May 22, 2024
Iris Recognition Market

Increased Integration Of Biometric Technologies Is Expected To Flourish The Iris Recognition Market

Iris recognition is a biometric technique used to identify an individual based on the unique pattern of the iris. Iris recognition products are used in applications related to identity management, access control, law enforcement, border control, and national ID programs. Iris-based biometric authentication provides highly accurate identity verification and is non-intrusive in nature compared to other biometric technologies.

The global iris recognition market is estimated to be valued at US$ 4671.99 billion in 2024 and is expected to exhibit a CAGR of 8.2% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Increased integration of biometric technologies: One of the primary factors driving growth of the iris recognition market includes increased deployment of biometric technologies for secure authentication and identification. Growing digitization along with rising concerns over security is fostering demand for reliable and accurate biometric systems across various industry verticals such as banking, financial services, healthcare, government, and defense. Iris recognition provides high level of accuracy and reliability in identification of individuals which is attracting its adoption over other physical biometrics.

However, lack of standardization in product development and integration challenges associated with iris recognition systems owing to product complexities could hamper market growth. Ongoing technological advancements in iris recognition domain through investments in R&D are expected to offer potential growth opportunities for market players.

Segment Analysis

The global iris recognition market is dominated by the hardware segment which accounts for over 60% share of the overall market. The hardware segment includes iris scanners, cameras and other iris recognition devices. It forms the basic component for any iris recognition system. within the hardware segment, iris scanners dominate as they provide hassle free iris image capture capability in large volumes. The software segment is the fastest growing segment and is expected to gain market share at the expense of the hardware segment during the forecast period.

PEST Analysis

Political: Iris recognition development is actively supported by governments across regions for national ID programs and border security. However, some privacy advocacy groups express concerns over data usage.

Economic: The rising spending on advanced biometrics like iris by commercial and government entities globally is a key driver. Cost reductions from technology advances and increasing volume production will aid wider adoption.

Social: Iris recognition faces some resistance due to privacy concerns. However, people are generally comfortable with the technology as iris data has limited additional uses compared to fingerprint.

Technological: Deep learning and AI are enabling major improvements in iris recognition algorithms leading to higher accuracy. Integration of iris systems with smartphones and other devices is expanding addressable applications.

Key Takeaways

The global Iris Recognition Market Growth  size was valued at US$ 4671.99 Bn in 2024 and is projected to reach over US$ 10000 Bn by 2031, expanding at a CAGR of 8.2% during the forecast period. Stringent government regulations and initiatives for deployment of biometric systems across borders, airport security, national ID programs etc. are driving high adoption.

Regional analysis:

North America dominated the iris recognition market in 2024 with over 35% share backed by large-scale deployments in the US for government projects. Asia Pacific is projected to witness the fastest growth during the forecast period led by countries like India, China and Japan rapidly deploying iris recognition at public places, transport hubs for surveillance and access control.

Key players:

Key players operating in the iris recognition market are EchoStar Corporation, AAC Clyde Space, Comtech Telecommunications Corp., and Analog Devices, Inc. The market is moving towards consolidation as large players acquire smaller specialized players to enhance their product portfolio and enter new application areas. Partnerships between OEMs and technology companies are also growing.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it