About Iris Recognition
Over the past couple of decades, the need to develop technologically advanced security systems such as biometric solutions has been increased. Also, the instances of cyber hacking attacks, terrorist attacks, cyber crimes, and many others have been robustly increasing across the globe. In addition to this, the iris recognition provides one of the accurate, errorless and securest solutions to the consumers. Each Human has different Iris designs and structures, that ultimately neglects the errors and considered one of the security solutions. Iris recognition is one of the major solutions under the biometrics market which is used in various security and surveillance solutions. This recognition method serves the government sector, military & defense, healthcare, banking & finance, consumer electronics, travel & immigration, and automotive among others.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
High Growth Market | Asia Pacific |
Unit | Value (USD Million) |
CAGR | 18.29% |
The Players having a strong hold in the market are Cogent Systems, Safran, Cross Match Technologies, Iris ID, and Gemalto. Analyst at AMA Research estimates that United Kingdom Players will contribute the maximum growth to Europe Iris Recognition market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Cogent Systems, Inc. (United States), Safran (France), Cross Match Technologies Inc. (United States), Iris ID, Inc. (United States), Gemalto, Inc. (United States), Idemia (France), Iritech, Inc. (United States), SRI International (United States), EyeLock (United States) and BioEnable Technologies Pvt. Ltd. (India) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Smartmatic (United Kingdom) and IrisGuard UK Ltd (United Kingdom).
Segmentation Overview
AMA Research has segmented the market of Europe Iris Recognition market by Type (Smartphone, Tablet & Notebook, Scanner, PC/Laptop, Smartwatches and Others), Application (Access Control and Others) and Region.
On the basis of geography, the market of Iris Recognition has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North Amercia region held largest market share in the year 2023. Europe, on the other hand, stood as the second largest market due to the presence of key companies in the region and high technological advancement. If we see Market by End Use Industry, the sub-segment i.e. Consumer Electronics will boost the Iris Recognition market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Component, the sub-segment i.e. Hardware will boost the Iris Recognition market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing Adoption of Aris Recognition in Developing Secure ID Proves and Increasing Applications of Touchless Biometric Products
Market Growth Drivers:
Growing Adoption of E-Passport Programs which requires Iris Recognition and Integration of Iris Recognition in Consumer Electronics Products
Challenges:
Availability of Alternative Cheaper Biometric Systems and Upsurging Cost for Highly Automated Sensors
Restraints:
Threat of Data theft, Privacy Intrusion, and Inconvenience and Comparatively Higher Cost of Systems as well as Significant Post Purchase Maintenance Cost
Opportunities:
Favorable Government Initiatives in Iris Recognition System Development and Upsurging Integration of Biometric Technology with Cloud Computing
Market Leaders and their expansionary development strategies
In March 26, 2019, a leading global provider of iris recognition technology, 'Iris ID', as partnered with Africa’s leading manufacturing conglomerate, Dangote Group, to provide a time and attendance solution for more than 30,000 employees working at Dangote Cement manufacturing plants in five countries. Initial installation of the time and attendance system was completed by Maxut Consulting Ltd. Of Lagos, Nigeria. Iris ID technology is used in several African nations providing identity authentication for national ID, voter registration and other public and private programs.
In March 22, 2019, Safran Electronics & Defense Australasia Pty Ltd (SEDA) has been awarded a contract by the Australian Defence Force (ADF) to provide in-service support to the Royal Australian Navy's Infrared Search and Track (IRST) VAMPIR systems. Under the VAMPIR support contract, Safran Electronics & Defense Australasia Pty Ltd will allocate most of the work in Australia, including full support and maintenance for the defense platforms, engineering management, strategic procurement, and inventory management.
Key Target Audience
Iris Recognition Manufacturers, Iris Recognition Distributors and Traders, Iris Recognition Upstream and Downstream Buyers, Government Agencies, Research and Development Institutes, Biometric System Industry Associations and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.