The Europe Iris Recognition Market would witness market growth of 15.3% CAGR during the forecast period (2022-2028).
In many areas of healthcare, the use of iris recognition technology aids in implementing effective authentication and authorization mechanisms. In healthcare settings, technologies like iris recognition in patient identification are gaining traction not only for their accuracy in identifying a patient upon entering into a facility but also for their usefulness in quickly and accurately determining the patient's current location within the hospital among the different departments, including home health, the ER, and other mobile environments, or in any other location before providing long-term care.
The use of biometrics is anticipated to improve security for patients, doctors, and nurses due to the strict requirements imposed by the Health Insurance Portability and Accountability Act (HIPPA) to maintain the confidentiality and privacy of patient information.
The focus is shifting to biometrics as a means of enhancing security without having to simply add more lost PINs and passwords. Its implementation in mobile devices goes beyond only accessing the device to secure the programmes inside of it. Consumers quickly grasp the benefits of biometric management and security for their financial lives, from free banking applications and digital wallets to mobile commerce and in-app transactions. Involved parties may be able to increase consumer confidence and protect privacy issues by implementing biometrics. Identity theft fraud instances have steadily increased in the European region
The Germany market dominated the Europe Iris Recognition Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $567.9 million by 2028. The UK market is anticipated to grow at a CAGR of 14.4% during (2022 - 2028). Additionally, The France market would exhibit a CAGR of 16.2% 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 Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Iris Recognition Market will Hit $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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