Press release
Iris Recognition Market: Rising Trends, Growing Demand and CAGR of 18.9% expected by 2029
Iris Recognition Market
What Is The Projected Market Size Of The Global Iris Recognition Market And Its Growth Rate?
The Iris recognition market has seen rapid growth in the recent times. The key statistics include:
• Growth from $4.48 billion in 2024 to $5.12 billion in 2025 (CAGR of 14.3%)
• Expected growth to $10.22 billion in 2029 (CAGR of 18.9%)
The Historic growth can be attributed to the 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 forecast period growth can be primarily 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.
What Is Driving The Growth In The Iris Recognition Market?
The increase in fraudulent activities is one of the key drivers propelling the growth of the iris recognition market. Fraudulent activities allow the perpetrator to gain an undue advantage or money, with iris recognition technology proving to be instrumental in combating identity theft and fraud. As per the data from HM Government, a UK-based executive authority, organizations have observed a 157% surge in fraud reports submitted to the National Fraud Intelligence Bureau (NFIB) in the year ending September 2022 compared to the previous year, with the total reports reaching almost one million by the end of September 2022.
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Who Are the Key Players Driving Iris Recognition Market Growth?
Several major companies operating in the iris recognition market include:
• Honeywell International Inc.
• NEC Corporation Safran Group
• Thales Group
• Gemalto NV
• IDEMIA
• HID Global
• SRI International
• Cross Match Technologies Inc.
• BioEnable Technologies
• Aware Inc.
What Are The Key Trends In The Iris Recognition Market?
Major trends in the iris recognition market include:
• Government initiatives and regulations
• Emergence of wearable technology
• Focus on user convenience and experience
• Cloud-based iris recognition solutions
• Cross-industry collaboration
What Are The Segments Of The Global Iris Recognition Market?
The major segments covered in the Iris Recognition market include:
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
Which Region Leads The Iris Recognition Market?
North America held the largest market share in the iris recognition market in 2024. However, Asia-Pacific is anticipated to be the fastest-growing region in the forecast period. The regions covered in the report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Iris Recognition Market Global Market Report?
- Market Size Analysis: Analyze the Iris Recognition Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Iris Recognition Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Iris Recognition Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Iris Recognition Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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