SAN FRANCISCO, Aug. 6, 2021 /PRNewswire/ — A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled “Iris Biometrics – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 17; Released: May 2021
Executive Pool: 462
Companies: 40 – Players covered include Aditech Ltd.; Anviz Global, Inc.; Aware, Inc.; BioEnable Technologies Pvt. Ltd; EyeLock Corp.; HID Global Corporation; IDEMIA; Iris ID Systems, Inc.; IrisGuard, Inc.; IriTech, Inc.; NEC Corporation; Princeton Identity, Inc.; SRI International, Inc.; Thales Group and Others.
Coverage: All major geographies and key segments
Segments: Component (Hardware, Software); Product Type (Scanners, PCs/Laptops, Tablets & Notebooks, Smartphones, Other Product Types); Application (Government, BFSI, Consumer Electronics, Healthcare, Other Applications)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia-Pacific; Rest of World.
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Global Iris Biometrics Market to Reach $4.3 Billion by 2026
Iris recognition represents a biometric identification technique that scans both or one iris of a person’s eye and uses pattern recognition approach for high-resolution and distortion-free images of the iris. Based on unique traits of the iris, the technology presents a highly secure method of identification and authentication. Growth in the global market is set to be driven by increasing adoption of advanced security systems across government organizations and industries for authentication and identification purposes. Increasing need for authentication and rising support from governments are the key factors supporting growth. Further, the growing need for surveillance in public areas, criminal identification and e-passport are also aiding market growth. Rising application of biometric recognition in e-commerce, and implementation of hosted security system on the cloud, are anticipated to augment interest in authentication and security. Sustained high growth in eGovernment services and subsequently growing adoption effective biometric technologies for government ID programs would help sustain the momentum for iris biometrics market.
Amid the COVID-19 crisis, the global market for Iris Biometrics estimated at US$2.3 Billion in the year 2020, is projected to reach a revised size of US$4.3 Billion by 2026, growing at a CAGR of 10.8% over the analysis period. Hardware, one of the segments analyzed in the report, is projected to grow at a 9.2% CAGR to reach US$1.9 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Software segment is readjusted to a revised 12% CAGR for the next 7-year period. This segment currently accounts for a 56.7% share of the global Iris Biometrics market.
The U.S. Market is Estimated at $676.1 Million in 2021, While China is Forecast to Reach $752.1 Million by 2026
The Iris Biometrics market in the U.S. is estimated at US$676.1 Million in the year 2021. The country currently accounts for a 26.88% share in the global market. China, the world’s second largest economy, is forecast to reach an estimated market size of US$752.1 Million in the year 2026 trailing a CAGR of 13.7% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 9% and 9.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 9.2% CAGR while Rest of European market (as defined in the study) will reach US$859 Million by the end of the analysis period. Rising preference for biometric technologies in airport security and immigration control applications will especially drive demand for iris biometrics in developing regions. Countries such as India have already embarked on mass identity campaigning which includes Unique Identification (UIDAI) project, the largest biometric project of its kind in the world to capture demographic and biometric data of residents. Rapid expansion in construction in commercial, public and residential domains in the region is likely to create new opportunities for biometrics based access control systems. North American iris biometrics market benefits from the presence of leading players and increasing R&D investment to develop advanced technology. The region is witnessing increasing adoption of high-security platforms due to rising cases of cybercrimes, cross-border illegal activities and terrorist attacks. More
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SOURCE Global Industry Analysts, Inc.