Global Iris Recognition Market Insights Forecasts to 2032
- The Global Iris Recognition Market Size was valued at USD 3.57 Billion in 2022.
- The Market is Growing at a CAGR of 17.4% from 2022 to 2032
- The Worldwide Iris Recognition Market is expected to reach USD 17.9 Billion by 2032
- Asia Pacific is expected to grow the fastest during the forecast period
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The Global Iris Recognition Market Size is expected to reach USD 17.9 Billion by 2032, at a CAGR of 17.4% during the forecast period 2022 to 2032.
Iris recognition is a biometric authentication approach that uses distinctive designs within a ring-shaped region encircling the pupil of each eye to identify them. It is a very dependable and precise recognition approach with exceptionally low erroneous match rates. The purpose of iris recognition is to identify human identity by analyzing the textural qualities of one's iris muscular patterns. Iris recognition processes typically include four phases, which are gathering images, iris differentiation, extracting features, and pattern matching. Because of its high recognition rate, iris recognition has been recognized as one of the finest and most accurate biometric technologies. It has already been used in border control and national security applications. Iris recognition is becoming increasingly popular among governments and business organizations.
Global Iris Recognition Market Report Coverage
|Market Size in 2022:||USD 3.57 Billion|
|Forecast Period 2022-2032 CAGR:||17.4%|
|2032 Value Projection:||USD 17.9 Billion|
|Historical Data for:||2019-2021|
|No. of Pages:||200|
|Tables, Charts & Figures:||120|
|Segments covered:||COVID-19 Impact Analysis, By Component, By Product, By Application, By End-Users, By Region|
|Companies Covered:||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 Other key venders|
|Pitfalls & Challenges:||COVID-19 Empact,Challenges, Future, Growth, & Analysis|
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The merging of cloud-based computing alongside iris recognition technology, the growing utilization of iris recognition in financial services and banking sectors for preventing unauthorized transactions, and the application of iris recognition software for verification and identification by government agencies are the primary drivers driving the global iris recognition market. Touchless biometric products are projected to be in tremendous demand in the automobile sector over the forecast period. Because of the device's capacity to perform effectively in dark situations, high precision, and non-invasive features, iris-recognition-based biometric devices are gaining popularity in the automobile industry. In addition, the rising implementation of iris recognition in the armed forces and government sectors is expected to drive iris recognition demand in the market. likewise, influences such as the incorporation of iris scanners into smartphones, increasing adoption in government projects, the rise in criminal activity and security concerns, and higher demand from the consumer electronics industry are propelling the 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. The increased demand for high-security applications is driving up the demand for biometrics, which is why many multiple-factor identification systems include biometric authentication. To meet the expanding demand for iris recognition systems and develop their global footprint across all key regions, players in the iris recognition business employed diversification methods such as product launches, partnerships, collaborations, and strategic alliances.
By Component Insights
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. Scanners, cameras, integrated systems, and other equipment used in order to gather, store, and compare iris data are examples of physical components necessary for iris recognition. Individual iris images are captured, transmitted, and occasionally processed by these components for identification or verification reasons. The high costs of specialized cameras and scanners, combined with their broad deployment in many industries and sectors, aided the hardware segment's demand.
By Product Insights
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 owing to an increasing number of smartphones and ongoing improvements in mobile device security. Iris recognition in smartphones entails unlocking the device, securing apps, and authenticating transactions by using the unique patterns in a person's iris. Manufacturers are prioritizing advanced security features like as iris recognition as cellphones become a vital nexus for personal data, finance, and communication.
By Application Insights
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. Iris recognition technology is used in identity management and access control to authenticate and manage individuals' identities, ensuring that only those with authorization have access to specified facilities, systems, or data. With the rising need for increased security in a variety of industries, as well as the benefits of iris recognition, such as its contactless nature and high accuracy, this technology is being widely used for access control. Furthermore, the growing requirement for strong security measures in physical as well as virtual domains has prompted the application of iris recognition technology for identity verification and access control.
By End-Users Insights
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. The government sector was the initial user of iris recognition technology, and its products and solutions are in great demand. This is one of the primary elements driving the iris recognition market's expansion. Iris recognition technology is used by government organizations/agencies/departments all over the world for identification and authentication. Furthermore, many companies in the iris recognition industry provide iris recognition systems to government-sector entities. IriTech (UK), for example, provides the IriShield line of iris recognition solutions to government agencies such as the United Nations High Commissioner for Refugees (UNHCR), the Indian government, and the Kenyan government.
