by Brianna Crandall — October 14, 2015—In today’s world of information technology, security for systems is becoming more and more important. Moreover, occurrences of terrorist attacks, cybercrimes, and other cross-border illegal activities have led to the need of high-security systems.
Iris recognition is one of the most accurate and secured technologies for identifying a person by analyzing the random pattern of the iris. It uses camera technology with near infrared illumination to capture high resolution-based images of an iris that are visible externally. The technology is said to be accurate, easy to use, and difficult to forge.
According to a new market research report from MarketsandMarkets, the iris recognition market is expected to reach U.S. $3627.90 million by 2020, at a compound annual growth rate (CAGR) of 23.40% between 2015 and 2020.
The growth of this market is propelled by applications in government, military and defense, banking and finance, consumer electronics, travel and immigration, and so on. Currently, the world’s leading original equipment manufacturers (OEMs) from consumer electronics to automotive are focused on incorporating iris recognition technology in their offerings.
In the report, a detailed segmentation of the iris recognition market on the basis of component, product, application, industry, and geography has been provided, which covers all existing and emerging technologies in the market. The report also covers qualitative as well as quantitative data related to the market key insights.
One of the objectives of the report is to analyze market trends for each of the iris recognition market segments and their respective growth rate. Apart from the market segmentation, the report also covers in-depth analyses such as the Porter’s five forces analysis and the value chain analysis with a detailed process flow diagram, and market dynamics such as drivers, restraints, opportunities, and challenges for the iris recognition market.
Segmented by geographic regions, the iris recognition market in the Americas region is estimated to account for the largest share during the forecast period, followed by Europe and Asia-Pacific. The market in Asia-Pacific is expected to grow at the highest rate.
Some of the major companies in the iris recognition market include 3M Cogent Inc. (USA), Safran (France), Cross Match Technologies Inc. (USA), Iris ID Inc. (USA), Iritech Inc. (USA), SRI International (USA), EyeLock (USA), and others.
The 147-page Iris Recognition Market by Component (Hardware & Software), Product (Scanner & Others), Application (Access Control & Others), Industry (Travel & Immigration, Military & Defense, & Others) & Geography Global – Forecast to 2020 is available for purchase from the MarketsandMarkets Web site. Early buyers will receive 10% customization on reports.
