Iris Recognition Market – Growth, Trends, And Forecast (2020 – 2025)
The report presents an in-depth assessment of the Iris Recognition including enabling technologies, key trends, market drivers, challenges, standardization, regulatory landscape, deployment models, operator case studies, opportunities, future roadmap, value chain, ecosystem player profiles and strategies. The report also presents forecasts for Iris Recognition investments from 2020 till 2025.
The iris recognition market is expected to register a CAGR of 22.76% during the forecast period (2020 – 2025).
The Iris Recognition market is highly competitive and consists of a number of major players: Cross Match Technologies Inc.(HID Global), SRI International Inc., Thales Group (Gemalto NV), Honeywell International Inc., Iritech Inc., Iris ID Inc., Safran SA
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Scope of the Report
Iris recognition is a kind of biometric identification method, that scans one or both iris of an individual’s eye from a distance. It uses pattern recognition technique based on distortion free and high-resolution images of the iris. Iris recognition basically follows three steps image capturing, locating iris and image optimization, and biometric temperament storage and matching. Various industries suitable to their need can use iris recognition.
Key Market Trends
Healthcare Sector to have the Highest Growth
– The increasing demand for precise patient identification and the need to reduce healthcare fraud are the significant factors driving the adoption of the iris recognition technology in the market. Hospitals and healthcare facilities are increasingly deploying biometric systems such as iris recognition, realizing the vitality of secure identification in the healthcare system.
– Evolution of existing technologies and development of multi-layered authentication systems in competent costs will further add to the growth in the adoption of biometric technologies in healthcare systems worldwide by using iris recognition.
– Implementation of biometrics is also expected to increase the security for patients, doctors, and nurses due to stringent new regulations imposed by the Health Insurance Portability and Accountability Act (HIPPA) to safeguard confidentiality and privacy of patient information.
– According to trustwave, the healthcare sector is second among the spam content with 22.56% from overall spam contents. This shows that the healthcare sector has to take measures such as installing biometrics system, advanced security, antiviruses in the system to reduce this number in the subsequent years.
– These regulations and measures are expected to drive the deployment of biometrics in the healthcare system, thereby contributing to the market growth over the forecast period.
North America to Have the Largest Market Share
– North America holds the major share in terms of revenue and is expected to maintain its dominance over the forecast period. Presence of prominent players and high investment in R&D activities for the development of advanced technology are factors driving the growth of the target market in this region.
– Growing occurrences of cybercrimes, terrorist attacks, and other cross-border illegal activities have led to the need for high-security systems. As iris recognition technology is one of the accurate and secure techniques for identifying a person, homeland security and law enforcement divisions in this region are investing heavily into this technology to deal with large volumes of public data.
– Moreover, rising implementation of eye scanners on US borders is further expected to drive the market demand in this region. In addition, increasing adoption of iris recognition in security solutions for providing secure and accurate recognition system is a factor fueling the growth of the target market in this region..
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What are the market factors that are explained in the report?
–Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
–Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
–Analytical Tools: Iris Recognition Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, feasibility study, and investment return analysis have been used to analyzed the growth of the key players operating in the market.
The research includes historic data from 2025 to 2020 and forecasts until 2025 which makes the reports an invaluable resource for industry executives, marketing, sales and product managers, consultants, analysts, and other people looking for key industry data in readily accessible documents with clearly presented tables and graphs.
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