New York, United States, Nov. 27, 2023 (GLOBE NEWSWIRE) -- The Global Iris Recognition Market Size is to Grow from USD 3.57 Billion in 2022 to USD 17.9 Billion by 2032, at a Compound Annual Growth Rate CAGR of 17.4% during the projected period. The rising adoption of iris recognition in various applications such as identity management and access control, time monitoring, E-payment, and others in several industries including consumer electronics, healthcare, government, military & defense, banking & finance, consumer electronics, travel & immigration, automotive, and others is expected to boost the demand for the iris recognition market during the forecast period.
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Iris identification is a biometric authentication method that employs different designs within a ring-shaped region enclosing each eye's pupil to identify them. It is a very reliable and exact recognition method with extremely low erroneous match rates. Iris recognition is used to determine human identity by evaluating the textural features of one's iris muscle patterns. The convergence of cloud-based computing and iris recognition technology, the increasing use of iris recognition in financial services and banking sectors to prevent unauthorized transactions, and government agencies use of iris recognition software for verification and identification are the primary drivers driving the global iris recognition market. Moreover, the increased incorporation of multiple authentication methods is expected to drive the worldwide iris recognition market over the forecast time frame.
Browse key industry insights spread across 200 pages with 120 Market data tables and figures & charts from the report on "Global Iris Recognition Market Size, Share, and COVID-19 Impact Analysis, By Component (Hardware, Software, Services), By Product (Smartphones, Wearables, Tablets & Notebooks, Personal Computers/Laptops, Scanners, Others), By Application (Identity Management and Access Control, Time Monitoring, E-Payment, Others), By End-Users (Consumer Electronics, Healthcare, Government, Military & Defense, Banking & Finance, Consumer Electronics, Travel & Immigration, Automotive, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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The hardware segment is dominating the market with the largest revenue share over the forecast period.
On the basis of component, the global iris recognition market is segmented into the hardware, software, and services. Among these, the hardware segment is dominating the market with the largest revenue share of 42.8% over the forecast period. Physical components required for iris recognition include scanners, cameras, integrated systems, and other devices used to collect, store, and compare iris data. These components record, transmit, and occasionally process individual iris photographs for identification or verification purposes.
The smartphones segment is witnessing significant CAGR growth over the forecast period.
On the basis of product, the global iris recognition market is segmented into smartphones, wearables, tablets & notebooks, personal computers/laptops, scanners, and others. Among these, the smartphones segment is witnessing significant CAGR growth over the forecast period. This popularity is due to the increased availability of smartphones and continued advancements in mobile device security. Iris recognition in smartphones involves exploiting the unique patterns in a person's iris to unlock the device, secure apps, and authenticate transactions.
The identity management and access control segment is expected to hold the largest share of the Global Iris Recognition Market during the forecast period.
Based on the application, the global iris recognition market is classified into identity management and access control, time monitoring, E-payment, and others. Among these, the quality assurance & inspection segment is expected to hold the largest share of the Iris Recognition market during the forecast period. Identity management and access control use iris recognition technology to identify and manage individuals' identities, ensuring that only those with authorisation have access to specific facilities, systems, or data. In addition, the growing need for strong security measures in both physical and virtual realms has spurred the use of iris recognition technology for identity verification and access control.
The government segment accounted for the largest revenue share of more than 36.8% over the forecast period.
On the basis of end-users, the global iris recognition market is segmented into consumer electronics, healthcare, government, military & defense, banking & finance, consumer electronics, travel & immigration, automotive, and others. Among these, the government segment is dominating the market with the largest revenue share of 36.8% over the forecast period. Iris recognition technology was first used by the government, and its products and solutions are in high demand. This is one of the key factors driving the growth of the iris recognition market.
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North America dominates the market with the largest market share over the forecast period.
North America is dominating the market with more than 46.3% market share over the forecast period. The increase in demand for these products in this region is mostly due to rising industrialization and the execution of government programs. This is owing to a rise in data breaches in the region, which has prompted the incorporation of biometrics into many organizations to give an additional layer of security for users. On the contrary, Asia Pacific is predicted to grow the fastest during the forecast period. This is because iris recognition technology is widely used in the consumer electronics, government, and travel and immigration industries.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Iris Recognition Market include IrisGuard Ltd., EyeLock LLC, NEC Corporation, Princeton Identity, CMITech Company, Ltd., Thales, IDEMIA, HID Global Corporation, Iris ID, Inc., IriTech, Inc., BioEnable Technologies, Crossmatch Technologies, EyeSmart Technology, Voxx International Corporation and several others.
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Recent Developments
- On July 2023, Fingerprints announced the signing of an agreement with a tier 1 automotive supplier to further enhance the company's iris recognition technology so that it may be effortlessly integrated into Driver Monitoring Systems. The arrangement calls for Fingerprints' iris authentication software to be integrated into an existing DMS and promoted as an add-on feature to automobile OEMs.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Iris Recognition Market based on the below-mentioned segments:
Iris Recognition Market, Component Analysis
- Hardware
- Software
- Services
Iris Recognition Market, Product Analysis
- Smartphones
- Wearables
- Tablets & Notebooks
- Personal Computers/Laptops
- Scanners
- Others
Iris Recognition Market, Application Analysis
- Identity Management and Access Control
- Time Monitoring
- E-Payment
- Others
Iris Recognition Market, End-Users Analysis
- Consumer Electronics
- Healthcare
- Government
- Military & Defense
- Banking & Finance
- Consumer Electronics
- Travel & Immigration
- Automotive
- Others
Iris Recognition Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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