In a recently published report, Iris Recognition Market report for till 2030. The report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Iris Recognition Market products.
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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further.
Global iris recognition market is valued approximately at USD 2 billion in 2018 and is anticipated to grow with a healthy growth rate of more than 13.20% over the forecast period 2019-2026. Iris recognition can be defined as an automated way or method for biometric identification that uses mathematical pattern recognition technique based on video images of both the iris. This technology combines pattern recognition computer vision, optics and statistical inference. Iris recognition technology is widely used for identification, recognition and for authentication purpose. This technology is suitable and widely used in authoritative premises towards reducing incidences of security breaches. Rising adoption of iris technology by different end use industries such as government organization, consumer electronics coupled with surging demand for iris scanners in access control application are key driving factors of market growth.
Furthermore, increasing use of iris technology in e-passport programs and in automotive industry are also contributing towards market growth. Moreover, integration of cloud computing with iris recognition technology and use in e-commerce industry is expected to create significant growth opportunity in the market over the forecast period. However, fear of privacy intrusion and inconvenience impedes the growth of the market over the forecast period of 2019-2026.
The regional analysis of global iris recognition market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share the presence of prominent players coupled with high investment in R&D activities in the development of advanced technologies. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2019-2026. Factors such as growing consumer electronics coupled with would growing occurrences of cybercrime create lucrative growth prospects for the Iris Recognition market across Asia-Pacific region.
Major market player included in this report are:
Thales Group
Idemia
HID Global
Iris ID
Iritech
Irisguard
Eyelock
NEC Corporation
Princeton Identity
Cmitech
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
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By Component:Hardware
Software
By Vertical:
Government
Military & Defense
Healthcare
Banking & Finance
Consumer Electronics
Travel & Immigration
Automotive
Others
By Product:
Smartphones
Wearables
Tablets & Notebooks
Personal Computers/Laptops
Scanners
By Application:
Time Monitoring
E-Payment
By Region:
North America
U.S.
Canada
Europe
UK
Germany
Asia Pacific
China
India
Japan
Latin America
Brazil
Mexico
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2016, 2017
Base year – 2018
Forecast period – 2019 to 2026
Target Audience of the Global Iris Recognition Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors
Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2017-2026 (USD Billion)
1.2.1. Iris Recognition Market, by Region, 2017-2026 (USD Billion)
1.2.2. Iris Recognition Market, by Component, 2017-2026 (USD Billion)
1.2.3. Iris Recognition Market, by Product, 2017-2026 (USD Billion)
1.2.4. Iris Recognition Market, by Application, 2017-2026 (USD Billion)
1.2.5. Iris Recognition Market, by Vertical, 2017-2026 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Iris Recognition Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Iris Recognition Market Dynamics
3.1. Iris Recognition Market Impact Analysis (2018-2026)
3.1.1. Market Drivers
3.1.2. Market Challenges
3.1.3. Market Opportunities
Chapter 4. Global Iris Recognition Market: Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.1.6. Futuristic Approach to Porter’s 5 Force Model (2016-2026)
4.2. PEST Analysis
4.2.1. Political
4.2.2. Economical
4.2.3. Social
4.2.4. Technological
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
Chapter 5. Global Iris Recognition Market, by Component
5.1. Market Snapshot
5.2. Global Iris Recognition Market by Component, Performance – Potential Analysis
5.3. Global Iris Recognition Market Estimates & Forecasts by Component 2016-2026 (USD Billion)
5.4. Iris Recognition Market, Sub Segment Analysis
5.4.1. Hardware
5.4.2. Software
Chapter 6. Global Iris Recognition Market, by Vertical
6.1. Market Snapshot
6.2. Global Iris Recognition Market by Vertical, Performance – Potential Analysis
6.3. Global Iris Recognition Market Estimates & Forecasts by Product 2016-2026 (USD Billion)
6.4. Iris Recognition Market, Sub Segment Analysis
6.4.1. Government
6.4.2. Military & Defence
6.4.3. Healthcare
6.4.4. Banking & Finance
6.4.5. Consumer Electronics
6.4.6. Travel & Immigration
6.4.7. Automotive
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