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In-Depth Analysis of the Iris Recognition Market: Growth Opportunities, Key Trends, and Forecast 2025-2034
Iris Recognition Market Size
The surge in fraudulent activities is anticipated to accelerate the progress of the iris recognition market. These activities entail deceptive actions that enable the wrongdoer to reap monetary gain or some advantage. The use of iris recognition technology plays a vital role in combating identity forgery and fraud. The escalating fraud cases necessitate the enhancement of security systems, a goal achievable through iris recognition. For instance, the HM Government, an executive authority based in the UK, reported in September 2022, that there has been a significant increase of 157% in the reported fraud cases to the National Fraud Intelligence Bureau (NFIB), a policing body based in the UK. This is in comparison to the previous year. By the close of September 2022, the NFIB received approximately 1 million reports. Consequently, the burgeoning fraudulent activities are fuelling the growth of the iris recognition market.
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What is the projected compound annual growth rate (CAGR) of the iris recognition market from 2025 to 2034, and what factors influence it?
In recent periods, the iris recognition market has seen a swift acceleration in its size. This market, valued at $4.48 billion in 2024, is anticipated to balloon to $5.12 billion in 2025, marking a compound annual growth rate (CAGR) of 14.3%. This surge in the previous era can be traced to factors such as heightened security awareness, government-led initiatives for biometric identification schemes, growth in law enforcement and surveillance sectors, expanding usage in healthcare, and augmented demand in financial services.
The future outlook for the iris recognition market size reveals a brisk expansion in the coming years, with projections reaching up to $10.22 billion by 2029, reflecting a Compound Annual Growth Rate (CAGR) of 18.9%. The upswing during the projection period is likely due to its increasingly common use in mobile technology, its expanded role in smart city applications, advancements in healthcare biometrics, its growing incorporation into access control systems, and a rise in demand for touchless authentication. Significant trends expected during this forecast timeline encompass governmental initiatives and policies, the advent of wearable tech, a shift toward user comfortability and experience, the implication of cloud-based iris recognition solutions, and collaboration across different industries.
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How are the latest trends influencing the growth of the iris recognition market?
The rise of technological progression is a notable trend growing in prominence within the iris recognition industry. Major corporations operating within this realm are unveiling technologically sophisticated products to fortify their market standing. For example, in September 2022, Hikvision, a manufacturer of video surveillance tools headquartered in China, rolled out the MinMoe Iris Recognition Terminal. The innovative offering enhances security through its unique identification design and safeguarding procedures. The terminal's capability to scan the iris in less than a second and from a maximum distance of 70 cm adds to its appeal. Also, it boasts of color imaging and video forgery prevention technology, ensuring higher precision and safety.
What are the major segments of the iris recognition market and their role in driving growth?
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
Subsegments:
1) By Smartphones: Biometric-Enabled Smartphones, Secure Access And Authentication Phones
2) By Wearables: Smartwatches With Iris Recognition, Augmented Reality (AR) Glasses With Iris Scanning
3) By Tablets And Notebooks: Biometric Authentication Tablets, Laptops With Integrated Iris Scanners
4) By Personal Computers: Desktop Computers With Iris Recognition Modules, All-In-One PCs With Biometric Security
5) By Scanners: Standalone Iris Scanners, Multi-Biometric Scanners, Handheld And Portable Iris Scanners
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Which regions are key players in the growth of the iris recognition market?
North America was the largest region in the iris recognition market in 2024. 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.
Who are the key firms paving the way for growth in the iris recognition market?
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., Iris ID Inc., Iris Corporation Berhad, 3M Cogent Inc., Irisity AB, IriTech Inc., CMITech Company Ltd., M2SYS Technology, EyeLock Inc., Princeton Identity, Irisguard Inc., Delta ID, IrisAccess
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What Is Covered In The Iris Recognition Global Market Report?
•Market Size Forecast: Examine the iris recognition market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the iris recognition market for a structured understanding.
•Key Players Overview: Analyze major players in the iris recognition market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the iris recognition market.
•Segment Contributions: Evaluate how different segments drive overall growth in the iris recognition market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the iris recognition market.
•Industry Challenges: Identify potential risks and obstacles affecting the iris recognition market.
•Competitive Landscape: Review strategic developments in the iris recognition market, including expansions, agreements, and new product launches.
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