DUBLIN, Oct. 12, 2015 /PRNewswire/ -- Research and Markets (http://www.researchandmarkets.com/research/gvxgw5/iris_recognition) has announced the addition of the "Iris Recognition Market by Component (Hardware & Software), Product (Scanner & Others), Application (Access Control & Others), Industry (Travel & Immigration, Military & Defense, & Others) & Geography Global - Forecast to 2020" report to their offering.

Iris Recognition Market worth 3627.90 Million USD by 2020

Some of the major players in this market are 3M Cogent Inc. (U.S.), Safran (France), Cross Match Technologies Inc. (U.S.), Iris ID, Inc. (U.S.), Iritech, Inc. (U.S.), SRI International (U.S.), and EyeLock (U.S.).

In iris recognition, the identification process is carried out by gathering one or more detailed images of the iris patterns. It uses the camera technology with near infrared illumination to capture high resolution-based images of the iris, which are visible externally. Some of the key benefits of this technology are that it is accurate, easy to use, and difficult to forge. Occurrences of terrorist attacks, cybercrimes, and other cross-border illegal activities have led to need for implementing the iris recognition technology.

The iris recognition market exhibits a huge potential in terms of as application in sectors such as government, military & defense, banking & finance, consumer electronics, travel & immigration, healthcare, and automotive among others. Currently, the world's leading OEMs, from consumer electronics to automotive are focused on incorporating iris recognition technology in their offerings. Factors such as the integration of cloud computing technology with the iris biometrics system are creating opportunities for this market.

The value chain of the iris recognition market is a broad network. The entire chain is an inter-connection between various players related to the market, and depicts the flow of technology & services. The prime building blocks of the value chain of the iris recognition market comprise researchers & product developers, component manufacturers, iris biometric manufacturers, system integrators, distributors, and the end-users.

In this report, drivers, restraints, opportunities, and challenges for the iris recognition market have been covered. The growth of this market is driven by as the application in government, military & defense, banking & finance, consumer electronics, travel & immigration, and so on. The integration of cloud computing technology with the iris biometrics system is creating opportunities for this market. However, the high cost of iris biometrics and the availability of inexpensive alternatives such as fingerprint and face scanners, could restrain the growth of this market.

In the iris recognition market, as the application in government, banking & finance, military & defense accounted for a large market share in 2014. However, the application in the consumer electronics industry is expected to grow at the highest rate during the forecast period due to the commercialization of various iris scan-based electronic devices such as smartphones, smart watches, tablets, notebooks, and so on.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview

6 Industry Trends

7 Iris Recognition Market, By Component

8 Iris Recognition Market, By Product

9 Iris Recognition Market, By Application

10 Iris Recognition Market, By Industry

11 Geographic Analysis

12 Competitive Landscape

13 Company Profiles

- 3M Cogent - Bioenable Technologies - Crossmatch Technologies - Eyelock - Iris Id, Inc. - Irisguard Inc. - Iritech, Inc. - Safran - Smartmatic - Sri International

For more information visit http://www.researchandmarkets.com/research/gvxgw5/iris_recognition

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Laura Wood, +353-1-481-1716, press@researchandmarkets.net

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SOURCE Research and Markets