Asia Pacific Iris Recognition Market Size, Share & Industry Trends Analysis Report By Application, By Product (Scanners, Smartphones, Personal Computers/Laptops, Tablets & Notebooks), By Component, By Vertical, By Country and Growth Forecast, 2022 - 2028
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Market Report Description
The Asia Pacific Iris Recognition Market would witness market growth of 15.9% CAGR during the forecast period (2022-2028).
A further element that is projected to promote the target market's growth is the increasing adoption of e-passports. Additionally, because this technology is more precise and error-free, it is considered more secure. The iris' patterns are distinctive and consistent, therefore there aren't any signs of inaccuracy, making it a secure security mechanism.
The usage of this technology in various industries, such as automated teller machines, pharmaceutical dispensing, and mobile devices, has increased its demand on the international market. Iris scanning cameras can be carried about and fixed on walls or other surfaces. Additionally, iris scan data and information can be represented numerically and kept in databases for record-keeping purposes.
As a result, Iris recognition is widely used in workplaces, labs, institutions, and banks for employee identity and building security. Additionally, iris recognition systems are beginning to take the place of PINs, token cards, passwords, or PINs in the market due to increasing research activities, increased security concerns, and consumer desire for powerful authentication methods.
Currently, the nation is working on projects involving the construction of roadways, ports, airports, and trains. This is probably going to increase demand for sophisticated security measures, such biometric systems, and propel the expansion of the Chinese iris recognition market. Furthermore, the South Korean government declared a USD 451 billion investment in local semiconductor industry in May 2021. Through tax breaks, cheaper interest rates, beneficial laws, corporate investments, and support programmes, the government will help the businesses.
The China market dominated the Asia Pacific Iris Recognition Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $942.8 million by 2028. The Japan market is estimated to grow a CAGR of 15.2% during (2022 - 2028). Additionally, The India market would experience a CAGR of 16.7% 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 China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Iris Recognition Market is Projected to reach USD 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.
Scope of the Study
Market Segments Covered in the Report:
- Identity Management & Access Control
- Time Monitoring
- Personal Computers/Laptops
- Tablets & Notebooks
- Banking & Finance
- Consumer Electronics
- Military & Defense
- Travel & Immigration
- South Korea
- Rest of Asia Pacific
Key Market Players
List of Companies Profiled in the Report:
- Thales Group S.A.
- IDEMIA SAS (Advent International, Inc.)
- NEC Corporation
- Aware, Inc.
- M2SYS Technology, Inc.
- Unisys Corporation
- IrisGuard Ltd.
- Iris ID, Inc
- Princeton Identity, Inc.
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