Press release
Iris Recognition Market Size Forecasted To Achieve $10.22 Billion By 2029 With Steady Growth
Iris Recognition
What Is the Expected Iris Recognition Market Size During the Forecast Period?
In recent times, the market size for iris recognition has experienced swift expansion. Projected growth indicates an increase from $4.48 billion in 2024 to $5.12 billion in 2025, with a compound annual growth rate (CAGR) of 14.3%. The historical growth observed is backed by factors such as escalating security worries, government-backed biometric id initiatives, broadening in the law enforcement and surveillance sector, burgeoning application in healthcare, and rising demand within financial services.
Over the coming years, a swift expansion in the iris recognition market is anticipated. By 2029, the market is predicted to attain a value of $10.22 billion, with a compound annual growth rate (CAGR) of 18.9%. This projected growth can be attributed to several factors, including the rising use in mobile devices, broadening applications in the smart city concept, developments in healthcare biometrics, increased integration into access control systems, and heightened demand for contactless authentication. Key trends for the forecast period encompass governmental directions and regulations, the development of wearable technology, a focus on enhancing user convenience and experience, the rise of cloud-based iris recognition solutions, and collaboration across industries.
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What Are the High-Growth Segments in the Iris Recognition Market?
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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What Key Drivers Are Expected to Influence Future Iris Recognition Market Growth?
The escalating instances of fraudulent actions are projected to stimulate the growth of the iris recognition market. These dishonest actions, that allow offenders to profit or gain an unfair advantage, necessitate the use of iris recognition technology to combat identity theft and fraud. As fraud activities surge, there is a heightened demand for high-security systems that can be satisfied by iris recognition. For instance, reports by HM Government, a UK-based executive authority, in September 2022 indicated that organizations are experiencing a 157% surge in fraud reports submitted to the National Fraud Intelligence Bureau (NFIB), also UK-based, compared to the previous year. The total reports to NFIB approximated 1 million by the end of September 2022. Consequently, the ascending fraudulent activities are propelling the iris recognition market.
Which Companies Hold the Largest Share Across Different Iris Recognition Market Segments?
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
What Trends Are Driving Growth in The Iris Recognition Market?
Increased uptake of technology is a significant trend gaining traction in the iris recognition market. Major players in the iris recognition arena are releasing technologically advanced products to preserve their market standing. For example, Hikvision, a manufacturer of video surveillance equipment based in China, launched the MinMoe Iris Recognition Terminal in September 2022. This new offering ensures enhanced security thanks to its unique identification traits and protective measures. The terminal is capable of scanning the iris in one second, and its maximum recognition reach is 70 cm. It also incorporates color imaging and video anti-counterfeiting technology, ensuring higher precision and security.
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What Are the Emerging Geographies for The Iris Recognition Market Growth?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Iris Recognition Market?
2. What is the CAGR expected in the Iris Recognition Market?
3. What Are the Key Innovations Transforming the Iris Recognition Industry?
4. Which Region Is Leading the Iris Recognition Market?
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