The global Iris Recognition Market is estimated to be valued at US$ 3422.4 Mn in 2022 and is expected to exhibit a CAGR of 18.5% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview
Iris recognition is a biometric technology that uses the unique patterns of an individual's iris to identify and authenticate their identity. The iris, which is the colored part of the eye, contains intricate patterns that are unique to each individual. Iris recognition systems capture these patterns and use them for identification purposes. This technology offers several advantages over other biometric technologies such as fingerprint and face recognition, including higher accuracy and better resistance to spoofing.
The need for iris recognition technology has grown significantly in recent years due to the increasing adoption of biometric systems across various industries. These systems are used for secure access control, identity verification, and fraud prevention. Iris recognition provides a highly accurate and reliable method of authentication, making it ideal for applications that require high levels of security. In addition, iris recognition is contactless and non-intrusive, offering convenience and ease of use for end-users.
Market Key Trends
One key trend in the iris recognition market is the growing demand for portable and mobile iris recognition devices. Traditionally, iris recognition systems were primarily used in fixed installations such as airports, government buildings, and corporate offices. However, with advancements in technology, portable and mobile iris recognition devices have become more compact, affordable, and user-friendly. These devices are now being used in various sectors such as healthcare, banking, and law enforcement, enabling on-the-go identity verification and access control.
For example, healthcare providers can use portable iris recognition devices to accurately identify patients and match them to their medical records, enhancing patient safety and reducing the risk of medical errors. Similarly, law enforcement agencies can use mobile iris recognition devices for rapid identification of suspects during field operations. The portability and convenience offered by these devices have contributed to the wider adoption of iris recognition technology across different industries.
PEST Analysis
Political: The increasing concerns around national security and border control have led governments worldwide to invest in biometric technologies such as iris recognition. This has created a favorable political environment for the growth of the iris recognition market.
Economic: The economic growth in emerging economies, along with the increasing disposable income of individuals, has boosted the demand for biometric systems, including iris recognition. The affordability and cost-effectiveness of iris recognition solutions have also contributed to market growth.
Social: The rising awareness about personal security and the need for secure access control systems have driven the adoption of iris recognition technology. The growing acceptance and trust in biometric authentication among end-users have further propelled market growth.
Technological: Technological advancements in iris recognition systems, such as improved image capture and analysis algorithms, have enhanced the accuracy and reliability of the technology. The integration of iris recognition with other biometric modalities and contactless interfaces has also expanded its applications.
Key Takeaways
The global Iris Recognition Market Trend is expected to witness high growth, exhibiting a CAGR of 18.5% over the forecast period, due to increasing adoption of biometric systems. The demand for secure access control and identity verification solutions is driving the market growth.
In terms of regional analysis, North America is expected to dominate the global iris recognition market due to the presence of major market players, technological advancements, and increasing investments in biometric security. Asia Pacific is anticipated to be the fastest-growing region, driven by the growing adoption of iris recognition systems in sectors such as healthcare, banking, and government.
Key players operating in the global 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. These companies are focusing on strategic collaborations, product innovations, and mergers and acquisitions to strengthen their market position and expand their customer base.
In conclusion, the global iris recognition market is poised for significant growth in the coming years. Advancements in technology, increasing adoption of biometric systems, and the need for secure access control are driving the market. Portable and mobile iris recognition devices are emerging as key trends, offering convenience and mobility for various applications. With favorable political and economic environments, coupled with growing social acceptance and technological advancements, the market is expected to witness high demand.
According to the new market research report "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", 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% from 2019 to 2024.
The high adoption of iris scanners from government, banking & finance, military & defense, and travel & immigration verticals, especially for the identity management and access control application, is the primary reason behind the largest share of this segment in the market.
This will help to curb the cases of identity fraud and internet fraud and make e-payments more safe and secure.
A few key players operating in the iris recognition market are Thales Group (France), IDEMIA (France), Iris ID (US), IriTech (US), HID Global (US), Princeton Identity (US), EyeLock (US), Secure Identity (US), Unisys (US), Aware (US), NEC Corporation (Japan), BioEnable Technologies (India), CMITech (South Korea), 4G Identity Solutions (India), and Mantra Softech (India).
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