Key factor driving the market is high adoption of iris recognition technology by government organizations for identification and authentication purposes. The increasing penetration of iris recognition technology in the consumer electronics vertical and high demand for iris scanners for the access control application are a few other key factors positively impacting the growth of the iris recognition industry.
Scanners are expected to dominate the market, in terms of size, during the forecast period. The high adoption of iris scanners from government, banking & finance, military & defense, and travel & immigration verticals, especially for the identity management and access control application, is the primary reason behind the largest share of this segment in the iris recognition market.
The market for the e-payment application is expected to grow at the highest CAGR during the forecast period. This growth can be attributed to the growing demand for iris recognition technology to authenticate the user making e-payments. This will help curb the cases of identity fraud and internet fraud and make e-payments more safe and secure.
APAC is expected to account for the largest share of 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. Samsung Electronics (South Korea), an essential smartphone and tablet manufacturer, which has adopted iris recognition technology to increase the safety and security features of its latest devices, has its manufacturing facilities located in this region. This factor is also positively impacting the growth of the iris recognition market in APAC.
Key Market Players include Thales Group (France), IDEMIA (France), Iris ID (US), IriTech (US), and HID Global (US).
Key Questions Addressed by the Report
· Where will all these developments take the industry in the mid to long term?
· What are the emerging applications of iris recognition technology?
· How are advancements in consumer electronics and other verticals influencing the iris recognition market?
· Which type of iris recognition product is expected to penetrate significantly in the market?
· Which countries are expected to witness significant growth in the market?
1.1. Market Definition
1.2. Study Scope
1.3. Study Period
1.4. Market Stakeholders
2. Research Methodology
2.1. Secondary Research
2.2. Primary Research
2.4. Data Validation
2.5. Limitations and Assumptions
3. Market Dynamics
3.1.1. Rising Adoption of Iris Recognition Technology By Government Organizations for Identification and Authentication Purposes
3.1.2. Increasing Penetration Rate of Iris Recognition Technology in Consumer Electronics Industry Especially in Smartphones
3.1.3. Surging Demand for Iris Scanners in Access Control Application
3.1.4. Growing Use of Iris Recognition Technology in E-Passport Programs
3.2.1. Fear of Privacy Intrusion and Inconvenience
3.2.2. Presence of Various Competing Biometric Technologies
3.2.3. Complexity of Integrating Iris Recognition Technology Into Conventional Identification Solutions
3.3.1. Penetration of Biometric Technologies in Automotive Industry
3.3.2. Integration of Cloud Computing With Iris Recognition Technology
3.3.3. Use of Iris Recognition Technology in E-Commerce
4. Executive Summary
5. Iris Recognition Market, By Component
6. Iris Recognition Market, By Product
6.3. Tablets and notebooks
6.4. Personal computers/laptops
7. Iris Recognition Market, By Application
7.1. Identity management and access control
7.2. Time monitoring
8. Iris Recognition Market, By Vertical
8.2. Military and defense
8.4. Banking and finance
8.5. Consumer electronics
8.6. Travel and immigration
9. Iris Recognition Market, By Region
9.1.4. Rest of Americas
9.2.4. Rest of Europe
9.3. Asia Pacific
9.3.4. South Korea
9.3.5. Rest of APAC
9.4. Rest of the World
9.4.1. Middle East
10. Company Profiles
10.1.Leading Companies in Iris Recognition Market
10.1.1. Thales Group
10.1.3. HID Global
10.1.4. Iris ID
10.1.8. NEC Corporation
10.1.9. Princeton Identity
10.2.Other Companies in Iris Recognition Market
*Company introduction, financial information, recent developments, SWOT analysis
11. Conclusion and Recommendations