DUBLIN, Dec. 12, 2022 /PRNewswire/ — 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 providing.

The iris recognition market is projected to develop from USD 3.7 billion in 2022 to USD 8.4 billion by 2027, registering a CAGR of 15.4% in the course of the forecast interval. Increased adoption of iris recognition expertise for identification and authentication by authorities organizations and excessive penetration of iris recognition expertise in client electronics, particularly smartphones, are key elements propelling the iris recognition market development. However, the concern of privateness intrusion and alternate biometric applied sciences are some elements hindering the expansion of the iris recognition market.

Government vertical held largest share of iris recognition market in 2021

In phrases of market measurement, the federal government vertical is anticipated to dominate the iris recognition market and is prone to witness vital development in the course of the forecast interval. Demand for biometric applied sciences, particularly fingerprint, face, and iris recognition applied sciences within the authorities sector, has elevated significantly lately. In the federal government sector, iris recognition techniques are used primarily for identification and authentication functions, akin to issuing nationwide IDs and legislation enforcement. Biometric applied sciences, together with iris recognition expertise, are additionally used for election administration to cut back faux or bogus voting.

Asia Pacific to witness the very best development amongst different areas in the course of the forecast interval

Asia Pacific is anticipated to dominate the iris recognition market in the course of the forecast interval. It is essentially the most engaging enterprise vacation spot for iris recognition merchandise and answer suppliers as a result of rising client electronics business, particularly the smartphone market on this area. The development of this market could be attributed to the fast financial prosperity witnessed in main creating economies, technological developments, and elevated consciousness among the many lots. China, Japan, South Korea, and India are a number of main markets for iris recognition techniques in Asia Pacific. These international locations have taken quite a few initiatives for the safety of their residents. In Japan and China, iris recognition techniques have been deployed at numerous airports, banks, ATMs, and authorities institutes. India pioneered the mega venture UID (i.e., distinctive identification) or Aadhaar for its residents. Under the UID venture, all residents can be assigned one distinctive quantity for particular person id; the federal government of India has deliberate to difficulty a person Aadhaar card to every citizen.

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Market Dynamics

Drivers

• Rising Adoption of Iris Recognition Technology by Government Organizations for Identification and Authentication Purposes

• Increasing Penetration of Iris Recognition Technology into Consumer Electronics Industry

• Rising Use of Iris Recognition Technology in Travel and Immigration Industry

Restraints

Opportunities

• Growing Demand for Iris Recognition Technology from Healthcare Industry

• Rising Penetration of Biometric Technologies into Automotive and Aerospace & Defense Verticals

• Increasing Use of Iris Recognition Systems in Banking & Finance Sector to Prevent Fraud

• Integration of Cloud Computing with Iris Recognition Technology

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 extra details about this report go to https://www.researchandmarkets.com/r/mfnx9x

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