Iris Recognition Market Forecasts to 2028 – Global Analysis By Product (Tablets & Notebooks, Scanners, Smartphones, Personal Computers/Laptops and Wearables), Component (Software and Hardware), Application (E-Payment, Identity Management and Access Contro

Iris Recognition Market Forecasts to 2028 – Global Analysis By Product (Tablets & Notebooks, Scanners, Smartphones, Personal Computers/Laptops and Wearables), Component (Software and Hardware), Application (E-Payment, Identity Management and Access Control and Time Monitoring), End User and By Geography

According to Stratistics MRC, the Global IRIS Recognition Market is accounted for $2.91 billion in 2022 and is expected to reach $6.90 billion by 2028 growing at a CAGR of 15.5% during the forecast period. IRIS recognition is a computerised biometric identification method that employs mathematical pattern-recognition techniques on video images of one or both of an individual's eyes. Eyes exhibit detailed patterns that are unique, stable, and visible from a distance. IRIS identification uses this in conjunction with video camera technology and subtle near-infrared illumination to obtain clear photos of the delicate and sophisticated structures of the IRIS that are visible from the outside. IRIS Recognition works well with contact lenses and regular eyeglasses and can be utilised by blind people who have an IRIS.

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.

Market Dynamics

Driver:

Increased adoption of IRIS recognition technology for identification and authentication by government organizations

The government sector was an early adoption of IRIS recognition technology, resulting in significant demand for its products and solutions. This is one of the primary factors driving the growth of the IRIS recognition market. Worldwide, government organizations/agencies/departments use IRIS recognition technology for identification and authentication. For example, the Federal Bureau of Investigation (FBI) collaborated with local, state, tribal, and federal agencies to develop the National Crime Information Center (NCIC) and Next Generation Identification (NGI) systems. These systems make use of IRIS recognition as a reliable means of identification.

Restraint

Presence of competing biometric technologies

There are numerous biometric technologies on the market, including face recognition, fingerprint recognition, IRIS recognition, voice recognition, and vascular recognition. The market acceptability of these technologies varies according to their advantages and shortcomings. Face and fingerprint recognition technologies compete heavily with IRIS recognition technology. One of the key reasons for this is its high cost. IRIS scanners are more expensive than alternatives such as face and fingerprint detection devices. As a result, rising adoption of fingerprint and face recognition biometric systems in numerous areas, including travel, business offices, and others, is impeding market growth.

Opportunity

Penetration of biometric technologies in automotive and military & defense sectors

Touchless biometric products are predicted to be in great demand in the automotive industry in the future years. Scanning the vein, face, IRIS, or finger can be utilised for a variety of applications, including user/driver authentication, in-car payment, in-cabin personalization, and intra-vehicle network encryption. Because of its ability to work in dark situations, high accuracy, and non-contact features, IRIS-recognition-based biometric devices are gaining popularity in the automotive industry. The rising use of IRIS recognition in the military and defence sectors is also driving market demand. The US military has utilised IRIS-scanning equipment to identify inmates in Afghanistan and Iraq.

Threat

Complexity of integrating IRIS recognition technology into conventional identification solutions

One key problem in using IRIS recognition technology is integrating it with current systems to enable security, surveillance, and access control. The integration of IRIS biometrics technology with other biometric devices has become increasingly sophisticated as the technology advances, such as the deployment of high-definition camera technology, algorithms, and other analytics solutions. Furthermore, the expensive cost of installing IRIS recognition scanners is a concern that may limit market revenue growth to some extent.

Covid-19 Impact

The COVID-19 outbreak boosted the global IRIS recognition market. It had a huge impact on people, organisations, and industries. The epidemic has stimulated biometric research, which has resulted in a surge in the usage of IRIS and periocular recognition. This is owing to the shift from touch-based technology to contactless alternatives, which has resulted in a decrease in the use of fingerprint recognition methods. Touchless recognition systems have become the new standard for maintaining sanitary safety. As a result, IRIS recognition is now regarded as the best solution.

