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The iris recognition market share is expected to increase by USD 1.33 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 16.41%.
This iris recognition market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers iris recognition market segmentation by end-user (government, transportation, healthcare, and others) and geography (APAC, Europe, North America, MEA and South America). The iris recognition market report also offers information on several market vendors, including Aware Inc., BioEnable Technologies Pvt. Ltd., EyeLock LLC, Honeywell International Inc., Iris ID Systems Inc., IrisGuard UK Ltd., IRITECH INC., M2SYS Technology, Safran SA, and Thales Group among others.
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The increased adoption of iris recognition in the government sector is notably driving the iris recognition market growth, although factors such as high costs may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the iris recognition industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Iris Recognition Market Driver
The increased adoption of iris recognition in the government sector is a major factor driving the global iris recognition market share growth. The government has increased its spending on biometrics techniques and reduced the adoption of other non-biometric technologies due to their constraints of being lost or stolen by the individual. Furthermore, due to instances of terrorist threats at airports in the past, governments of various countries are deploying biometrics to thoroughly verify an individual based on the behavioral and physiological characteristics such as iris scans and fingerprint scans that are embedded in passports and visas. This will increase their operational efficiency and improve employees' productivity which will enhance security checks at airports to identify any miscreants or suspects based on iris recognition. The government sector is giving prominence to the adoption of iris recognition technology because it has a high accuracy rate, which makes its usage feasible in highly secured premises of government organizations. Therefore, the market will continue to grow during the forecast period.
Key Iris Recognition Market Trend
The increased demand for iris recognition in the BFSI sector is another factor supporting the global iris recognition market share growth. Iris recognition is used in the BFSI sector as a replacement for PINs, account numbers, and paper-based credentials. Iris recognition enables customers to check their account balances, make transactions, and access other banking services from remote locations. Customers are required to use smart cards with an iris template instead of passwords to gain access to ATMs. As iris recognition biometrics cannot be faked, copied, or stolen, iris biometrics-based ATMs are considered to be more secure than PIN-based ATMs. Moreover, customers tend to forget their PINs and passwords, and the process of obtaining a new PIN or password is quite tedious. Due to such reasons, the demand for the market will continue to grow during the forecast period.
Key Iris Recognition Market Challenge
The high costs will be a major challenge for the global iris recognition market share growth during the forecast period. High costs hamper the adoption of iris recognition biometrics technology. Alternative security solutions such as swipe cards, access cards, tokens, and keypads are relatively cheaper than iris recognition technology. These conventional security solutions are more popular among small and medium-sized businesses (SMBs). The adoption of iris recognition often involves hidden costs associated with the implementation of middleware, application software, and system integration. These systems are required for the implementation of iris recognition because they are capable of handling large volumes of captured biometrics data. Costs for iris recognition include not only the initial CAPEX for hardware and software but also include the cost of issuing identity documents, training and employing staff, maintaining equipment, and managing databases. The TCO of iris recognition is high, which may restrict its adoption among SMBs.
This iris recognition market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global iris recognition market as a part of the global communications equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the iris recognition market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the iris recognition market encompasses successful business strategies deployed by the key vendors. The iris recognition market is fragmented and the vendors are deploying growth strategies such as forming strategic alliances to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The iris recognition market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the iris recognition market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the global communications equipment market includes the following core components:
The report has further elucidated on other innovative approaches being followed by service providers to ensure a sustainable market presence.\
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Customer landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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