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DUBLIN--(BUSINESS WIRE)--Dec 7, 2022--
The "Iris Recognition Market by Component (Hardware, and Software), Product (Smartphones, Scanners), Application (Identity Management and Access Control, Time Monitoring, E-payment), Vertical and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The iris recognition market is projected to grow from USD 3.7 billion in 2022 to USD 8.4 billion by 2027, registering a CAGR of 15.4% during the forecast period. Increased adoption of iris recognition technology for identification and authentication by government organizations and high penetration of iris recognition technology in consumer electronics, especially smartphones, are key factors propelling the iris recognition market growth. However, the fear of privacy intrusion and alternate biometric technologies are some factors hindering the growth of the iris recognition market.
Government vertical held largest share of iris recognition market in 2021
In terms of market size, the government vertical is expected to dominate the iris recognition market and is likely to witness significant growth during the forecast period. Demand for biometric technologies, especially fingerprint, face, and iris recognition technologies in the government sector, has increased considerably in recent years. In the government sector, iris recognition systems are used mainly for identification and authentication purposes, such as issuing national IDs and law enforcement. Biometric technologies, including iris recognition technology, are also used for election administration to reduce fake or bogus voting.
Asia Pacific to witness the highest growth among other regions during the forecast period
Asia Pacific is expected to dominate the iris recognition market during the forecast period. It is the most attractive business destination for iris recognition products and solution providers due to the growing consumer electronics industry, especially the smartphone market in this region. The growth of this market can be attributed to the rapid economic prosperity witnessed in major developing economies, technological advancements, and increased awareness among the masses. China, Japan, South Korea, and India are a few major markets for iris recognition systems in Asia Pacific. These countries have taken numerous initiatives for the security of their citizens. In Japan and China, iris recognition systems have been deployed at various airports, banks, ATMs, and government institutes. India pioneered the mega project UID (i.e., unique identification) or Aadhaar for its citizens. Under the UID project, all citizens would be assigned one unique number for individual identity; the government of India has planned to issue an individual Aadhaar card to each citizen.
Market Dynamics
Drivers
Restraints
Opportunities
Challenges
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Iris Recognition Market, by Component
7 Iris Recognition Market, by Product
8 Iris Recognition Market, by Application
9 Iris Recognition Market, by Vertical
10 Geographic Analysis
11 Competitive Landscape
12 Company Profiles
13 Appendix
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/kubjdq
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SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 12/07/2022 08:50 AM/DISC: 12/07/2022 08:51 AM
http://www.businesswire.com/news/home/20221207005552/en