North America is expected to dominate the market of iris recognition throughout the forecast period.
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The global Iris Recognition Market 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 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.
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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.
Global Iris Recognition market is estimated to reach USD 1.8 billion by 2022 from USD 525 million in 2016 growing with 22% CAGR during forecast period 2016-2022. Geographically, North America is the leading region among Europe, Asia-Pacific and Middle East & Africa.
Asia-Pacific is the fastest growing region which is estimated to show high growth during forecast period. Increasing technology adoption and increasing criminal activities in the region is expected to drive the growth of Iris recognition market in the region.
Iris Recognition Market Players:
- 3M Cogent Inc.
- Safran S.A.
- Cross Match Technologies Inc.
- Iris ID, Inc.
- IriTech, Inc.
- Eye Lock
- CMITech Company, Ltd.
- Irisys Co., Ltd.
- Princeton identity
- IBM Corporation
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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.
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 fueling the market growth of Iris recognition in Asia-Pacific region during forecast period 2016-2022.
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