The iris recognition market is set for robust growth, projected to increase from $3.96 billion in 2023 to $4.57 billion in 2024, with a CAGR of 15.5%. Factors driving this growth include rising security concerns and government biometric ID initiatives. By 2028, the market is expected to reach $8.5 billion, achieving a CAGR of 16.8%. Key growth drivers encompass widespread adoption in mobile devices, expanding applications in smart cities, and increased integration in access control systems. Major trends include a focus on user convenience, the emergence of wearable technology, and cloud-based iris recognition solutions.
Major Driver In The Iris Recognition Market
The iris recognition market is poised for growth due to the escalating frequency of fraudulent activities. Fraudulent activities encompass unethical actions that enable perpetrators to gain financial advantages. Iris recognition technology proves valuable in combating identity theft and fraud, addressing the increasing need for high-security systems. According to the US Federal Trade Commission, fraud complaints surged by 19% in 2021 compared to 2020, with identity theft being the most common, increasing by 3.3% to reach 1.43 million cases. Financial losses from fraud rose by 77%, exceeding $6.1 billion. Consequently, the upsurge in fraudulent activities is a significant driver for the iris recognition market, with market sizes for 2023, 2024, and 2028 shaping its growth trajectory.
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Iris Recognition Market Competitive Landscape
Honeywell International Inc., NEC Corporation Safran Group, Thales Group, Gemalto NV, IDEMIA, HID Global, SRI International, Cross Match Technologies Inc., EyeVerify, Inc., BioEnable Technologies, Aware Inc., Iris ID Inc., Iris Corporation Berhad, IrisTime, 3M Cogent Inc., Irisity AB, IriTech Inc., CMITech Company, Ltd., Irisys, M2SYS Technology, Iris Automation, EyeLock Inc., Herta Security, Princeton Identity, Vkansee, Smartmatic SGO Group, Irisguard Inc., Delta ID, IrisAccess
Key Iris Recognition Market Trend
Technological advancement is a key trend gaining popularity in the iris recognition market. Major companies operating in the iris recognition market are introducing technological advanced products to sustain their position in the market. For instance, in September 2022, Hikvision, a China-based video surveillance equipment manufacturer launched MinMoe Iris Recognition Terminal. The new product provides a higher level of security due to its unique identification pattern and security measures. The terminal can scan the iris within 1 second and the maximum recognition distance is 70 cm. It also features color imaging and video anti-counterfeiting technology to guarantee greater accuracy and safety.
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Iris Recognition Market Segmentation
The iris recognition market 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
By Geography:The regions covered in the iris recognition market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the iris recognition market in 2023.
The Iris Recognition Global Market Report 2024 furnishes information about the global iris recognition market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
