New York, US, Nov. 03, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Iris Recognition Market, By Component, By Products, By Application, By End-User - Forecast 2030”, The global iris recognition market will reach USD 9.74 billion at a 16.21% CAGR by 2030, as per the MRFR report.
Iris Recognition Market Growth Analysis
One of the primary reasons for the market expansion of iris scanners is the increase in cases of cybercrime that have the potential to harm an individual, particularly financially. In today's digitalized world, where everything is done online, the emergence of cybercrime has jeopardized people's and organizations' safety, resulting in financial and other harm. As a result, cybercrime, terrorist attacks, and other illegal activities have increased the demand for high-security systems. One of the most secure and accurate methods of identifying people is to examine the random pattern of the iris.
Key Players
Eminent market players profiled in the global iris recognition market report include,
- 3M Cogent Inc.
- Safran S.A.
- Cross Match Technologies Inc.
- Iris ID Inc.
- IriTech Inc.
- Eye Lock
- CMITech Company Ltd.
- Irisys Co. Ltd.
- Princeton identity and IBM Corporation
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Market Opportunities
Preference for Iris Recognition System over Fingerprint Scans to offer Robust Opportunities
The preference for iris recognition system over fingerprint scans will offer lucrative opportunities for this market in the forecast period. In comparison to fingerprint scans, iris recognition systems provide more efficient, faster, and reliable scans because fingerprint scans can be easily obscured/altered than eye scans.
Restraints and Challenges
High Cost to act as Market Restraint - The high cost of iris recognition systems, gap in the understanding of the systems amid users, intrusion of privacy, and the vulnerability of iris recognition systems may act as market restraints over the forecast period.
Report Scope:
| Report Metrics | Details |
| Market Size by 2030 | USD 9.74 Billion |
| CAGR during 2022-2030 | 16.21% |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Opportunities | Thus, these increasing demands can be the best opportunities that can support market growth. |
| Key Market Drivers | The key driver that affected the Iris Recognition Market share is the increase in criminal activities in private and government sectors throughout the world |
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Iris Recognition Market Segmentation
The global iris recognition market has been bifurcated based on end-user, application, products, and component.
By component, the iris recognition market is segmented into software and hardware.
By products, scanners will lead the market over the forecast period.
By application, the iris recognition market is segmented into time monitor and access control.
By end user, healthcare will domineer this market in the forecast period.
COVID-19 Analysis
Because the COVID-19 has spread all over the world, it has had a significant impact on individuals, organizations, and industries. It has caused an uncertain disruption in markets all over the world. However, the iris recognition market size benefitted in some ways during the pandemics. As the number of patients in hospitals increased, so did the demand for Iris Recognition Market growth. The demand for Iris recognition machines grew in tandem with the growing need to accurately identify patients' identities. This requirement in healthcare departments to reduce healthcare fraud has increased the market demand for Iris Recognition. Biometric techniques are being used in hospitals and healthcare facilities for security purposes, with a focus on market growth.
Iris Recognition Market Regional Analysis
APAC to Head Iris Recognition Market
In 2021, Asia Pacific dominated the growth of the Iris Recognition Market. Due to rising concerns about identity theft and fraud, as well as increased security in government and commercial settings, electronic access control systems are also in high demand in Asia-Pacific. Because governments in the region have implemented various initiatives related to border administration and national identities, the market in APAC is expected to develop at the fastest Compound Annual Growth Rate (CAGR) throughout the forecast period. During the forecast period, APAC is expected to hold the largest share of the iris recognition market. Because of the growing consumer electronics industry, particularly the smartphone market in APAC, APAC is the most appealing business destination for iris recognition products and solution providers. Samsung Electronics (South Korea), an important smartphone and tablet manufacturer, has manufacturing facilities in this region and has used iris recognition technology to improve the safety and security features of its latest devices. This factor is also contributing to the growth of the APAC iris recognition market. This increase is attributed to increased demand for iris technology in developed economies such as the United States & Canada.
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This region is driven by a growing manufacturing industry and adaptable market players. Furthermore, technological advancements, as well as the high potential and availability of skilled labor, will help this region thrive during the forecast period. This region has the most advanced professionals and funds for iris technology investment. Furthermore, the availability of surplus know-how in implementing this technology makes this region prominent for the market to flourish in the coming years. On the other hand, developing countries such China, India & Indonesia have enormous potential in the coming years.
North America to Have Favorable Growth
North America is expected to generate the most revenue during the forecast period. As the number of cybercrimes and cyber-attacks in the region rises, so will the use of digitization and advanced security systems like face recognition, iris recognition, and finger scanning. Furthermore, governments in North American countries are incorporating biometrics and iris scanners for security and identification. For example, the Federal Bureau of Investigation (FBI) collaborates with local, state, and other government agencies to develop the National Crime Information Center (NCIC) and Next Generation Identification (NGI) systems.
For identification and data collection, these systems use iris recognition systems. Furthermore, the growing importance of hygiene and cleanliness awareness among the population during the COVID-19 pandemic is increasing the demand for contactless and touch-less solutions for employee recognition and identification in offices and bank premises. These factors are expected to drive revenue growth in the region's iris recognition market over the forecast period.
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North America is expected to have the highest share of the market in the forecast period due to its strong financial position, which allows it to invest heavily in advanced solutions and technologies. These benefits have provided organizations in the region with a competitive advantage in the market. Furthermore, the region is home to some major product lifecycle organization software retailers, including 3M Cogent Inc., Honeywell International Inc., Cross Match Technologies Inc., SRI International Inc., & Eyelock Inc., creating a competitive environment.
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