by 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 Overview:
The iris recognition market involves products and systems that use pattern recognition techniques based on high-resolution images of the irides of an individual’s eyes, whose complex random patterns are unique and can be used to accurately identity individuals. Iris recognition systems have advantages over other biometric technologies as the iris is an internal organ that is well protected against damage and highly stable, and iris patterns remain the same for an individual’s lifetime. These systems provide high levels of accuracy and security levels compared to other biometric solutions. Iris recognition finds applications in access control systems, criminal identification, border control, and physical access applications such as laptop and smartphone security.
Market key trends:
One of the key trends seen in the iris recognition market is the increasing integration of iris recognition capabilities in smartphones. Many smartphone manufacturers are adding iris recognition as a built-in security feature due to its faster identification and authentication capabilities compared to fingerprint sensors. For example, LG launched its V-series smartphones with built-in iris scanners in 2017. Apple has also been awarded patents for integrating iris scanners in future iPhones. The growing demand for advanced biometric security systems and multi-factor authentication efforts is expected to drive the adoption of iris recognition technologies in smartphones during the forecast period.
Porter’s Analysis
Threat of new entrants: The Iris Recognition market requires high R&D investments and patented technologies which make it difficult for new players to enter the market.
Bargaining power of buyers: The global Iris Recognition market has high growth potential which limits the bargaining power of buyers.
Bargaining power of suppliers: A few major players dominate the supply market for Iris Recognition technologies providing them higher bargaining power.
Threat of new substitutes: There is a low threat of substitution in the Iris Recognition market currently as it provides highly accurate biometric identification compared to other technologies.
Competitive rivalry: The Iris Recognition market experiences high competitive rivalry due to presence of major global players competing on technology innovation.
Key Takeaways
The Global Iris Recognition Market Size is expected to witness high growth, exhibiting CAGR of 18% over the forecast period, due to increasing investments in biometric security systems by governments and enterprises.
Regional analysis: North America dominates the Iris Recognition market currently due to stringent government regulations for advanced security in public places. Asia Pacific is expected to grow at the fastest rate during the forecast period owing to rising government initiatives for digital identity programs in countries like India and China.
Key players: 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. IDEMIA leads the market with innovations in multimodal biometric solutions incorporating iris scanning.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
