Global Iris Recognition Market Growth Analysis 2024 – Forecast Market Size And Key Factors Driving Growth

Iris recognition is a process in which visible and near-infrared light is used to visualize a person’s iris to use it as a person’s identification. Iris recognition is used as a means of identification and differentiation among people.

Sizing and Forecast
The iris recognition market size has grown rapidly in recent years. It will grow from $3.96 billion in 2023 to $4.57 billion in 2024 at a compound annual growth rate (CAGR) of 15.5%.  The growth in the historic period can be attributed to increasing security concerns, government initiatives for biometric id programs, expansion in law enforcement and surveillance, growing application in healthcare, increasing demand in financial services.

The iris recognition market size is expected to see rapid growth in the next few years. It will grow to $8.5 billion in 2028 at a compound annual growth rate (CAGR) of 16.8%.  The growth in the forecast period can be attributed to widespread adoption in mobile devices, expanding applications in smart cities, growth in healthcare biometrics, increased integration in access control systems, rising demand for contactless authentication. Major trends in the forecast period include government initiatives and regulations, emergence of wearable technology, focus on user convenience and experience, cloud-based iris recognition solutions, cross-industry collaboration.

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Segmentation & Regional Insights
The iris recognition market covered in this report is segmented –
1) By Product: Smartphones, Wearables, Tablets And Notebooks, Personal Computers, Scanners
2) By Component: Hardware, Software
3) By Application: Identity Management And Access control, Time Monitoring, E-Payment
4) By End-User Industry: Consumer Electronics, Healthcare, BFSI (Banking, Financial Services And Insurance), Military And Defense, Government, Other End-User Industries

North America was the largest region in the iris recognition market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global iris recognition market during the forecast period. The regions covered in the iris recognition market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
The increasing frequency of fraudulent activities is expected to propel the growth of the iris recognition market forward. Fraudulent activities refer to an unethical activity that allows the perpetrator to gain money or an advantage. Iris recognition technology is very useful in fighting identity theft and fraud. Increasing fraudulent activities increases the need for high-security systems and it can be accomplished by iris recognition. For instance, according to the US Federal Trade Commission, a US-based trade law enforcement agency, in 2021, fraud complaints increased by 19% as compared to 2020. Identity theft was the most common fraud and increased by 3.3% to reach 1.43 million as compared to 1.39 million in 2020. Financial losses due to fraud rose 77% from the previous year and accounted for more than $6.1 billion. As a result, the increasing fraudulent activities is driving the iris recognition market.

Key Industry Players
Major companies operating in the iris recognition market report are Honeywell International Inc., NEC Corporation Safran Group, Thales Group, Gemalto NV, IDEMIA, HID Global, SRI International, Cross Match Technologies Inc., EyeVerify, Inc., BioEnable Technologies, Aware Inc., Iris ID Inc., Iris Corporation Berhad, IrisTime, 3M Cogent Inc., Irisity AB, IriTech Inc., CMITech Company, Ltd., Irisys, M2SYS Technology, Iris Automation, EyeLock Inc., Herta Security, Princeton Identity, Vkansee, Smartmatic SGO Group, Irisguard Inc., Delta ID, IrisAccess

The iris recognition market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis

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