Iris Recognition Market Trends That Will Shape the Next Decade: Insights from Technology Advancements Drive Evolution In The Iris Recognition Market

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How Large Will the Iris Recognition Market Size By 2025?
The market size concerning iris recognition has expanded at a swift pace lately. The market, which stood at $4.48 billion in 2024, is projected to reach $5.1 billion by 2025, with a compound annual growth rate (CAGR) of 13.8%. Factors such as heightened security concerns, government-led biometric ID plans, expansion in policing and monitoring, the growing usage in the healthcare sector and the surge in demand within financial services, have all contributed to growth during the historic period.

How Big Is the Iris Recognition Market Size Expected to Grow by 2029?
In the coming years, the iris recognition market is predicted to experience a significant expansion. It is projected to rise to $10.1 billion by the year 2029, with a compound annual growth rate (CAGR) of 18.7%. This projected growth during the forecast period can be credited to its extensive use in mobile devices, evolving applications in the field of smart cities, advancement in healthcare biometrics, enhanced incorporation into access control systems, and a surge in demand for touchless authentication. Key trends in the forecast period comprise of government directives and regulations, introduction of wearable technology, emphasis on user convenience and experience, iris recognition solutions based on cloud, and interdisciplinary collaboration.

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Which Key Market Drivers Powering Iris Recognition Market Expansion and Growth?
The rise in fraudulent activities is anticipated to stimulate the development of the iris recognition market. Fraudulent activities involve dishonest practices that benefit the wrongdoer, often monetarily or by other gains. Iris recognition technology plays a key role in preventing identity fraud. The growth in fraudulent activities necessitates the demand for enhanced security systems, achievable through iris recognition. For example, HM Government, a UK-based executive authority, reported in September 2022 that organizations have experienced a 157% surge in fraud reports submitted to the National Fraud Intelligence Bureau (NFIB), a UK-based police force, in the year ending September 2022 compared to the preceding year. The total number of reports submitted to the NFIB by the end of September 2022 was approximately 1 million. Thus, the escalation in fraudulent activities propels the growth of the iris recognition market.

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Which Fast-Growing Trends Are Poised to Disrupt the Iris Recognition Market?
Rapid advancements in technology are becoming a predominant trend in the iris recognition market. Prominent firms in this market are rolling out technically superior products to maintain their market stronghold. For example, Hikvision, a leading Chinese manufacturer of video surveillance equipment, unveiled the MinMoe Iris Recognition Terminal in September 2022. This new product delivers enhanced security due to its distinctive identification pattern and security protocols. The terminal is capable of scanning an iris within a second and has a maximum recognition distance of 70 cm. It further incorporates color imaging and video counterfeit protection technology to ensure higher precision and safety.

What Are the Emerging Segments in the Iris Recognition Market?
The iris recognitionmarket 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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Who Are the Global Leaders 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

Which are the Top Profitable Regional Markets for the Iris Recognition Industry?
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.

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