Iris Recognition Market Research Report- Forecast till 2027

Overview

The global iris recognition market is growing at a rapid pace. Iris Recognition provides advanced analytics applications to enhance security, increase throughput while improving user experience. With next-generation biometrics, organizations are gaining the capability to capitalize upon existing surveillance infrastructures, access control, and time & attendance applications.

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Iris recognition is hailed as a safer and more convenient security technology. It is almost there where one can think to bid goodbye to keys, cards, passwords, PIN codes, etc. Resultantly, the adoption of iris recognition is growing rapidly, and so is expanding its market value. The market is expected to continue to garner significant traction in the years to come.

According to Market Research Future (MRFR), the global iris recognition market is projected to create exponential valuation by 2027, registering a phenomenal CAGR during the forecast period (2020-2027).  Increasing uptake of iris recognition technology in passport verification, border security control and crime-fraud prevention & detection is a major tailwind for the market rise.

Additionally, the proliferation of next-generation biometrics and smart mobile devices, alongside the rising uses of this biometric technique in government and travel & immigration industries, boosts the market size. On the other hand, technical limitations and cyber & trojan horse attacks, such as spoofing & tampering, false acceptance rate (FAR), and false recognition rate (FRR), pose challenges to market growth. 

Also, the prohibitive cost of deployment and risk involved in privacy intrusion are major growth impeding factors for the market. Nevertheless, the continual success of this advanced biometric in criminal investigations would support the market growth throughout the assessment period.

Global Iris Recognition Market – Regional Analysis

North America dominates the global iris recognition market. Technological advancements and increasing usages of iris biometrics by law enforcement agencies and various other sectors are major driving forces behind the market growth. Moreover, the early adoption of cutting-edge identification and recognition technologies assures North America an edge over other regions.

The Asia Pacific iris recognition market stands second.  Huge advancements in biometric technologies and the availability of futuristic yet cost-competitive identification technologies are key growth drivers for the regional market.

Also, the increasing adoption of next-generation biometrics across government and commercial sectors for the identification of individuals provides impetus to the growth of the regional market.  Additionally, the dynamic growth in industries such as the web, telecom, data centers, and the internet of things (IoT) ensures a substantial share of the Region in the global space.

Iris Recognition Market – Segmentation

The report is segmented into products, components, end-users, and regions. The product segment is sub-segmented into PC & laptop, smartwatch, smartphone, and others. The component segment is sub-segmented into hardware and software. Among these the smartphone segment accounts for the largest market share.

The application segment is sub-segmented into access control and time control. The end-user segment is sub-segmented into government, BFSI, consumer electronics, healthcare and others. Among these, the government segment accounts for the largest market share. By Region, the market is segmented into North America, Europe, Asia-Pacific, and rest-of-the-world.

Global Iris Recognition Market – Competitive Analysis

Highly competitive, the iris recognition market appears to be fragmented due to numerous well-established players. Mergers & acquisitions, brand reinforcement, and innovation remain key trends of these leading players.

Major players:

Players leading the iris recognition market include Safran S.A., 3M Cogent Inc., Cross Match Technologies Inc., IriTech, Inc., Iris ID, Inc., Eye Lock, Irisys Co., Ltd., CMITech Company, Ltd., Princeton identity, and IBM Corporation.

Industry/ Innovation/ Related News:

May 5, 2021 --- Iris ID announced that its biometrics is now available on MetaDolce Technologies’ tablet. Iris ID’s biometric hardware and software embedded in MetaDolce Technologies’ latest multimodal tablet model is intended for various applications among law enforcement, border patrol, and healthcare professionals.

May 20, 2021 --- Dermalog, pioneering fingerprint biometrics, announced that it is using multimodal biometrics expertise to offer flexible access control solutions. Dermalog’s automated fingerprint identification system and fingerprint & document scanners are used in government systems worldwide. The company has established leadership in a range of biometric modalities, and its recently-unveiled Iris Face Temperature Camera.

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 Iris Recognition Market, By Component (Hardware, Software), By Products (Smart Watch, PC, Smart Phones, Laptops, Scanners), By Application (Access Control, Time Monitor), By End-User (BFSI, Defense, Healthcare, Government) - Forecast 2027

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