Iris recognition is a technology that utilizes pattern-recognition techniques based on high-resolution images of the irises of an individual’s eyes, whose complex random patterns are unique and can be used to identify individuals with high accuracy. Iris recognition has various applications including border control, airport check-ins, forensics, and civil and criminal identification among others. With advances in technology, iris recognition solutions are now integrated with cameras, biometric readers and access control systems for seamless identification and authentication.
The Iris Recognition Market is estimated to be valued at US$ 4,055.54 Mn or Million 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 Dynamics:
The iris recognition market is primarily driven by rising demand for advanced biometrics systems across various sectors owing to benefits such as high accuracy and reliability. Biometric identification offers a more secure way for authentication compared to traditional password or ID-based systems. iris recognition in particular delivers extremely low false acceptance and false rejection rates. Furthermore, growing use of biometrics for mobile transactions and payments is also expected to support market growth over the forecast period. However, high deployment and maintenance costs of iris recognition systems may restraint market growth.
Segment Analysis
The Iris Recognition market is dominated by the hardware sub-segment owing to high demand for iris recognition cameras and sensors from various applications such as government, military & defense, healthcare and border control & airports. Iris capture devices such as cameras provide high-resolution imagery of an iris which is further processed to extract iris features for authentication. Adoption of iris recognition cameras is high due to advantages like contactless operation, accuracy and effectiveness in identifying individuals from a distance.
PEST Analysis
Political: Countries are enacting data privacy laws to regulate collection and use of biometric data for iris recognition systems. This is driving vendors to make systems compliant with standards like General Data Protection Regulation (GDPR).
Economic: The global iris recognition market is driven by growing investment in security systems by governments and enterprises. Rise in GDP and investment in surveillance infrastructure especially in developing countries is fueling market growth.
Social: Increasing instances of identity thefts, unlawful cross-border movement and terrorism are raising security concerns. This is increasing adoption of iris recognition for secure identification and access management across applications.
Technological: Advancements like integration of iris recognition with facial recognition, use of Deep Learning for feature extraction and match scoring are improving accuracy of systems. Vendors are also developing contactless iris recognition solutions for seamless processing.
Key Takeaways
The Global Iris Recognition Market Size is expected to witness high growth, exhibiting 18% CAGR over the forecast period, due to increasing investments in border control management systems globally. The Asia Pacific iris recognition market is anticipated to register the fastest growth rate during the forecast period owing to rising surveillance projects in countries like China and India along with growing airport infrastructure.
Regional analysis: The Asia Pacific region dominates the global iris recognition market and is expected to grow at a high CAGR during the forecast period. This is attributed to large ongoing smart city and safe city projects incorporating iris biometrics for citizen ID programs, national ID cards and border security in countries like India, China and Japan.
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 captured over 60% of the global iris recognition market share in 2021 owing to their early adoption of iris technology and partnership with government agencies.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
