In Technavio’s global iris recognition market 2016-2020 report, research analyst predicts the global iris recognition market to grow steadily at a CAGR of 21% during the forecast period. One of the primary drivers of the market is the integration of iris scanners in smartphones.
In Technavio's global iris recognition market 2016-2020 report, research analyst predicts the global iris recognition market to grow steadily at a CAGR of 21% during the forecast period. One of the primary drivers of the market is the integration of iris scanners in smartphones. A number of smartphone vendors such as Samsung and LG are planning to integrate iris scanners in their smartphones to enhance the security features of the devices. The demand for contactless biometrics is increasing the demand for iris recognition system as it is hygienic compared to fingerprint recognition systems and is an important growth driver for the market.
The high cost of iris recognition systems is a challenge to the market growth. Fingerprint recognition systems and facial recognition systems are cost-effective when compared to iris recognition systems. This is affecting the demand for iris recognition system.
End-user segmentation and analysis
The government sector dominated the market during 2015 with a market share of over 50 percent, which was followed by the transportation sector and healthcare sectors. There is high growth expected in the healthcare sector and the government sector as these sectors require advanced security for critical data protection.
Geographical segmentation and analysis
In 2015, North America accounted for the largest market share of over 35 percent. The market is expected to witness a significant growth in APAC and Latin America during the forecast period, with the increasing number of vendors in this region, which is increasing the awareness about the advantages of iris recognition systems.
Competitive landscape and key vendors
The global iris recognition market is highly fragmented because of the presence of numerous small and large vendors. The providers in the market compete on the basis of price, quality, innovation, service, reputation, distribution, and promotion. The high vendor competition has led to an increased number of mergers and acquisitions in the iris recognition market.
The leading vendors in the market are: 3M Cogent, BioEnable, Crossmatch Technologies, Iris ID, IRITECH. Other prominent vendors in the market include 4G Identity Solutions, Aditech, BI Technologies, Biomatiques Identification Solution, Easy Clocking, EyeLock, IrisGuard, M2SYS Technology, Smart Sensors, and SRI International.