by Iris recognition is a biometric security technology that uses pattern-recognition techniques based on high-resolution images of the irises of an individual’s eyes, whose complex random patterns are unique and can be seen from some distance. Iris recognition is contactless and non-invasive, making it more hygienic and less error-prone than fingerprint-based systems.
The global Iris Recognition Market is estimated to be valued at US$ 4055.54 Mn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trend gaining popularity in Iris Recognition Market is the growing demand for contactless biometric systems due to COVID-19 pandemic. As the coronavirus primarily spreads through contact, many organizations and government authorities are increasingly adopting contactless biometric technologies like iris recognition for security purposes to minimize physical contact. This is expected to drive significant growth of Iris Recognition Market over the forecast period.
SWOT Analysis
Strength: Iris recognition technology provides high level of security and accuracy. Iris patterns are unique for each individual and remain unchanged over a lifetime.
Weakness: Iris recognition systems require user cooperation during image capture. Environmental factors like light, glasses, contact lenses can affect image quality and recognition rate.
Opportunity: Growing demand for advanced biometrics from government agencies, defense, homeland security verticals. Increasing integration of iris scanning in mobile devices, laptops present new opportunities.
Threats: Privacy concerns related to iris data collection and storage. Higher system costs compared to other biometrics like fingerprint limit broader commercial use.
Key Takeaways
The Global Iris Recognition Market Demand is expected to witness high growth, exhibiting a CAGR of 18% over the forecast period, due to increasing demand for advanced biometrics solutions from government agencies and enterprises. Iris scanning provides more accurate personal verification over fingerprint or facial recognition.
Regional analysis: North America dominates the iris recognition market currently due to large-scale adoption by government agencies for border control management and national ID programs. Asia Pacific is expected to grow at the highest CAGR owing to ongoing modernization of border security and surveillance projects in major countries like China and India.
Key players operating in the Iris Recognition market are IDEMIA, Iritech Inc., IrisGuard UK Ltd., BioEnable Technologies Pvt. Ltd., NEC Corporation, Aware Inc., Gemalto NV (Thales Group), Iris ID Inc., Princeton Identity Inc., HID Global, and EyeLock LLC. The market is witnessing increasing mergers and collaborations among the iris biometric solution providers to enhance their product and service portfolios.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
