Iris Recognition Market to Grow at 19.8% during 2023-2028

According to the latest report by IMARC Group, titled, "Iris Recognition Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global iris recognition market size reached US$ 3.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 10.0 Billion by 2028, exhibiting a growth rate (CAGR) of 19.8% during 2023-2028. Iris recognition, or iris scanning, refers to a method that is used for identifying individuals based on the unique pattern of their iris. It utilizes near-infrared and visible light to capture a high-contrast image of the iris. Iris recognition technology combines computer vision, pattern recognition, statistical inference, optics, etc. Various countries across the globe are implementing these systems in points of entry or exit of buildings, airports, and other authoritative premises to reduce incidences of security breaches.

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Global Iris Recognition Market Trends:

In recent years, there has been a rise in the number of crimes and the threat of terrorist attacks across the globe. These incidences have prompted government facilities to install high-tech biometric systems to improve security conditions and prevent fraudulent activities, which is one of the primary factors driving the growth of the market. Numerous key manufacturers are developing iris recognition technology so that it can be integrated with various devices such as smartphones, banking systems, ATMs, etc. These innovations are encouraging investors to conduct large-scale R&D for applying these designs in real-life applications. Healthcare providers are also making efforts to use iris recognition for addressing patient identity challenges. This, in turn, will continue to fuel the iris recognition market over the forecasted period.

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Competitive Landscape with Key Players:

The competitive landscape of the market has been analyzed in the report with detailed profiles of the key players operating in the market.

• 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
• Market Outlook
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

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