North America dominates the market with the largest market share over the forecast period.
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North America is dominating the market with more than 46.3% market share over the forecast period. The demand for the services in this region is growing primarily as a result of increased industrialization and the implementation of government programs. This is due to an increase in data breaches in the region, which has led to the integration of biometrics in numerous businesses to provide an additional layer of security for users. Furthermore, regional governments are using iris scanning equipment, which is fueling regional market growth. Moreover, the presence of leading competitors, as well as significant investment in R&D activities to expand sophisticated technologies, are essential factors boosting the growth of the iris recognition market in the region over the forecast period.
Asia Pacific, on the contrary, is expected to grow the fastest during the forecast period. This is due to the widespread use of iris recognition technology in the consumer electronics, government, and travel and immigration industries. Additionally, cheap labor costs and simple raw material availability are two significant elements that have made China a desirable location for consumer electronics manufacturers, particularly mobile phone manufacturers. Demand for smart security systems is projected to rise in China as well. Furthermore, the availability of excess know-how in implementing this technology makes this region significant for the market to thrive in the next years.
List of Key Market Players
- IrisGuard Ltd.
- EyeLock LLC
- NEC Corporation
- Princeton Identity
- CMITech Company, Ltd.
- HID Global Corporation
- Iris ID, Inc.
- IriTech, Inc.
- BioEnable Technologies
- Crossmatch Technologies
- EyeSmart Technology
- Voxx International Corporation
Key Market Developments
- On April 2023, Innovatrics announced the release of MagnifEye, a new liveness detection system, which the company states can double liveness identification accuracy since it examines several biometric inputs. The new semi-passive technology is intended for increased security and is based on facial and iris recognition. The solution is based on Innovatrics' Passive Liveness Detection, which is powered by their NIST-certified iris biometrics engine.
- On May 2023, IrisGuard and NassWallet have announced a new collaboration that will result in the integration and implementation of the award-winning IrisGuard EyePay® iris enabled smartphone, EyeCloud ® platform, and NassWallet's mobile wallet service. IrisGuard's EyePay® platform uses the human iris for 100% definite proof-of-life, ensuring cash assistance is sent to those who are eligible despite the lack of payment cards or bank accounts.
- On November 2022, NEC Corporation has launched a full-fledged marketing campaign for its newest multimodal biometric authentication system, which serves as the centerpiece of its "Bio-IDiom" biometric authentication brand. This is the first solution to integrate NEC's facial recognition and iris recognition technologies, both of which have been recognized as the best in the world by the US National Institute of Standards and Technology (NIST). This solution was first sold by NEC in Japan and will be accessible in global markets in the spring of 2023.
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
Iris Recognition Market, Product Analysis
- Tablets & Notebooks
- Personal Computers/Laptops
Iris Recognition Market, Application Analysis
- Identity Management and Access Control
- Time Monitoring
Iris Recognition Market, End-Users Analysis
- Consumer Electronics
- Military & Defense
- Banking & Finance
- Consumer Electronics
- Travel & Immigration
Iris Recognition Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Frequently Asked Questions (FAQ)
1. What is the market size of the Iris Recognition market?The Global Iris Recognition Market is expected to grow from USD 3.57 billion in 2022 to USD 17.9 billion by 2032, at a CAGR of 17.4% during the forecast period 2022-2032.
2. Which are the key companies in the market?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
3. Which segment dominated the Iris Recognition market share?The government segment in end-user type dominated the Iris Recognition market in 2022 and accounted for a revenue share of over 36.8%.
4. What are the elements driving the growth of the Iris Recognition market?A number of elements such as the implementation of iris recognition in the banking and finance industry to prevent fraudulent activities and the penetration of biometric technology in the automobile and military and defense sectors are leading to growth possibilities for market participants in the iris recognition market.
5. Which region is dominating the Iris Recognition market?North America is dominating the Iris Recognition market with more than 46.3% market share.
6. Which segment holds the largest market share of the Iris Recognition market?The hardware segment based on component type holds the maximum market share of the Iris Recognition market.
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