The Iris recognition market is estimated to be valued at US$ 4055.54 Mn or Bn in 2023 and is expected to exhibit a CAGR of 18.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Iris recognition is a biometric security technology that uses patterns of the iris of an individual’s eyes to authenticate their identity. Iris scanning offers highly accurate authentication as no two irises are alike, even between identical twins. Iris biometrics are used across government, defense, healthcare, travel, banking and finance sectors for secure access, attendance tracking and border control. Iris scanners are compact and deliver quick 1:1 matching for identity verification.
Market Dynamics:
Growing demand for identity verification and access control across industries is a key driver fueling growth of the iris recognition market. Rapid digitization is prompting companies to leverage advanced biometrics for secured authentication. Iris recognition allows contactless, hygienic and convenient access checks compared to fingerprints or facial recognition. Increasing instances of identity theft, financial fraud and cyber attacks have bolstered adoption of iris biometrics for enhanced security. Furthermore, integration of iris scanners with smartphones, laptops and IoT devices is opening new application avenues for market players. Continuous technological advancements have made iris scanners compact, accurate and affordable, supporting widespread commercialization.
Segment Analysis
The iris recognition market is segmented by component, application, end-use industry and geography. Based on component, the market is segmented into hardware, software and services. The services segment is dominating the market as it provides effective integration and maintenance of iris recognition systems.
PEST Analysis
Political: Stringent laws and regulations regarding data privacy and security contribute to the adoption of iris recognition systems across several sectors.
Economic: High investments in security and surveillance technologies by governments and private companies is driving the market growth.
Social: Rising security threats and need for better identity management solutions are some key social factors augmenting the demand.
Technological: Advancements in biometric technologies, IoT and integration of AI capabilities are offering new opportunities for market expansion.
Key Takeaways
The Global Iris Recognition Market Size is expected to witness high growth, exhibiting CAGR of 18% over the forecast period, due to increasing adoption for access control, time and attendance tracking, border control and national ID programs. The Asia Pacific region is projected to dominate the market during the forecast period due to increasing government initiatives, growing investments in digital identification systems from private and public organizations in countries like China and India.
Regional analysis:
The Asia Pacific region accounts for the largest market share. Countries like China, India, Japan and South Korea are deploying iris recognition systems on a large scale for surveillance, border control and criminal identification purposes. The growing digitization programs in the region are further boosting the adoption.
Key players: Key players operating in the iris recognition market are IDEMIA, Iritech Inc., IrisGuard UK Ltd., BioEnable Technologies Pvt. Ltd., NEC Corporation, Aware Inc., Gemalto NV (Thales Group), Iris ID Inc., Princeton Identity Inc., HID Global, and EyeLock LLC. IDEMIA, NEC and IrisGuard collectively account for over 40% of the total market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