The hardware segment is expected to be the largest during the forecast period

The hardware segment is estimated to have a lucrative growth, because of the numerous advantages provided by these systems. IRIS recognition systems use hardware such as IRIS recognition cameras, modules, and readers. Because IRIS-based authentication requires specialised hardware, as opposed to software-based modalities like face and voice recognition, it is less common in consumer-facing implementations. The market's need for these hardware and other components is considerable, which promotes the segment's growth.

The healthcare segment is expected to have the highest CAGR during the forecast period

The healthcare segment is anticipated to witness the fastest CAGR growth during the forecast period, ascribed to rising penetration of digitization for boosting authentication process. The demand for patient identification, checkups, test scheduling, arranging, and patient data management is driving rising demand for IRIS recognition in the healthcare sector. In addition, IRIS recognition technologies are used to verify insurance information and to avoid fraud and duplicate medical reports. These key factors are expected to contribute significantly to revenue growth of this segment.

Region with highest share:

North America is projected to hold the largest market share during the forecast period. The presence of prominent players, as well as significant investment in R&D activities for the expansion of advanced technology, are major factors driving the growth of the target market in this region. Furthermore, governments in North American countries are using biometrics and IRIS scanners for security and identification purposes. The upcoming implementation of eye scanners at US borders is also likely to enhance market demand in this region.

Region with highest CAGR

Europe is projected to have the highest CAGR over the forecast period due to the installation of IRIS recognition technology in nations such as the United Kingdom, Germany, and France. Furthermore, stringent regulations designed to protect the security, privacy, and confidentiality of patients, employees, bank officials, and various other delegates are expanding the deployment of biometrics such as IRIS recognition in banking and insurance businesses, electronics, and health care industries. These important drivers are projected to fuel market revenue growth throughout the forecast period.

Key players in the market

Some of the key players profiled in the IRIS Recognition Market include Princeton Identity, NEC Corporation, Thales Group, EyeLock LLC, IriTech, Inc., IRIS ID, Inc., HID Global, 3M Cogent, Bioenable Technologies, Safran, Smartmatic, Sri International Inc., Crossmatch Technologies Inc., DERMALOG Identification Systems GmbH and IRISguard Inc.

Key Developments

In March 2022, IriTech, Inc stepped up its IRIS recognition products by releasing IRIShield Binocular (BK2121) and cloud-based IRIS recognition service (IRISecureID). IriTech offers a more convenient way to access IRIS recognition functions, including enrollment, identification, verification, and de-duplication through a web service interface that can be easily integrated into any enterprise application.

In February 2022, IriTech, Inc. entered a co-promotion agreement with Egis Technology Inc. (Egistec), a leading global provider of fingerprint sensors. The co-promotion with Egistec, which is already providing fingerprint solutions to top-tier smartphone manufacturers, is expected to create more opportunities for IriTech and Egistec in consumer technology while focusing on the mobile industry.

In January 2022, Princeton Identity (PI) and Emphor Trading Abu Dhabi, a division of ScreenCheck and a subsidiary of The Centena Group, formed a new biometrics partnership. According to the partnership, Emphor Trading will offer PI's entire portfolio of IRIS and face biometric security solutions to its customers as part of the partnership and tailored integrations to suit specific security and operational demands.

In April 2021, EyeLock LLC, a provider of IRIS identity authentication solutions and a subsidiary of VOXX International Corporation, was awarded a contract to control individual access to the four data center facilities in charge of monitoring and controlling all governmental buildings, streets, and service providers for Egypt's New Capital City.

Products Covered:
• Tablets & Notebooks
• Scanners
• Smartphones
• Personal Computers/Laptops
• Wearables

Components Covered:
• Software
• Hardware

Applications Covered:
• E-Payment
• Identity Management and Access Control
• Time Monitoring

End Users Covered:
• Automotive
• Banking & Finance
• Consumer Electronics
• Government
• Healthcare
• Military & Defense
• Travel & Immigration
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements