Iris Recognition Market Size, Share & Trends Analysis Report By Component, By Application (E-payment, Identity Management & Access Control, Time Monitoring), By End-user, By Region, And Segment Forecasts, 2023 - 2030

Iris Recognition Market Size, Share & Trends Analysis Report By Component, By Application (E-payment, Identity Management & Access Control, Time Monitoring), By End-user, By Region, And Segment Forecasts, 2023 - 2030

Iris Recognition Market Growth & Trends

The global iris recognition market size is expected to reach USD 35.57 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 23.9% from 2023 to 2030. Iris recognition technology uses geometric pattern-recognition systems on video images of both irises, whose intricate random patterns are distinct, stable, and perceptible from angles. The market for iris identification is experiencing high demand due to its uniqueness, stability, and security. The iris arrangement is consistent and incorporates a variety of iris traits and textures, such as stripes, furrows, coronas, and freckles.

The market is driven by elements like the incorporation of iris scanners in smartphones, increased fraudulent activities & security concerns, growing use in government projects, and higher demand from the consumer electronics sector. The market's future looks bright because of potentials like the expansion of distribution channels, R&D projects, high demand from the travel and immigration sector, and rising adoption rates in businesses. Government organizations also adopt various biometric technologies to reduce cyber threats and streamline system access. One of the first police agencies to adopt iris recognition was the New York City (NYC) Police Department in April 2021.

Establishing precise patient identification is a recurring issue in the healthcare sector. Applications for healthcare management are moving toward biometric iris recognition technologies. Iris recognition is expected to be significantly used in healthcare systems worldwide due to the advancement of current technologies and the creation of multi-layered iris authentication systems at affordable prices.

Employing iris recognition technology in cloud computing guarantees high levels of security in contrast to conventional data protection methods. Integrating cloud computing with iris recognition technology, the implementation of iris recognition technology for verification of identity by governmental organizations, as well as the application of iris recognition in the BFSI to avoid acts of fraud, are significant factors propelling the market growth. The iris recognition industry used growth strategies such as collaborations, partnerships, product launches, and strategic alliances to increase iris recognition's global footprint to all the important regions and to fulfill the growing demand for iris recognition systems.

Iris Recognition Market Report Highlights

• Based on components, the hardware segment held a significant share of over 44.9% of global revenue in 2022. Hardware improvements are crucial for enhancing iris recognition systems' accuracy, speed, and overall performance
• Iris recognition software has seen significant growth and development over the years as software has improved in accuracy over time due to developments in hardware and image processing techniques
• Based on application, the identity management & access control segment led the market in 2022, accounting for over 36.4% share of the global revenue. Solutions for iris recognition are utilized in various industries for applications, including access control and identity management
• The time monitoring segment is expected to register a CAGR of 24% during the forecast period. Due to biometric iris technology, employees don't need to memorize passwords or fill timecards physically, while employers don’t have to worry about misplaced or lost key cards, which are frequently utilized with attendance tracking
• Based on end-use, the BFSI segment is expected to register a CAGR of 26.4% over the forecast period. In the BFSI industry, iris recognition is used for biometric verification, adding an extra layer of security to transactions and access to private financial data

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