The North America Iris Recognition Market would witness market growth of 15.1% CAGR during the forecast period (2022-2028).
Technology for iris recognition employs mathematical pattern-recognition methods on video images of both irises, wherein intricate random patterns are stable, distinct, and perceptible from particular angles. The market for iris identification is experiencing high demand due to its uniqueness, stability, and security.
The iris pattern is consistent and uses the variety of textures and characteristics found in the iris, including stripes, freckles, coronas, and furrows. They are hence more safe by nature. The market's future looks bright because of potential like the expansion of distribution channels, R&D projects, high demand from the travel and immigration sector, and rising adoption rates in businesses.
Government organisations are also adopting various biometric technologies to reduce cyber threats and streamline system access. For example, one of the first police agencies to adopt iris recognition was the New York City (NYC) Police Department.
Organizations are increasingly using biometrics, giving users another layer of protection to protect themselves, as a result of the significant rise in data breaches in the region across numerous industries. Many governmental organisations have begun using iris scanning technology. For example, the Federal Bureau of Investigation (FBI) depends on its collaborations with local, state, tribal, and federal agencies to create important initiatives like the Next Generation Identification (NGI) systems and the National Crime Information Center (NCIC).
The US market dominated the North America Iris Recognition Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $1,921.4 million by 2028. The Canada market is poised to grow at a CAGR of 17.7% during (2022 - 2028). Additionally, The Mexico market would witness a CAGR of 16.6% during (2022 - 2028).
Based on Application, the market is segmented into Identity Management & Access Control, Time Monitoring and E-Payment. Based on Product, the market is segmented into Scanners, Smartphones, Personal Computers/Laptops, Tablets & Notebooks and Others. Based on Component, the market is segmented into Software and Hardware. Based on Vertical, the market is segmented into Banking & Finance, Consumer Electronics, Military & Defense, Automotive, Government, Travel & Immigration, Healthcare and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Iris Recognition Market is Estimated to reach $8.9 Billion by 2028, at a CAGR of 15.6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Thales Group S.A., IDEMIA SAS (Advent International, Inc.), NEC Corporation, Aware, Inc., M2SYS Technology, Inc., Unisys Corporation, IrisGuard Ltd., Iris ID, Inc, and Princeton Identity, Inc.
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