IRIS RECOGNITION MARKET ANALYSIS

Iris Recognition MarketSize and Trends

The global iris recognition market size was valued at USD 3422.4million in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 18.5% from 2022 to 2030. Increasing awareness about personal authentication is propelling the growth of the global iris recognition market. The demand for the market is expected to increase significantly over the next few years. The iris recognition market has also been influenced by the increasing use of smart technologies and automation. North America is expected to have the largest share during the forecast period. The growth of the market in this region is mainly driven by increasing industrialization and the introduction of government initiatives.

Global Iris Recognition Market Trends:

Growing demand for authentication due to rise in cyberattacks is a growing trend in the global iris recognition market, which is likely to drive the market growth over the forecast period. For instance, as per the survey of TransUnion, 83% of people in the United States face concerns regarding identity theft, moreover, the levels of distress among people has increased since the pandemic by one-third (32%). Thus, organizations are using iris recognition software solutions for gaining trust of the customers, and this trend is expected to continue in the market over the forecast period.

Furthermore, major players in the market along startup companies are increasingly focusing on investment and innovations, which another trend in the global iris recognition market. Due to rise in digitization along with increasing fraud threats around the world, many of the startup companies and major organizations in the market are involved in innovations and investments in biometric authentication. This trend is anticipated to continue in the market supporting the market growth in the forecast future.