Iris Recognition
Market Highlights
Global Iris Recognition Market is estimated to reach USD
1.8 billion by 2022 from USD 525 million in 2016 growing with 22% CAGR during
forecast period 2016-2022. Geographically, North America is the leading region
among Europe, Asia-Pacific and Middle East & Africa. Asia-Pacific is the
fastest growing region which is estimated to show high growth during forecast
period. Increasing technology adoption and increasing criminal activities in
the region is expected to drive the growth of Iris recognition market in the
region.
The global market of iris recognition is growing
rapidly. In the growing digital technology market, consumers are doing shopping
from online retail websites and via mobile apps. Retailers across the industry
are investing in e-commerce and Omni-channel retailing in order to improve the
customer experience as well as to become competitive in the market.
Key Players
The prominent players in the Iris Recognition market
are- 3M Cogent Inc., Safran S.A., Cross Match Technologies Inc., Iris ID, Inc.,
IriTech, Inc., Eye Lock, CMITech Company, Ltd., Irisys Co., Ltd., Princeton
identity and IBM Corporation among others.
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Major retail chains such as Wal-Mart, Target, and
Costco are deploying several strategies on this front and trying hard to
integrate their vast store network with online channel and attracting buyers to
do online shopping which thereby boosting the company sales. These growing
shifts of consumers towards Omni channel is supporting retailers in preserving
their brand value. However, the presence of big e-commerce giants namely
Amazon, and Flipkart are a big threat for retail cloud market as they consist
of large customer base globally. To subdue this threat, the retail industry is
gradually shifting towards Omni channel retailing and trying to integrate the
multiple online channels which thereby increasing tendency to spend more than
the regular shopping.
Iris Recognition Market Segmentation
The Global Iris recognition market has been
segmented into products, component, application and End-user. By products the
market is classified into PC & laptop, smartwatch, and smartphones. By
component, the market is classified into hardware and software. Iris
recognition is being used for two applications majorly namely access control
and time control and serving various industrial verticals namely government,
BFSI, consumer electronics, healthcare and others.
Market Research Analysis:
Regional analysis for iris recognition market is
studied in different geographic regions as Americas, Europe, Asia-Pacific and
Middle East & Africa. It is estimated that North America would grow with
23% CAGR during forecast period 2016-2022 followed by Europe which is projected
to grow with 21% CAGR. Asia-Pacific has emerged as the fastest growing market
with 25% CAGR by the end of 2022. Early adoption of iris biometric system by
government of U.S. and Canada for safety on public transport is the major
reason behind dominance of North America in iris recognition market. Whereas,
due to increasing government initiatives in India and China is fuelling the
market growth of Iris recognition in Asia-Pacific region during forecast period
2016-2022.
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