The Iris Recognition Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Iris Recognition Global Market Report 2024, The iris recognition market size has grown rapidly in recent years. It will grow from $3.96 billion in 2023 to $4.57 billion in 2024 at a compound annual growth rate (CAGR) of 15.5%. The growth in the historic period can be attributed to increasing security concerns, government initiatives for biometric id programs, expansion in law enforcement and surveillance, growing application in healthcare, increasing demand in financial services.
The iris recognition market size is expected to see rapid growth in the next few years. It will grow to $8.5 billion in 2028 at a compound annual growth rate (CAGR) of 16.8%. The growth in the forecast period can be attributed to widespread adoption in mobile devices, expanding applications in smart cities, growth in healthcare biometrics, increased integration in access control systems, rising demand for contactless authentication. Major trends in the forecast period include government initiatives and regulations, emergence of wearable technology, focus on user convenience and experience, cloud-based iris recognition solutions, cross-industry collaboration.
The increasing frequency of fraudulent activities is expected to propel the growth of the iris recognition market forward. Fraudulent activities refer to an unethical activity that allows the perpetrator to gain money or an advantage. Iris recognition technology is very useful in fighting identity theft and fraud. Increasing fraudulent activities increases the need for high-security systems and it can be accomplished by iris recognition. For instance, according to the US Federal Trade Commission, a US-based trade law enforcement agency, in 2021, fraud complaints increased by 19% as compared to 2020. Identity theft was the most common fraud and increased by 3.3% to reach 1.43 million as compared to 1.39 million in 2020. Financial losses due to fraud rose 77% from the previous year and accounted for more than $6.1 billion. As a result, the increasing fraudulent activities is driving the iris recognition market.
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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
Major companies operating in the iris recognition market are developing innovative products with advanced technologies, such as face recognition technology, that identify or verify individuals by analyzing and comparing patterns of facial features captured by imaging devices, typically for security, authentication, or surveillance purposes. For instance, in November 2022, NEC Corporation, a Japan-based multinational information technology and electronics corporation, launched a multimodal biometric authentication solution that combines its face recognition and iris recognition technologies, both of which have been named the world’s best by the US National Institute of Standards and Technology (NIST). The solution achieves high authentication accuracy with a false acceptance rate of one in 10 billion, making it suitable for strict access control in critical facilities and high-security areas.
The iris recognition market report table of contents includes:
1. Executive Summary
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