The global iris recognition market size was US$ 3.26 billion in 2021. The global iris recognition market size is forecast to reach US$ 15.87 billion by 2030, growing at a compound annual growth rate (CAGR) of 19.2% during the forecast period from 2022 to 2030.
Iris recognition is a popular technique for identifying persons. This system employs a mathematical pattern recognition technique on video footage of both irises, which have a complicated random pattern that is stable, distinct, and visible from a distance. Iris recognition captures photos of the complex and detail-rich structures of the iris that are visible from the outside using video recognition technology and infrared illumination. Furthermore, currently, many countries use this technique for a variety of reasons, including passport-free automated border crossings and many others.
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Factors Influencing Market Growth
Factors driving the global market include the rising adoption of iris recognition technology by government institutions for identification and authentication objectives.
The rising penetration of iris recognition technology in consumer electronics and the growing need for iris scanners for entry control applications are factors fueling the global market growth.
Lack of awareness, high costs, security concerns may slow down the overall market growth.
The growing need for these systems in end-users, including banking, finance, consumer electronics, travel, immigration, others, are forecast to offer lucrative opportunities for global market growth during the forecast period.
Impact Analysis of COVID-19
The COVID-19 pandemic was opportunistic for the global market. The concentration on touchless transactions and safe identification technology was countered by widespread disruption in various industries, particularly in the commercial sector. In addition, there was a surge in demand for contactless solutions, with iris recognition replacing fingerprint sensors in access control. However, due to the lockdown imposed by various governments aimed at limiting the spread of the COVID-19 pandemic, the construction industry has seen a drop in activity.
Regional Insights
The Asia Pacific region is forecast to have lucrative growth in the iris recognition market during the forecast period. The Asia Pacific region is the most attractive industry destination for iris recognition products and solution providers owing to the rising consumer electronics industry, especially the smartphone market in the region. South Korea is a hub of smartphone and tablet manufacturers. In addition, this county in the region is adopting the iris recognition technology to surge in the safety and security features of their latest devices, have their manufacturing facilities located in this region. This factor is fueling the market growth in the region.
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Leading Competitors
The leading prominent companies profiled in the global iris recognition market are:
Thales Group
DERMALOG Identification Systems GmbH
M2SYS Technology
HID Global
IRIS S.A.
Iris ID Systems Incorporated
IDEMIA
TECH5
BioEnable Technologies Pvt Limited
NEC Corporation
EyeLock LLC
IrisGuard Limited
Princeton Identity
Other Prominent Players
Scope of the Report
The global iris recognition market segmentation focuses on Component, Product, Application, Industry Vertical, and Region.
Segmentation based on Component
Hardware
Software
Segmentation based on Product
Smartphones
Wearables
Tablets & Notebooks
PCs/ Laptops
Scanners
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Segmentation based on Application
Identity management and Access Control
Time Monitoring
E-Payment
Segmentation based on Industry Vertical
Government
Military & Defense
Healthcare
Banking & Finance
Consumer Electronics
Travel & Immigration
Automotive
Others
Segmentation based on Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
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