Dublin, Dec. 01, 2022 (GLOBE NEWSWIRE) -- The "Iris Recognition Market by Component (Hardware, and Software), Product (Smartphones, Scanners), Application (Identity Management and Access Control, Time Monitoring, E-payment), Vertical and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The iris recognition market is projected to grow from USD 3.7 billion in 2022 to USD 8.4 billion by 2027, registering a CAGR of 15.4% during the forecast period. Increased adoption of iris recognition technology for identification and authentication by government organizations and high penetration of iris recognition technology in consumer electronics, especially smartphones, are key factors propelling the iris recognition market growth. However, the fear of privacy intrusion and alternate biometric technologies are some factors hindering the growth of the iris recognition market.
Government vertical held largest share of iris recognition market in 2021
In terms of market size, the government vertical is expected to dominate the iris recognition market and is likely to witness significant growth during the forecast period. Demand for biometric technologies, especially fingerprint, face, and iris recognition technologies in the government sector, has increased considerably in recent years. In the government sector, iris recognition systems are used mainly for identification and authentication purposes, such as issuing national IDs and law enforcement. Biometric technologies, including iris recognition technology, are also used for election administration to reduce fake or bogus voting.
Asia Pacific to witness the highest growth among other regions during the forecast period
Asia Pacific is expected to dominate the iris recognition market during the forecast period. It is the most attractive business destination for iris recognition products and solution providers due to the growing consumer electronics industry, especially the smartphone market in this region. The growth of this market can be attributed to the rapid economic prosperity witnessed in major developing economies, technological advancements, and increased awareness among the masses. China, Japan, South Korea, and India are a few major markets for iris recognition systems in Asia Pacific. These countries have taken numerous initiatives for the security of their citizens. In Japan and China, iris recognition systems have been deployed at various airports, banks, ATMs, and government institutes. India pioneered the mega project UID (i.e., unique identification) or Aadhaar for its citizens. Under the UID project, all citizens would be assigned one unique number for individual identity; the government of India has planned to issue an individual Aadhaar card to each citizen.
Market Dynamics
Drivers
- Rising Adoption of Iris Recognition Technology by Government Organizations for Identification and Authentication Purposes
- Increasing Penetration of Iris Recognition Technology into Consumer Electronics Industry
- Rising Use of Iris Recognition Technology in Travel and Immigration Industry
Restraints
- Risk of Privacy Breach and Identity Theft
- Presence of Different Competitive Biometric Technologies
Opportunities
- Growing Demand for Iris Recognition Technology from Healthcare Industry
- Rising Penetration of Biometric Technologies into Automotive and Aerospace & Defense Verticals
- Increasing Use of Iris Recognition Systems in Banking & Finance Sector to Prevent Fraud
- Integration of Cloud Computing with Iris Recognition Technology
Challenges
- Complexities in Integrating Iris Recognition Technology into Conventional Identification Solutions
| Report Attribute | Details |
| No. of Pages | 224 |
| Forecast Period | 2022 - 2027 |
| Estimated Market Value (USD) in 2022 | $3.7 Billion |
| Forecasted Market Value (USD) by 2027 | $8.4 Billion |
| Compound Annual Growth Rate | 15.4% |
| Regions Covered | Global |
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Iris Recognition Market, by Component
7 Iris Recognition Market, by Product
8 Iris Recognition Market, by Application
9 Iris Recognition Market, by Vertical
10 Geographic Analysis
11 Competitive Landscape
12 Company Profiles
13 Appendix
Companies Mentioned
- 4G Identity Solutions
- Aditech Ltd.
- Anviz Global Inc.
- Aware, Inc.
- Bioenable Technologies
- Bioid
- Biolink Solutions
- Bi Technologies
- Cmi Tech
- Dermalog Identification Systems
- Eyelock LLC
- Hid Global Corporation
- Idemia
- Iris Id, Inc.
- Irisguard Ltd.
- Iritech, Inc.
- M2Sys Technology
- Mantra Softech
- Nec Corporation
- Neurotechnology
- Princeton Identity
- Shanghai Pixsur Smart Technology Co. Ltd.
- Sri International
- Tascent
- Thales
- Unisys Corporation
For more information about this report visit https://www.researchandmarkets.com/r/5h23q9
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