Global Iris Recognition Market 20172018 & 2023: Market to Reach US$1,318.720 Million by 2023, Increasing from US$563.329 Million in 2018

The Global Iris Recognition Market is projected to witness a compound annual growth rate of 18.54% over the forecast period to reach a total market size of US$1,318.720 million by 2023, increasing from US$563.329 million in 2018One of the major factors driving growth is the integration of iris scanners in smartphones. Declining prices of these systems have augmented its usage across various industry verticals such as healthcare, BFSI, and leisure among others. Rising security threats and the need to prevent fraudulent activities have also led to increasing demand for these systems. Other factors spurring up the demand for these systems is the added security they offer as it is difficult to forge and is more accurate as compared to other forms of biometrics apart from being easier to use and implement. The high cost of iris recognition systems as compared to that of fingerprint recognition systems and facial recognition systems will hinder the growth of global iris recognition market...

The Global Iris Recognition Market is projected to witness a compound annual growth rate of 18.54% over the forecast period to reach a total market size of US$1,318.720 million by 2023, increasing from US$563.329 million in 2018

One of the major factors driving growth is the integration of iris scanners in smartphones. Declining prices of these systems have augmented its usage across various industry verticals such as healthcare, BFSI, and leisure among others.

Rising security threats and the need to prevent fraudulent activities have also led to increasing demand for these systems. Other factors spurring up the demand for these systems is the added security they offer as it is difficult to forge and is more accurate as compared to other forms of biometrics apart from being easier to use and implement.

The high cost of iris recognition systems as compared to that of fingerprint recognition systems and facial recognition systems will hinder the growth of global iris recognition market during the forecast period.

Segmentation

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