Iris Recognition Market Growing at 21.45% CAGR Driven by Iris Scanners in Smartphones to 2020

PUNE, India, February 10, 2016 /PRNewswire/ --

According to 2016 iris recognition market report, combined with facial and fingerprint identification iris recognition is more widely accepted for border control. Some multimodal biometrics are available with both fingerprint and iris recognition technology in a single device, which allows the user to avoid purchasing two individual biometrics devices.

Complete report on iris recognition market spread across 47 pages, analyzing 5 major companies and providing 11 data exhibits is now available at http://www.rnrmarketresearch.com/global-iris-recognition-market-2016-2020-market-report.html.

The analysts forecast global iris recognition market to grow at a CAGR of 21.45% during the period 2016-2020. 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 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.  

The government sector dominated the market during 2015 with a market share of over 50%, 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. Order a copy of Global Iris Recognition Market 2016-2020 report @ http://www.rnrmarketresearch.com/contacts/purchase?rname=469306.

In 2015, North America accounted for the largest market share of over 35%. 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.

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 key vendors analyzed in iris recognition market report are: 3M Cogent, BioEnable, Crossmatch Technologies, Iris ID, and 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.

Further, the iris recognition market report states that the high cost of iris recognition systems is a challenge to the market growth.

Another related report on biometric market titled Global Law Enforcement Biometrics Market 2015-2019 forecasts global law enforcement biometrics market to grow at a CAGR of 13.35% over the period 2014-2019. The law enforcement sector gradually replaced Bertillon's anthropometric system of criminal identification, which includes physical measurements of body parts, especially components of the head and face of an individual, with biometric technologies. Fingerprint identification, facial recognition, iris recognition, and DNA analysis biometric technologies are widely accepted by the law enforcement sector. Browse complete report @ http://www.rnrmarketresearch.com/global-law-enforcement-biometrics-market-2015-2019-market-report.html.

Key players in the global law enforcement biometrics market: 3M Cogent, 4G Identity, Cross Match Technologies, M2SYS Technology, NEC and Safran. Other prominent vendors in the market are: Aware, Ayonix, BI² Technologies, BioEnable, BioLink Solutions, Cognitec Systems, FaceFirst, Fulcrum Biometrics, Iris ID, IRITECH, Nuance, SpeechPro, Suprema and TENBIO

Explore other new reports on Biometric Market at http://www.rnrmarketresearch.com/reports/information-technology-telecommunication/software-enterprise-computing/rich-internet-application-ria/biometric.

About Us:   

RnRMarketResearch.com is your single source for all market research needs. Our database includes 500,000+ market research reports from over 100+ leading global publishers & in-depth market research studies of over 5000 micro markets. With comprehensive information about the publishers and the industries for which they publish market research reports, we help you in your purchase decision by mapping your information needs with our huge collection of reports.

Contact:
Ritesh Tiwari
UNIT no 802, Tower no. 7, SEZ
Magarpatta city, Hadapsar
Pune - 411013
Maharashtra, India.
Tel:  +1-888-391-5441
sales@rnrmarketresearch.com

Connect with Us:  

G+ / Google Plus: https://plus.google.com/104156468549256253075/posts

Twitter: https://twitter.com/RnRMR

Facebook: https://www.facebook.com/pages/RnR-Market-Research/413488545356345