- The key vendors in the Global IRIS Recognition Market 2015-2019 are 3M Cogent Inc., BioEnable Technologies Pvt. Ltd., Cross Match Technologies Inc., Iris ID Systems Inc. and Safran SA
London, 24 February 2015: TechNavio, an independent tech-focused global research firm, has announced the publication of its market research report on the Global IRIS Recognition Market 2015-2019. The market is witnessing an encouraging trend in the adoption of biometric technologies in many growing sectors. Projects such as e-passports, e-visas, and driving licenses are increasingly deploying IRIS technology in order to tackle identity theft. Moreover, concerns over terrorism have resulted in a global focus on internal security. Hence, efforts to bolster security through advanced biometrics is finding increasing relevance at airports, for issuance of passports, in laboratories, and in the Defense sector. The overall market is expected to grow at a CAGR of 23.5 percent during the forecast period of 2014-2019.
A growing shift towards more user-friendly interfaces and increased awareness about the benefits of iris recognition is expected to lead to an upsurge in demand for this technology during the forecast period.
“IRIS technology is helping achieve a much higher level of security than otherwise available by authentication through passwords, PIN codes, and IDs with photographs,” says Faisal Ghaus, Vice President of TechNavio Research.
“The increase in partnerships with suppliers and value-added resellers is expected to lead to major improvements in existing biometric systems. This will further advance IRIS technology with better accuracy and a higher integration ability across sectors.”
To define the market conditions in the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
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