June 9, 2024

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Iris Recognition Market Size, Share, Segments, SWOT Analysis, Growth Rate And Forecast By 2030

Market Highlights

Iris Recognition market is estimated to reach USD 9.74 Billion by 2030 from USD 525 million in 2016 growing with 16.21% CAGR during forecast period 2020-2030.

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 Iris Recognition market. 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.

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Key Players:

Iris ID, Inc, Crossmatch Technologies, Voxx International Corporation, InTech, Inc., Irisys Company Ltd., Thales Group,Irisian, Iris World, Anviz, Idemia, CMITech, KT&C

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.

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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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