The Global Iris Recognition Market is projected to witness a compound annual growth rate of 18.54% over the forecast period to reach a total market size of US$1,318.720 million by 2023, increasing from US$563.329 million in 2018. One of the major factors driving growth is the integration of iris scanners in smartphones. Declining prices of these systems have augmented its usage across various industry verticals such as healthcare, BFSI, and leisure among others. Rising security threats and the need to prevent fraudulent activities have also led to increasing demand for these systems. Other factors spurring up the demand for these systems is the added security they offer as it is difficult to forge and is more accurate as compared to other forms of biometrics apart from being easier to use and implement. The high cost of iris recognition systems as compared to that of fingerprint recognition systems and facial recognition systems will hinder the growth of global iris recognition market during the forecast period.
Research Methodology
The report provides a brief introduction to the market and deals with detailed research methodology for calculating market size and forecasts, secondary data sources used and the primary inputs which were taken for data validation. This section also outlines various segmentations which have been covered as part of the report.
Market Dynamics
This section provides comprehensive market dynamics through an overview section along with growth drivers, challenges, and opportunities which exist in the current market. This section of the report also provides key industry, global and regional regulations which are determining the market growth and a brief technological aspect of Iris Recognition. Complete industry analysis has also been covered through Porter’s five forces model as a part of this report section.
Segmentation
Global Iris Recognition market is segmented by component, product integration, industry, and geography.
By Component
Hardware
Software
By Product Integration
Smartphone
Tablet & Notebook
Scanner
PC/Laptop
Smartwatches
Others
By Industry
Consumer Electronics
Healthcare
BFSI
Government
Military and Defense
Automotive
Others
By Geography
North America
South America
Europe
Middle East and Africa
Asia Pacific
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