The Global Iris Recognition Market is estimated to account for US$ 3422.4 Mn in terms of value by the end of 2022. Using iris recognition is a fast and effective way to positively identify an individual. The process requires the use of an infrared camera that collects images of intricate iris structures. These are then combined to produce a digital template. The template is encoded using mathematical algorithms and statistical algorithms to produce a unique digital representation of an individual. This information is used to positively identify the individual, eliminating the need for gender and ethnic bias. Iris recognition is fast becoming a common form of biometric identification, and many agencies and governments are using it on a daily basis.
Global Iris Recognition Market: Drivers
Rise in number of novel agreements and contracts of market players with government bodies and other end users is expected to propel growth of the global iris recognition market over the forecast period. For instance, in April 2021, an iris identity authentication solutions company, EyeLock LLC received a contract of controlling individual access to the four data center facilities that monitor and control governmental buildings service providers and streets for New Capital City of Egypt. Thus, such agreements and contracts are driving growth of the market all over the world.
Global Iris Recognition Market: Opportunities
Growing applications areas of iris recognition systems such as finance, banking, travel, and consumer electronics among others is expected to create lucrative environment for growth opportunities in the global iris recognition market over the forecast period. The application of iris recognition systems in automated teller machines, pharmacy, and mobile devices is also expected to create growth opportunities in the market. Due to commercialization of various electronic iris scan-based devices such as tablets, smart watches, notebooks, and various other products, the consumer electronics industry is witnessing high growth, which in turn is creating opportunities for the market.
Global Iris Recognition Market: Restraints
Factors such as flexibility of the iris recognition systems is expected to impede growth of the global iris recognition market during the forecast period. The use of iris recognition system requires subjects to adjust to the system in a way that their head does not move during the scanning process, or reflection of anything in the user’s eye during scanning can also disturb the process and affect the results. Due to these factors, the iris recognition systems have limited flexibility, which affects adoption of these systems. Thus, this factor is likely to hamper growth of the global iris recognition market over the forecast period.
Global Iris Recognition Market - Impact of Coronavirus (Covid-19) Pandemic:
The epidemic of COVID-19 pandemic positively affected the global iris recognition market. The virus outbreak spread across several countries around the world, leading to implementation of stringent lockdown regulations and social distancing. The demand for contactless solutions increased during this period, due to which, the iris recognition was highly adopted as an alternative for fingerprint sensors in access control. Due to use of masks facial recognition systems became concerning, and demand for iris recognition increased. Thus, the global iris recognition market witnessed a positive impact of the COVID-19 pandemic.
Key Takeaways:
The global iris recognition market was valued at US$ 3422.4 Mn in 2022 and is forecast to reach a value of US$ 12658.9 Mn by 2030 at a CAGR of 18.5% between 2022 and 2030.
Consumer Electronics segment held dominant position in the global iris recognition market in 2021, accounting for 31.7% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
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Global Iris Recognition Market Trends:
Healthcare industry segment is gaining traction in the global iris recognition market. Healthcare industry around the world faces problems in regards with establishment of accurate patient identification. Applications of healthcare management are shifting to biometric iris recognition systems, and current development of multi-layered authentication technology at reasonable prices is driving the demand for these systems in healthcare sector. Moreover, due to high accuracy as well as user-friendliness of iris recognition systems is driving their demand in healthcare industry, and this in turn is expected to support growth of the market over the forecast period.
Deployment of iris recognition technology in Asia Pacific recognition is another trend in the global iris recognition market. China is dominating the market in Asia Pacific due to rise in adoption of iris recognition technology in government, consumer electronics and travel & immigration verticals. Presence of manufacturing plants of major consumer electronics providers in region is diving the production and demand of iris recognition solutions. Moreover, undisrupted availability of raw materials and low costs of labor is supporting the consumer electronics manufacturing in the region. And this trend is likely to continue in the region, over the forecast period.
Global Iris Recognition Market: Competitive Landscape
IDEMIA, Iritech Inc., IrisGuard UK Ltd., BioEnable Technologies Pvt. Ltd., NEC Corporation, Aware Inc., Gemalto NV (Thales Group), Iris ID Inc., Princeton Identity Inc., HID Global, and EyeLock LLC
Global Iris Recognition Market: Recent Developments
In October 2021, IriTech Inc. and Patron entered into partnership for development of Embedded Camera Module that features iris identification as well as eye-tracking functions for VR/AR/ MR devices.
In June 2021, Aware Inc. partnered with Iris ID Systems Inc., who offers identity authentication and iris recognition technology for empowering local and state agencies to take advantage of Next Generation Identification (NGI) Iris Service of the Federal Bureau of Investigation (FBI).
