Iris Recognition Global Market - By Size, Share Analysis, Growth Trends And Forecasts 2024-2033

The new report published by The Business Research Company, titled ""Iris Recognition Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033"", delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.

As per the report, 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 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%.

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Rising Fraud Rates Propel Growth In Iris Recognition Technology
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.

Technology Advancements Drive Evolution In The Iris Recognition Market
Technological advancement is a key trend gaining popularity in the iris recognition market. Major companies operating in the iris recognition market are introducing technological advanced products to sustain their position in the market. For instance, in September 2022, Hikvision, a China-based video surveillance equipment manufacturer launched MinMoe Iris Recognition Terminal. The new product provides a higher level of security due to its unique identification pattern and security measures. The terminal can scan the iris within 1 second and the maximum recognition distance is 70 cm. It also features color imaging and video anti-counterfeiting technology to guarantee greater accuracy and safety.

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

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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

Contents of the report:
1. Executive Summary
2. Iris Recognition Market Report Structure
3. Iris Recognition Market Trends And Strategies
4. Iris Recognition Market - Macro Economic Scenario
5. Iris Recognition Market Size And Growth
…..
27. Iris Recognition Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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