In a recent published report, Kenneth Research has updated the market report for Iris Recognition Market for 2024 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2024- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2024, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2024. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2024. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2024. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2024 till March 2024 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Iris Recognition Market products.
Download Sample of This Strategic Report: https://www.kennethresearch.com/sample-request-10085328
Biometric authentication is a security measure that is based on the unique biological characteristics of an individual to verify the credentials. They capture the physiological and behavioral aspects. Iris, fingerprint, and DNA are physiological biometric identifiers and rhythm, gait, voice, and typing are behavioral identifiers. Biometric systems are based on facial features, fingerprints, handwriting, voice, hand geometry, retina, iris, etc. Biometric authentication systems match the biometric data that is captured to the confirmed authentic data in the database.
The two sets of data are compared, namely the one pre-set by the owner of the device and the second one of the device visitor. If both the samples match, authentication is confirmed. The match must be precisely identical and not nearly identical. Biometric authentication is used to manage access to physical and digital resources, namely buildings, computing devices, and rooms. Biometric authentication is gradually becoming a commonplace. Biological traits cannot be easily counterfeited, and it also offers an additional benefit of convenience.
The global population is increasingly becoming security and safety conscious, and thus biometric authentication devices are being extensively adopted across governments, healthcare institutions, financial institutions, consumer electronics, retail & commercial vehicles, and enterprises. In the past decade, the world has witnessed several technological innovations that have made biometrics technically and commercially feasible. Touchless biometrics and portable biometric devices are few such innovations.
The convergence of market forces and parallel innovation-enabling technologies are encouraging the emergence of innovative products at an unprecedented rate. The cost of high-end products will reduce considerably in the coming years due to technological advancements and introduction of new devices in the market. The future market growth would be driven by rapid adoption by the government and the usage of biometrics in criminal identification.
Iris recognition technology blends with other technologies such as computer vision, statistical inferences, optics, and pattern recognition. The application areas for iris recognition are varied, and consumer electronics is one major area. Recently, iris scanners are used in various mobile devices; Samsung’s Galaxy Note 7 features an iris scanner and is also found in Lumia 950 and Lumia 950 XL Windows phones. It is being used in multiple editions of Fujitsu Arrow Devices, available through NTT Docomo, a pioneer in smartphone iris biometrics.
Iris recognition is most commonly used in physical access control in government and private enterprises, but the versatility of the technology is widening its usage in other sectors of the economy, namely transportation, national identification programs, and healthcare. The technology is also used in prisons, work areas, data centers, immigration centers, etc. Security is the major prerogative for organizations using this technology, but it also offers the added advantage of productivity-enhancing applications including time and attendance.
Download Sample of This Strategic Report: https://www.kennethresearch.com/sample-request-10085328
Enterprises and the government admit that a convergence of physical and information security environments is occurring, and it will pose unique security challenges in the future such as just-in-time inventory control, sophisticated supply chain management, and a phenomenon called “coopetition” in which companies cooperate in some areas and compete in others. The security system architecture design and implementation are driven by the fact that the convergence of the physical and information security requirements must converge, and this also determines the selection of the biometric technology.
Managing convergence is becoming even more challenging as IT and communication is increasingly becoming wireless and the need for robust identity management is becoming essential. Iris recognition technology can be advantageously used in fraud elimination, non-repudiation of sales, fund transfer authentication, signature verification, credit card authorization, intellectual property, and authorized access to healthcare records.
Market Analysis
The global iris recognition market is expected to grow at a CAGR of 21.8% during the forecast period 2017–2023. The market is driven by factors such as integration of iris scanners in smartphones, increased use in government projects, rising incidence of fraudulent activities & security concerns, and enhanced demand from the consumer electronics segment. The future potential of the market is promising owing to opportunities such as R&D initiatives, increasing number of distribution channels, enhanced demand from the travel/immigration industry, and increased adoption in enterprises. The market growth is curbed by restraining factors such as high costs, the gap in user’s understanding of the device, the vulnerability of iris recognition systems, and intrusion of privacy.
Segmentation by Components
The market has been segmented and analyzed by the following components: software and hardware.
Segmentation by End-users
The market has been segmented and analyzed by the following end-users: government, transportation, healthcare, finance, NGOs, law enforcement, and defense sectors.
