Dublin, Dec. 19, 2019 (GLOBE NEWSWIRE) -- The "Iris Recognition Market by Component (Hardware, and Software), Product (Smartphones, Scanners), Application (Identity Management and Access Control, Time Monitoring, E-payment), Vertical, and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The iris recognition market was valued at USD 2 billion in 2018 and is projected to reach USD 4.3 billion by 2024; it is expected to grow at a CAGR of 13.2% from 2019 to 2024.

The report profiles key players in the iris recognition market and analyzes their market rankings. Players profiled in this report are Thales Group (France), IDEMIA (France), Iris ID (US), IriTech (US), HID Global (US), irisguard (UK), Princeton Identity (US), EyeLock (US), Secure Identity (US), Unisys (US), Aware (US), NEC Corporation (Japan), BioEnable Technologies (India), CMITech (South Korea), 4G Identity Solutions (India), Mantra Softech (India), BI Technologies (US), Neurotechnology (Lithuania), EFG CZ spol. s r.o. (Czech Republic), and DERMALOG Identification Systems (Germany).

Rising adoption of iris recognition technology by government organizations and surging demand for iris scanners in access control application drive market growth

The rising adoption of iris recognition technology by government organizations for identification and authentication purposes and surging demand for iris scanners in access control applications are key driving factors of the iris recognition market growth. However, the fear of privacy intrusion and inconvenience, and the presence of various competing biometric technologies are a few of the factors hindering the growth of the iris recognition industry.

Identity management and access control application to dominate the iris recognition market share, in terms of size, during the forecast period

The market, by application, is segmented into identity management and access control, time monitoring, and e-payment. Iris recognition for identity management and access control application is expected to hold a dominant position throughout the forecast period. For various biometric requirements across the world, such as national ID documents, border control programs, travel & immigration formalities, and election administration, iris recognition systems are being deployed for identity management and access control purposes.

The government vertical to hold the largest share of iris recognition market from 2019 to 2024

In terms of market size, the government vertical is expected to dominate the iris recognition industry during the forecast period and is likely to witness significant growth in the said market during the forecast period. Demand for biometric technologies, especially fingerprint, face, and iris recognition technologies in the government sector, has increased considerably in recent years. In the government sector, iris recognition systems are used mainly for identification and authentication purposes, such as for issuing national IDs and for law enforcement. Biometric technologies, including iris recognition technology, are also used for election administration to reduce fake or bogus voting.

APAC to witness the highest growth in the market during the forecast period

APAC is expected to dominate the iris recognition market during the forecast period. APAC is the most attractive business destination for iris recognition products and solution providers due to the growing consumer electronics industry, especially the smartphone market in this region.

Key Topics Covered

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Growth Opportunities in Iris Recognition Market
4.2 Market, By Application
4.3 Iris Recognition Market in APAC, By Country and Vertical
4.4 Market, By Vertical
4.5 Iris Recognition Market, By Component
4.6 Market, By Country

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Rising Adoption of Iris Recognition Technology By Government Organizations for Identification and Authentication Purposes
5.2.1.2 Increasing Penetration Rate of Iris Recognition Technology in Consumer Electronics Industry Especially in Smartphones
5.2.1.3 Surging Demand for Iris Scanners in Access Control Application
5.2.1.4 Growing Use of Iris Recognition Technology in E-Passport Programs
5.2.2 Restraints
5.2.2.1 Fear of Privacy Intrusion and Inconvenience
5.2.2.2 Presence of Various Competing Biometric Technologies
5.2.3 Opportunities
5.2.3.1 Penetration of Biometric Technologies in the Automotive Industry
5.2.3.2 Integration of Cloud Computing With Iris Recognition Technology
5.2.3.3 Use of Iris Recognition Technology in E-Commerce
5.2.4 Challenges
5.2.4.1 Complexity of Integrating Iris Recognition Technology Into Conventional Identification Solutions
5.3 Value Chain Analysis

6 Iris Recognition Market, By Component
6.1 Introduction
6.2 Hardware
6.2.1 Iris Camera is the Most Critical Hardware Component of Iris Recognition System
6.3 Software
6.3.1 Software Segment to Continue to Hold Largest Size of Market During Forecast Period

7 Iris Recognition Market, By Product
7.1 Introduction
7.2 Smartphones
7.2.1 Rising Penetration of Biometric Technologies in Smartphones Boosting Growth of Market for Smartphones
7.3 Wearables
7.3.1 Iris Recognition Technology Expected to Witness High Penetration in Smart Wearables
7.4 Tablets & Notebooks
7.4.1 Declining Shipment of Tablets to Negatively Impact Market for Tablets & Notebooks
7.5 Personal Computers/Laptops
7.5.1 Americas to Continue to Hold Largest Size of Market for Personal Computers/Laptops During Forecast Period
7.6 Scanners
7.6.1 Government Vertical to Witness Largest Size of Market for Scanners During Forecast Period

