covid 19, regional distributors, and competitive key players.
Frequently Asked Questions (FAQ) :
The global iris recognition market is expected to record a substantial market valuation.
The global iris recognition market is projected to register a moderate 22% CAGR in the forecast period.
Technological advancements, rapid urbanization, and increasing criminal activity are driving the growth of the market.
the lack of awareness and technical limitations are likely to hamper the growth of the public safety LTE market over the review period.
The smartphone segment is slated to expand as the fastest-growing segment.
The government segment is slated to expand as the fastest-growing segment.
A few major market players operating in the global iris recognition market are IBM Corporation (US), 3M Cogent Inc., Safran S.A., among others.