Segmentation by Regions
The market has been segmented and analyzed by the following regions: North America, Europe, Latin America, APAC, and MEA.
Segmentation by Applications
The market has been segmented and analyzed by the following applications: consumer device authentication, pharmacy dispensing, cashpoint/automated teller machine, border control (entry/exit), and others.
Benefits
The study covers and analyzes the “Global Iris Recognition” market. Bringing out the complete key insights of the industry, the report aims to provide an opportunity for players to understand the latest trends, current market scenario, government initiatives, and technologies related to the market. In addition, it helps the venture capitalists in understanding the companies better and take informed decisions.
• The report covers drivers, restraints, and opportunities (DRO) affecting the market growth during the forecast period (2017–2023).
• It also contains an analysis of vendor profiles, which includes financial health, business units, key business priorities, SWOT, strategies, and views.
• The report covers competitive landscape, which includes M&A, joint ventures & collaborations, and competitor comparison analysis.
• In the vendor profile section, for the companies that are privately held, financial information and revenue of segments will be limited.
Enquire before purchasing this report –https://www.kennethresearch.com/sample-request-10085328
Table of Contents
1 Industry Outlook 9
1.1 Industry Overview 9
1.2 Industry Trends 10
2 Report Outline 12
2.1 Report Scope 12
2.2 Report Summary 12
2.3 Research Methodology 13
2.4 Report Assumptions 13
3 Market Snapshot 15
3.1 Total Addressable Market (TAM) 15
3.2 Segmented Addressable Market (SAM) 15
3.3 Related Markets 15
4 Market Outlook 16
4.1 Overview 16
4.2 Regulatory Bodies & Standards 16
4.3 Deployed Applications 18
4.4 Suitability of Iris Recognition 19
4.5 Advantages of iris recognition 21
4.6 Porter 5 (Five) Forces 22
5 Market Characteristics 23
5.1 Ecosystem 23
5.2 Market Segmentation 25
5.3 Market Dynamics 25
5.3.1 Drivers 26
5.3.1.1 Increased Use in Government Projects 26
5.3.1.2 Integration of Iris Scanners in Smartphones 27
5.3.1.3 Rising Incidence of Fraudulent Activities and Security Concerns 27
5.3.1.4 Enhanced Demand from Consumer Electronics Segment 27
5.3.2 Restraints 28
5.3.2.1 High Costs 28
5.3.2.2 Gap in User’s Understanding of the Device 28
5.3.2.3 Vulnerability of iris recognition systems 28
5.3.3 Opportunities 29
5.3.3.1 Research and Development Initiatives 29
5.3.3.2 Increasing Number of Distribution Channels 29
5.3.3.3 Enhanced Interest from Travel/Immigration Industry 29
5.3.3.4 Increased Adoption from Enterprises 29
5.3.4 DRO – Impact Analysis 30
6 Trends, Roadmap and Projects 31
6.1 Market Trends & Impact 31
6.2 Technology Roadmap 33
7 Applications: Market Size & Analysis 34
7.1 Overview 34
7.1.1 Market Size and Analysis 34
7.2 Consumer Device Authentication 35
7.3 Pharmacy Dispensing 36
7.4 Cashpoint/Automated Teller Machine Access 37
7.5 Border Control (Entry/Exit) 39
7.6 Others 39
About Us
Kenneth Research is a reselling agency providing market research solutions in different verticals such as Automotive and Transportation, Chemicals and Materials, Healthcare, Food & Beverage and Consumer Packaged Goods, Semiconductors, Electronics & ICT, Packaging, and Others. Our portfolio includes set of market research insights such as market sizing and market forecasting, market share analysis and key positioning of the players (manufacturers, deals and distributors, etc), understanding the competitive landscape and their business at a ground level and many more. Our research experts deliver the offerings efficiently and effectively within a stipulated time. The market study provided by Kenneth Research helps the Industry veterans/investors to think and to act wisely in their overall strategy formulation.
Contact Us
Kenneth Research
Email:[email protected]
Phone:+1 313 462 0609
——New Report——
Underwater Wireless Communication Market
A container as a Service (CaaS) Market
Carrier SDN Market
Emotion Analytics Market
Sports Analytics Market
