Global Iris Recognition Market Size More Than Doubles to at Robust CAGR of 17% Reaching USD 9 Billion by 2029

Published | 31 March 2023

Global iris recognition market is flourishing because of an increasing demand for security features, growing concerns for privacy, and rapid adoption of iris recognition technology in mobile devices.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated global iris recognition market size at USD 3.64 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects global iris recognition market size to grow at a robust CAGR of 17.08% reaching a value of USD 8.94 billion by 2029. Major growth factors of global iris recognition market include an increasing need for secure authentication and identification systems, the widespread adoption of biometric technology in various industries, and the advancement of iris recognition systems. The market growth is also fueled by the integration of iris scanners in smartphones, higher adoption rates in government projects, rising incidents of fraudulent activities, and growing security concerns. Governments are increasingly turning to biometric technologies to enhance cybersecurity and facilitate system access, with some police departments also utilizing iris recognition technology.

Iris scanning is frequently used in conjunction with other biometric technologies, including fingerprints and face recognition, as seen in the biometric verification procedures implemented in the UAE. Also, major banks are leveraging iris recognition technology for various applications, including authenticating mobile banking apps and providing speedy and convenient experiences for their customers. These factors are expected to contribute to the expansion of the global iris recognition market during the forecast period. However, high costs associated with the deployment of iris recognition systems are anticipated to restrain the growth of global iris recognition market during the period in analysis.

Global Iris Recognition Market – Overview

Iris recognition is a type of biometric identification system that uses mathematical pattern recognition technology on video images of one or both irises of an individual's eyes. The patterns of the iris are unique, stable, and visible from a distance, and the technology uses video cameras with near-infrared illumination to capture detailed images of the iris. Iris recognition can accommodate contact lenses and glasses and is accessible to blind individuals with irises. Despite its versatility in securing identification, popular iris scanners can be tricked by high-quality images of irises or faces. The scanners can be difficult to adjust and may not be convenient for multiple people of varying heights. Lighting changes can also affect scanner accuracy. Additionally, iris scanners are more expensive than other forms of biometrics, passwords, and proximity card security systems.

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Impact of COVID -19 on Global Iris Recognition Market

COVID-19 pandemic had a positive impact on the global iris recognition market. The pandemic has prompted biometric research leading to an increased use of iris and periocular recognition. This is due to the shift from touch-based technology to contactless alternatives, which has resulted in a decline in the use of fingerprint recognition methods. To maintain sanitary safety, touchless recognition systems have become the new norm. As a result, iris recognition is now considered the most suitable option

Global Iris Recognition Market – By End User

Based on end user, global iris recognition market is segmented into Government, Healthcare, Banking and Finance, Consumer Electronics, and Military and Defense. The consumer electronics segment held the highest market share. The increasing adoption of iris recognition technology in smartphones, tablets, and laptops for biometric authentication has significantly boosted demand for iris recognition technology in the consumer electronics sector. Iris recognition provides a highly secure and convenient way for users to unlock their devices and access sensitive information. Also, the growth of the e-commerce industry and the increasing number of online transactions have increased the demand for secure and reliable authentication methods. Iris recognition technology is one of the most secure biometric authentication methods available and is being integrated into payment systems and online platforms to provide an additional layer of security.

Competitive Landscape

Major players operating in global iris recognition market include Iris ID, Inc., IDEMIA, IriTech, Inc., Princeton Identity, EyeLock LLC, Bioenable Technologies, Crossmatch, HID Global Corporation, 3M Cogent, Inc., IrisGuard UK Ltd., Aware, Inc., CMITech Company Ltd., Delta ID Inc., ImageWare Systems, Inc., NEC Corporation, and SRI International. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Iris Recognition Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Iris Recognition Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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