Iris Recognition Market Report 2022-2027, Industry Overview, Scope, Growth Rate (19.93%), Business Opportunity and Forecast

According to the latest report by IMARC Group, titled,"Iris Recognition Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global iris recognition market size reached US$ 2.9 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 8.4 Billion by 2027, exhibiting a growth rate (CAGR) of 19.93% during 2022-2027. Iris recognition is a method of identifying distinct patterns present within the iris of an individual's eye. It is used as a method of biometric identification that uses visible and near-infrared light and a digital camera for capturing a high-resolution contrasting photograph of the iris. Specialized computer programs are also utilized in this method to compare the clicked photograph with millions of images per second that are categorized in a database. This fast and contactless method is used as a means of verifying a person's authentication. Iris recognition is also considered to be much more reliable and convenient as compared to the other biometric verification methods, including face recognition and fingerprint scanning. As a result, it is widely used across various establishments, such as airports and organizations, to prevent unauthorized access.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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Global Iris Recognition Market Trends:

The global market is primarily driven by the growing requirement for efficient security systems. In line with this, growing incidences of security breaches, along with the rising number of terrorist attacks and cybercrimes, have propelled the demand for reliable biometric systems. Furthermore, the entry and exit points of numerous government facilities have been equipped with iris recognition to improve safety conditions. Apart from this, this method of biometric verification is extensively utilized by the healthcare sector to address patient identity challenges. It is also being used for automating pharmacy dispensing and providing enhanced administrative efficiency in the medical field, thereby creating a positive outlook for the market. Furthermore, market players are integrating iris recognition technology with consumer electronics to offer a superior experience and enhanced security to the users. For instance, Samsung, a South Korean technological giant, has introduced a series of smartphones, which utilize iris recognition as a fool-proof method for securing personal data. The adoption of iris scanning by the banking sector is also anticipated to facilitate the market growth.

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Global Iris Recognition Market 2022-2027 Analysis and Segmentation:

Competitive Landscape with Key Players:

• BioEnable Technologies Pvt. Ltd.
• Iris ID Systems, Inc.
• IrisGuard
• M2SYS Technology
• Gemalto N.V.
• IRITECH, INC.
• SRI International
• HID Global Corporation
• EyeLock LLC

Breakup by Component:

• Hardware
• Software.

Breakup by Product Integration:

• Smartphones
• Tablets
• Notebooks
• Scanners
• PCs/laptops
• Smartwatches
• Others

Breakup by End User:

• Government
• Transportation
• Healthcare
• Others

Breakup by Region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key Highlights of the Report:

• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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