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Iris Recognition Market by End-user and Geography - Forecast and Analysis 2021-2025

  • Published: Sep 2021
  • Pages: 120
  • SKU: IRTNTR43081
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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.

What will the Iris Recognition Market Size be During the Forecast Period?

Iris Recognition Market Size

Download the Free Report Sample to Unlock the Iris Recognition Market Size for the Forecast Period and Other Important Statistics

 

Iris Recognition Market: Key Drivers, Trends, and Challenges

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.

Parent Market Analysis

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.

Who are the Major Iris Recognition Market Vendors?

The report analyzes the market's competitive landscape and 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
  • Thales Group

 

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.

Product Insights and News

  • Aware Inc.- The company offers a wide range of iris recognition software such as IrisCheck and Nexa|Iris.

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.

Iris Recognition Market Value Chain Analysis

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:

  • Inputs
  • Inbound logistics
  • Operations
  • Outbound logistics
  • Marketing and sales
  • Service
  • Support activities
  • Innovation

The report has further elucidated on other innovative approaches being followed by service providers to ensure a sustainable market presence.\

Which are the Key Regions for Iris Recognition Market?

Iris Recognition Market Market segmentation by region

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44% of the market's growth will originate from APAC during the forecast period. China is the key market for iris recognition market in APAC. Market growth in this region will be faster than the growth of the market in all other regions.

The presence of major consumer electronics device manufacturers such as Samsung and Sony will facilitate the iris recognition market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating End User Segments in the Iris Recognition Market?

Iris Recognition Market Segmentation

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The iris recognition market share growth by the government segment will be significant during the forecast period. Incidents of violent activities and intrusions in the past have led the government sector to adopt iris recognition biometric technology. Over the last few years, iris recognition technology has been widely adopted in the government sector because an iris scanner captures a high-resolution image of an individual's eye and ensures accurate real-time identification. Furthermore, with the increasing adoption of mobile biometrics in the government sector for law enforcement, the adoption of iris recognition technology is increasing.

This report provides an accurate prediction of the contribution of all the segments to the growth of the iris recognition market size and actionable market insights on post-COVID-19 impact on each segment.

 

Iris Recognition Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 16.41%

Market growth 2021-2025

$ 1.33 billion

Market structure

Fragmented

YoY growth (%)

20.13

Regional analysis

APAC, Europe, North America, and South America

Performing market contribution

APAC at 44%

Key consumer countries

US, China, Canada, and Germany

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

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

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

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What are the Key Data Covered in this Iris Recognition Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive iris recognition market growth during the next five years
  • Precise estimation of the iris recognition market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the iris recognition industry across APAC, Europe, North America, and South America
  • A thorough analysis of the market's competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of iris recognition market vendors

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1 Executive Summary

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 01: Parent market
    • Exhibit 02: Market characteristics
  • 2.2 Value chain analysis
    • Exhibit 03: Value chain analysis: Communications equipment

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 04: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 05: Market segments
  • 3.3 Market size 2020
    • 3.4 Market outlook: Forecast for 2020 - 2025
      • Exhibit 06: Global - Market size and forecast 2020 - 2025 ($ million)
      • (%)

    4 Five Forces Analysis

    • 4.1 Five forces summary
      • Exhibit 08: Five forces analysis 2020 & 2025
    • 4.2 Bargaining power of buyers
      • Exhibit 09: Bargaining power of buyers
    • 4.3 Bargaining power of suppliers
      • Exhibit 10: Bargaining power of suppliers
    • 4.4 Threat of new entrants
      • Exhibit 11: Threat of new entrants
    • 4.5 Threat of substitutes
      • Exhibit 12: Threat of substitutes
    • 4.6 Threat of rivalry
      • Exhibit 13: Threat of rivalry
    • 4.7 Market condition
      • Exhibit 14: Market condition - Five forces 2020

    5 Market Segmentation by End-user

    • 5.1 Market segments
      • Exhibit 15: End-user - Market share 2020-2025 (%)
    • 5.2 Comparison by End-user
      • Exhibit 16: Comparison by End-user
    • 5.3 Government - Market size and forecast 2020-2025
      • Exhibit 17: Government - Market size and forecast 2020-2025 ($ million)
      • Exhibit 18: Government - Year-over-year growth 2020-2025 (%)
    • 5.4 Transportation - Market size and forecast 2020-2025
      • Exhibit 19: Transportation - Market size and forecast 2020-2025 ($ million)
      • Exhibit 20: Transportation - Year-over-year growth 2020-2025 (%)
    • 5.5 Healthcare - Market size and forecast 2020-2025
      • Exhibit 21: Healthcare - Market size and forecast 2020-2025 ($ million)
      • Exhibit 22: Healthcare - Year-over-year growth 2020-2025 (%)
    • 5.6 Others - Market size and forecast 2020-2025
      • Exhibit 23: Others - Market size and forecast 2020-2025 ($ million)
      • Exhibit 24: Others - Year-over-year growth 2020-2025 (%)
    • 5.7 Market opportunity by End-user
      • Exhibit 25: Market opportunity by End-user

    6 Customer landscape

    7 Geographic Landscape

    • 7.1 Geographic segmentation
      • Exhibit 27: Market share by geography 2020-2025 (%)
    • 7.2 Geographic comparison
      • Exhibit 28: Geographic comparison
    • 7.3 APAC - Market size and forecast 2020-2025
      • Exhibit 29: APAC - Market size and forecast 2020-2025 ($ million)
      • Exhibit 30: APAC - Year-over-year growth 2020-2025 (%)
    • 7.4 North America - Market size and forecast 2020-2025
      • Exhibit 31: North America - Market size and forecast 2020-2025 ($ million)
      • Exhibit 32: North America - Year-over-year growth 2020-2025 (%)
    • 7.5 Europe - Market size and forecast 2020-2025
      • Exhibit 33: Europe - Market size and forecast 2020-2025 ($ million)
      • Exhibit 34: Europe - Year-over-year growth 2020-2025 (%)
    • 7.6 South America - Market size and forecast 2020-2025
      • Exhibit 35: South America - Market size and forecast 2020-2025 ($ million)
      • Exhibit 36: South America - Year-over-year growth 2020-2025 (%)
    • 7.7 MEA - Market size and forecast 2020-2025
      • Exhibit 37: MEA - Market size and forecast 2020-2025 ($ million)
      • Exhibit 38: MEA - Year-over-year growth 2020-2025 (%)
    • 7.8 Key leading countries
      • Exhibit 39: Key leading countries
    • 7.9 Market opportunity by geography
      • Exhibit 40: Market opportunity by geography

    8 Drivers, Challenges, and Trends

    • 8.1 Market drivers
      • 8.2 Market challenges
        • Exhibit 41: Impact of drivers and challenges
      • 8.3 Market trends

        9 Vendor Landscape

        • 9.1 Competitive Scenario
          • 9.2 Vendor landscape
            • Exhibit 42: Vendor landscape
          • 9.3 Landscape disruption
            • Exhibit 43: Landscape disruption
            • Exhibit 44: Industry risks

