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| Iris Recognition Market |
Iris recognition systems are biometric authentication systems that use pattern-recognition techniques based on high-contrast patterns within the iris of an individual's eyes, which are unique and can be used to verify a person's identity. Iris recognition systems provide highly accurate personal identification and verification for applications in government, military, travel and immigration, banking and finance, and commercial security. The global Iris Recognition Market is estimated to be valued at US$ 4671.99 Bn in 2024 and is expected to exhibit a CAGR of 8.2% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing demand for contactless biometric technology due to the COVID-19
pandemic has accelerated the adoption of iris recognition systems across
various industries. Iris biometrics provide contactless and hygienic
verification of users with a few seconds response time and highly accurate
identification. Several organizations are deploying iris recognition cameras
and systems at entry and exit points to enable contactless access of employees
and visitors. With economies gradually reopening while maintaining social
distancing guidelines, iris biometrics is emerging as a reliable authentication
solution to enable secure access in corporate offices, manufacturing
facilities, and public places.
Segment
Analysis
The global iris recognition market is dominanted by hardware sub-segment.
Hardware segment held largest market share in 2021 as iris recognition systems
require hardware components like iris scanners and cameras for proper
functioning. Iris scanning devices offer high accuracy and realiability in
identification and verification of individuals.
Key Takeaways
The global Iris
Recognition Market Growth is expected to witness high growth.
Regional
analysis related content comprises iris recognition market is projected to grow
fastest in Asia Pacific region during forecast period. Presence of developing
economies like India and China coupled with increasing biometric identifcation
adoption for national ID programs and border control management are driving
market growth in the region.
Key players operating in the iris recognition market are EchoStar Corporation,
AAC Clyde Space, Comtech Telecommunications Corp., and Analog Devices, Inc.
For more insights, read- https://www.pressreleasebulletin.com/iris-recognition-market-trends-size-and-share-analysis/
For more details on the report, Read- https://cmiinfopiece.blogspot.com/2024/01/the-global-luxury-travel-market-growth.html
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