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

  • Published: Sep 2021
  • Pages: 120
  • SKU: IRTNTR43081
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The iris recognition market has the potential to grow by USD 1.33 billion during 2021-2025, and the market’s growth momentum will decelerate 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 market segmentation by end-user (government, transportation, healthcare, and others) and geography (APAC, North America, Europe, South America, and MEA). 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, and Thales Group among others.

What will the Iris Recognition Market Size be in 2021?

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Iris Recognition Market: Key Drivers and Trends

Based on our research output, there has been a positive impact on the market growth during and post COVID-19 era. 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.

  • One of the key factors driving growth in the iris recognition market is the increased adoption of iris recognition in the government sector.
  • Security checks at airports to identify any miscreants or suspects based on iris recognition will be enhanced owing to the increased operational efficiency and improved employees' productivity.
  • 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.
  • Iris recognition is increasingly being employed for large-scale applications, especially in government-supported projects such as the Aadhaar initiative taken by the Government of India.
  • The need for advanced security is another major factor supporting the iris recognition market share growth.
  • The importance of protecting critical and confidential data and information in sectors such as the BFSI, retail, and defense will increase the global market demand for iris recognition.
  • With the advances in technology and the rise in the number of credit card payments at retail stores, cybercriminals and hackers are targeting retail POS transactions.
  • Theft of such critical data could endanger national security and has compelled credit card companies and the BFSI sector to adopt iris recognition to secure confidential details of users.

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.

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
  • 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.

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. 

Which are the Key Regions for Iris Recognition Market?

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40% of the market’s growth will originate from APAC during the forecast period. South Korea (Republic of Korea), and China are the key markets for the iris recognition market in APAC. Market growth in this region will be faster than the growth of the market in North America.

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?

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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. The need to track employees and the introduction of government initiatives, such as e-passports, border control programs, and e-governance, are fostering the growth of the market.

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.

Scope of Report

Features

Included Data

Base year for market size assessment

2021

Forecast period

2021-2025

Growth momentum and forecast

Decelerate at a CAGR of 16.41%

Regional analysis

APAC, North America, Europe, South America, and MEA

Key consumer countries

US, China, UK, South Korea (Republic of Korea), and Germany

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

Aware Inc., BioEnable Technologies Pvt. Ltd., EyeLock LLC, Honeywell International Inc., Iris ID Systems Inc., IrisGuard UK Ltd., IRITECH INC., M2SYS Technology, and Thales Group

Market Dynamics

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

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Factors 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, North America, Europe, South America, and MEA
  • 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

We can help! Our analysts can customize this report to meet your requirements. Get in touch

Iris Recognition Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Decelerate at a CAGR of 16.41%

Market growth 2021-2025

$ 1.33 billion

Market structure

Fragmented

YoY growth (%)

18.97

Regional analysis

APAC, North America, Europe, South America, and MEA

Performing market contribution

APAC at 40%

Key consumer countries

US, China, UK, South Korea (Republic of Korea), and Germany

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

Aware Inc., BioEnable Technologies Pvt. Ltd., EyeLock LLC, Honeywell International Inc., Iris ID Systems Inc., IrisGuard UK Ltd., IRITECH INC., M2SYS Technology, and Thales Group

Market Dynamics

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

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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Executive Summary

    Market Landscape

    • Market ecosystem
    • Value chain analysis

    Market Sizing

    • Market definition
    • Market segment analysis
    • Market size 2020
    • Market outlook: Forecast for 2020 - 2025

    Five Forces Analysis

    • Bargaining power of buyers
    • Bargaining power of suppliers
    • Threat of new entrants
    • Threat of substitutes
    • Threat of rivalry
    • Market condition

    Market Segmentation by End-user

    • Market segments
    • Comparison by End-user
    • Government - Market size and forecast 2020-2025
    • Transportation - Market size and forecast 2020-2025
    • Healthcare - Market size and forecast 2020-2025
    • Others - Market size and forecast 2020-2025
    • Market opportunity by End-user

    Customer landscape

      Geographic Landscape

      • Geographic segmentation
      • Geographic comparison
      • APAC - Market size and forecast 2020-2025
      • North America - Market size and forecast 2020-2025
      • Europe - Market size and forecast 2020-2025
      • South America - Market size and forecast 2020-2025
      • MEA - Market size and forecast 2020-2025
      • Key leading countries
      • Market opportunity by geography
      • Market drivers
      • Market challenges
      • Market trends

      Vendor Landscape

      • Vendor landscape
      • Landscape disruption

      Vendor Analysis

      • Vendors covered
      • Market positioning of vendors
      • Aware Inc.
      • BioEnable Technologies Pvt. Ltd.
      • EyeLock LLC
      • Honeywell International Inc.
      • Iris ID Systems Inc.
      • IrisGuard UK Ltd.
      • IRITECH INC.
      • M2SYS Technology
      • Thales Group

      Appendix

      • Scope of the report
      • Currency conversion rates for US$
      • Research methodology
      • 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
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      The iris recognition market growth will increase by $2083.63 million during 2019-2024.
      The iris recognition market is expected to grow at a CAGR of 23.45% during 2019-2024.
      Technavio has segmented the iris recognition market by end user (Government, Transportation, Healthcare, and Others) ,distribution channel (Offline distribution channel and Online distribution channel) , 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.
      APAC will register the highest growth rate of 43.85% among the other regions. Therefore, the iris recognition 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 growth are:
      • Increased adoption of iris recognition in the government sector
      • Provision of specialty first aid kits
      The iris recognition market vendors should focus on grabbing business opportunities from the government segment as it accounted for the largest market share in the base year.
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