          10 Vendor Analysis

          • 10.1 Vendors covered
            • Exhibit 45: Vendors covered
          • 10.2 Market positioning of vendors
            • Exhibit 46: Market positioning of vendors
          • 10.3 Aware Inc.
            • 10.4 BI² Technologies
              • Exhibit 50: BI² Technologies - Overview
              • Exhibit 51: BI² Technologies - Product and service
              • Exhibit 52: BI² Technologies - Key offerings
            • 10.5 BioEnable Technologies Pvt. Ltd.
              • Exhibit 53: BioEnable Technologies Pvt. Ltd. - Overview
              • Exhibit 54: BioEnable Technologies Pvt. Ltd. - Product and service
              • Exhibit 55: BioEnable Technologies Pvt. Ltd. - Key offerings
            • 10.6 EyeLock LLC
              • Exhibit 56: EyeLock LLC - Overview
              • Exhibit 57: EyeLock LLC - Product and service
              • Exhibit 58: EyeLock LLC - Key offerings
            • 10.7 Honeywell International Inc.
              • Exhibit 59: Honeywell International Inc. - Overview
              • Exhibit 60: Honeywell International Inc. - Business segments
              • Exhibit 61: Honeywell International Inc. - Key news
              • Exhibit 62: Honeywell International Inc. - Key offerings
              • Exhibit 63: Honeywell International Inc. - Segment focus
            • 10.8 Iris ID Systems Inc.
              • Exhibit 64: Iris ID Systems Inc. - Overview
              • Exhibit 65: Iris ID Systems Inc. - Product and service
              • Exhibit 66: Iris ID Systems Inc. - Key offerings
            • 10.9 IrisGuard UK Ltd.
              • Exhibit 67: IrisGuard UK Ltd. - Overview
              • Exhibit 68: IrisGuard UK Ltd. - Product and service
              • Exhibit 69: IrisGuard UK Ltd. - Key offerings
            • 10.10 IRITECH INC.
              • Exhibit 70: IRITECH INC. - Overview
              • Exhibit 71: IRITECH INC. - Product and service
              • Exhibit 72: IRITECH INC. - Key offerings
            • 10.11 M2SYS Technology
              • Exhibit 73: M2SYS Technology - Overview
              • Exhibit 74: M2SYS Technology - Product and service
              • Exhibit 75: M2SYS Technology - Key offerings
            • 10.12 Thales Group
              • Exhibit 76: Thales Group - Overview
              • Exhibit 77: Thales Group - Business segments
              • Exhibit 78: Thales Group - Key news
              • Exhibit 79: Thales Group - Key offerings
              • Exhibit 80: Thales Group - Segment focus

            11 Appendix

            • 11.1 Scope of the report
              • 11.2 Currency conversion rates for US$
                • Exhibit 81: Currency conversion rates for US$
              • 11.3 Research methodology
                • Exhibit 82: Research Methodology
                • Exhibit 83: Validation techniques employed for market sizing
                • Exhibit 84: Information sources
              • 11.4 List of abbreviations
                • Exhibit 85: List of abbreviations

              Research Framework

              Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

              TechnavioINFORMATION SOURCES

              Primary sources

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

              • Industry journals and periodicals
              • Government data
              • Financial reports of key industry players
              • Historical data
              • Press releases
              Technavio

              TechnavioDATA ANALYSIS

              Data Synthesis

              • Collation of data
              • Estimation of key figures
              • Analysis of derived insights

              Data Validation

              • Triangulation with data models
              • Reference against proprietary databases
              • Corroboration with industry experts
              Technavio

              TechnavioREPORT WRITING

              Qualitative

              • Market drivers
              • Market challenges
              • Market trends
              • Five forces analysis

              Quantitative

              • Market size and forecast
              • Market segmentation
              • Geographical insights
              • Competitive landscape
              Interested in this report?
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              Iris Recognition Market market growth will increase by $1.33 bn during 2021-2025.
              The iris recognition market market is expected to grow at a CAGR of 16.41% during 2021-2025.
              Technavio has segmented the iris recognition market market by end user (government, transportation, healthcare, and others) ,geography (APAC, Europe, North America, and South America) , and geographic (APAC, Europe, North America, and South America).
              Aware Inc., BioEnable Technologies Pvt. Ltd., EyeLock LLC, Honeywell International Inc., Iris ID Systems Inc., IrisGuard UK Ltd., IRITECH INC., M2SYS Technology, Safran SA, Thales Group are a few of the key vendors in the iris recognition market market.
              APAC will register the highest growth rate of 44% among the other regions. Therefore, the iris recognition market market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
              The key factors driving the iris recognition market market growth are:
              • Increased adoption of iris recognition in the government sector
              • Increased demand for iris recognition in the BFSI sector
              The iris recognition market market vendors should focus on grabbing business opportunities from the government segment as it accounted for the largest market share in the base year.
              • What are the key global market and the regional market share?
              • What are the revenue-generating key market segments?
              • What are the key factors driving and challenging this market’s growth?
              • Who are the key market vendors and their growth strategies?
              • What are the latest trends influencing the growth of this market?
              • What are the variables influencing the market growth in the primary regions?
              • What are the factors influencing the growth of the parent market?
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              • Detailed vendors report with competitive landscape
              • Covid-19 impact and recovery analysis
              • Data on revenue-generating market segments
              • Details on the market shares of various regions
              • Five-force market analysis

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