How Has The Computer Vision in Iris Recognition Market Size Evolved In Recent Years?
The iris recognition market has seen considerable growth due to a variety of factors.
• In recent times, there has been a swift expansion in the size of the iris recognition market. It's projected to rise from 2024's $4.48 billion to $5.12 billion in 2025, sustaining a compound annual growth rate (CAGR) of 14.3%.
This substantial growth during the historic period is a result of heightened security concerns, biometric identification initiatives by the government, the widening scope of law enforcement and surveillance, emerging applications in healthcare, and rising demand within the financial services sector.
What is the Forecasted Market Size and CAGR for the Iris Recognition Market?
The iris recognition market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the iris recognition market is set to witness a robust expansion. The market value is projected to reach $10.22 billion by 2029, growing at a compound annual growth rate (CAGR) of 18.9%.
This surge during the forecast period can be ascribed to its extensive use in mobile gadgets, greater application in smart cities, rising significance in healthcare biometrics, intensifying incorporation in access control systems, and the escalating demand for contactless verification. Notable trends during the forecast period encompass governmental policies and directives, the advent of wearable technology, emphasis on user amenity and experience, iris recognition solutions rooted in cloud technology, and cooperation across various industries.
What Key Factors and Trends are Driving the Growth of the Iris Recognition Market?
The surge in deceptive activities is anticipated to fuel the expansion of the iris recognition market. These activities, aimed at illicit financial gains or other advantages, are an unethical practice. Iris recognition is particularly effective in combating issues such as identity fraud. The uptick in these activities increases the demand for secure systems, which iris recognition can provide. For example, statistics from Her Majesty's Government, a UK-based executive authority, in September 2022 reveal a 157% surge in fraud reports submitted to the National Fraud Intelligence Bureau (NFIB), a police unit based in the UK, during the year ending September 2022, compared to the previous year. By the close of September 2022, the NFIB received approximately 1 million reports. Consequently, the escalation in deceptive practices is stimulating the progress of the iris recognition market.
What are the Market Segments in the Iris Recognition Market?
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
Subsegments:
1) By Smartphones: Biometric-Enabled Smartphones, Secure Access And Authentication Phones
2) By Wearables: Smartwatches With Iris Recognition, Augmented Reality (AR) Glasses With Iris Scanning
3) By Tablets And Notebooks: Biometric Authentication Tablets, Laptops With Integrated Iris Scanners
4) By Personal Computers: Desktop Computers With Iris Recognition Modules, All-In-One PCs With Biometric Security
5) By Scanners: Standalone Iris Scanners, Multi-Biometric Scanners, Handheld And Portable Iris Scanners
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What Trends are Shaping the Iris Recognition Market?
The trend of technological innovation is significantly influencing the iris recognition market, with many major companies introducing high-tech products to maintain their market dominance. For instance, the China-based video surveillance equipment manufacturer, Hikvision, in September 2022, released its latest product dubbed MinMoe Iris Recognition Terminal. This product offers superior security due to its unique identification mechanism and rigorous security protocols. The terminal is capable of scanning an iris in just one second and has a maximum recognition distance of 70 cm. It also incorporates color imaging and video anti-counterfeiting technology, ensuring higher precision and safety.
Who Are the Key Players in the Iris Recognition Market?
Major companies operating in the iris recognition market include:
• Honeywell International Inc.
• NEC Corporation Safran Group
• Thales Group
• Gemalto NV
• IDEMIA
• HID Global
• SRI International
• Cross Match Technologies Inc.
• BioEnable Technologies
• Aware Inc.
• Iris ID Inc.
• Iris Corporation Berhad
• 3M Cogent Inc.
• Irisity AB
• IriTech Inc.
• CMITech Company Ltd.
• M2SYS Technology
• EyeLock Inc.
• Princeton Identity
• Irisguard Inc.
• Delta ID
• IrisAccess
What are the Regional Insights into the Iris Recognition Market?
North America was the largest region in the iris recognition market in 2024. Asia-Pacific is expected to be the fastest-growing region in the global iris recognition market during the forecast period. The regions covered in the iris recognition market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