8 Iris Recognition Market, By Application
8.1 Introduction
8.2 Identity Management and Access Control
8.2.1 Consumer Electronics Vertical is Driving Growth of Market for Identity Management and Access Control Application
8.3 Time Monitoring
8.3.1 Americas is Registering Largest Size of Market for Time Monitoring Application
8.4 E-Payment
8.4.1 Increasing Preference for Cashless Payments By Consumers Driving Growth of Market for E-Payment Application

9 Iris Recognition Market, By Vertical
9.1 Introduction
9.2 Government
9.2.1 APAC Region Witnessing Highest Growth of Market for Government Vertical
9.3 Military & Defense
9.3.1 Identity Management and Access Control Application Dominates Iris Recognition Market for Military & Defense Vertical
9.4 Healthcare
9.4.1 Rise in Adoption of Biometrics for Applications Such as Patient Identification, Patient Security, and Staff Attendance Tracking Driving Growth of Market in Healthcare Vertical
9.5 Banking & Finance
9.5.1 Banking & Financial Institutes are Adopting Iris Recognition Systems to Tackle Critical Security Challenges
9.6 Consumer Electronics
9.6.1 Smartphone Industry Drives Growth of Market for Consumer Electronics Vertical
9.7 Travel & Immigration
9.7.1 Identity Management and Access Control Application Dominates Market for Travel & Immigration Vertical
9.8 Automotive
9.8.1 Europe Expected to Continue to Hold Largest Size of Market for Automotive Vertical During Forecast Period
9.9 Others

10 Geographic Analysis
10.1 Introduction
10.2 Americas
10.2.1 US
10.2.1.1 US Accounted for the Largest Share of the Market in the Americas
10.2.2 Canada
10.2.2.1 Government and Travel and Immigration are Two Key Verticals Generating High Demand for Iris Recognition Systems in Canada
10.2.3 Mexico
10.2.3.1 Need for Increasing Security is Driving Growth of Market in Mexico
10.2.4 Rest of Americas
10.3 Europe
10.3.1 UK
10.3.1.1 Government and Travel and Immigration are Key Verticals in the Market in the UK
10.3.2 Germany
10.3.2.1 Automotive Vertical is a Significant Contributor Toward Growth of Market in Germany
10.3.3 France
10.3.3.1 France to Witness Significant Growth in Market in Europe
10.3.4 Rest of Europe
10.4 APAC
10.4.1 China
10.4.1.1 China Dominates Iris Recognition Market in APAC
10.4.2 Japan
10.4.2.1 Focus on Improving Security Drives Growth of Market in Japan
10.4.3 India
10.4.3.1 India Presents Huge Opportunity for Market
10.4.4 South Korea
10.4.4.1 Consumer Electronics is Among Key Verticals Contributing Significantly Toward Growth of Market in South Korea
10.4.5 Rest of APAC
10.5 RoW
10.5.1 Middle East
10.5.1.1 Middle East Dominates Iris Recognition Market in RoW
10.5.2 Africa
10.5.2.1 Government Vertical is Major Contributor Toward Growth of Market in Africa

11 Competitive Landscape
11.1 Overview
11.2 Market Ranking Analysis: Iris Recognition Market
11.3 Competitive Leadership Mapping
11.3.1 Visionary Leaders
11.3.2 Dynamic Differentiators
11.3.3 Innovators
11.3.4 Emerging Companies
11.4 Competitive Benchmarking
11.4.1 Strength of Product Portfolio (20 Players)
11.4.2 Business Strategy Excellence (20 Players)
11.5 Competitive Situations and Trends
11.5.1 Product Launches and Developments
11.5.2 Expansions and Acquisitions
11.5.3 Partnerships and Agreements

12 Company Profiles
12.1 Key Players
12.1.1 Thales Group
12.1.2 Idemia
12.1.3 HID Global
12.1.4 Iris ID
12.1.5 Iritech
12.1.6 Irisguard
12.1.7 Eyelock
12.1.8 NEC Corporation
12.1.9 Princeton Identity
12.1.10 Cmitech
12.2 Other Companies
12.2.1 Bioenable Technologies
12.2.2 Secure Identity
12.2.3 4G Identity Solutions
12.2.4 Bi Technologies
12.2.5 Mantra Softech
12.2.6 Aware
12.2.7 Unisys
12.2.8 Neurotechnology
12.2.9 Efg Cz Spol. S R. O.
12.2.10 Dermalog Identification Systems

For more information about this report visit https://www.researchandmarkets.com/r/hivc3p

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