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3. Thales Group (France) and IDEMIA (France) are among the major players in the Iris Recognition Market

Iris recognition, also known as iris scanning, is a technique for biometric authentication that uses the pattern-recognition process of iris images. Each person has a unique iris, and hence, it is considered as a reliable and accurate form of identification of individuals. The entire process usually includes image acquisition, iris segmentation, normalization, feature extraction, and matching based on the human iris imaging saved in the database. The global iris recognition market size is expected to grow from USD 2.3 billion in 2019 to USD 4.3 billion by 2024, at a CAGR of 13.2% during the forecast period. Government, banking & finance, travel & immigration, military & defense, and consumer electronics are the key verticals, which dominate the iris recognition market and also contribute significantly to its growth.

Major players in the global iris recognition market have primarily adopted strategies such as product launches and developments to strengthen their position in the market.

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• In March 2019, Princeton Identity (US) launched the new IOM Access600e iris and face biometric capture device. This product is designed for high-volume enrollment and fast, convenient identification in high security and high throughput applications.
• In July 2018, irisguard (UK) at GSMA 360 Mobile event in Kigali launched EyePay Phone, a new smartphone. This smartphone combines irisguard’s expertise in iris recognition technology with mobile capability, providing the one to millions (1:n) iris comparison in real-time. This device is designed for authenticating identity and securing mobile financial transactions using iris recognition technology.

Thales Group (France) and IDEMIA (France) are among the major players in the iris recognition market. Thales Group is a well-known player in the digital identity and security market. Strong brand name and customer base are among the key factors that led to the leading position of Thales Group in the iris recognition market. Apart from the strong brand name and customer base, the company has strong R&D capabilities and geographic presence. Thales Group has focused on acquisitions and product launches to strengthen its product portfolio and maintain its position in the iris recognition market. For instance, in February 2019, it acquired Gemalto (Netherlands) and became one of the leading companies in the digital identity and security market. With Gemalto, it will cover the entire critical decision chain in a digital world, from data generation via sensors, to real-time decision support.

An extensive geographic presence and robust product portfolio are two prime factors that have helped IDEMIA (France) to attain a prominent position in the iris recognition market. It offers a wide variety of biometric solutions for iris recognition. In 2018, the company’s contactless OneLook device for capturing, matching, and processing biometrics of face and iris earned top scores in all 3 performance categories (user satisfaction, effectiveness, and efficiency) of the Biometric Technology Rally, hosted by the Department of Homeland Security (DHS) Science and Technology Directorate (S&T).

Related Reports:

Iris Recognition Market by Component (Hardware, and Software), Product (Smartphones, Scanners), Application (Identity Management and Access Control, Time Monitoring, E-payment), Vertical, and Region - Global Forecast to 2024

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