The 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 basically provides authentication and identification solutions for government and healthcare applications. It uses unique pattern recognition technologies to map the iris patterns of an individual's eyes. Iris biometric systems are being increasingly used at airports, border control points, and government offices to recognize and verify identities.

Market Dynamics:

The growth of the iris recognition market is mainly driven by increasing demand for iris biometric systems from government agencies globally for applications such as e-passports, national ID cards, smart visa programs, and law enforcement databases. For instance, according to the FBI Criminal Justice Information Services Division, as of March 2020, the Iris Recognition Transportation Security Clearinghouse contained over 677,000 iris images that can be used by 31 US states for driver's license verification.
Additionally, growing security threats such as identity theft and cybercrime is also fueling the demand for robust identity verification systems across both government and enterprise sectors, thereby supporting the market growth of iris recognition over the forecast period.

SWOT Analysis

Strength: Iris recognition provides highly accurate authentication which cannot be replicated. It relies on unique physiological biometric characteristic of each individual. Iris scanning offers high security, low false acceptance rate and is non-intrusive.
Weakness: Iris recognition requires cooperation of the user for image capture. Iris scanning may not work properly if the iris is obscured due to eyelids, eyelashes or environmental factors. It is an expensive technology for small organizations.
Opportunity: Growing penetration of surveillance systems, access control systems and mobile devices offers significant opportunity for iris recognition market. Increasing demand for biometric security in financial transactions, e-commerce and digital payments will drive the adoption of iris recognition.
Threats: Privacy concerns regarding collection and storage of iris images limits wider adoption of iris recognition. Alternatives like fingerprint recognition and facial recognition are cheaper options which can hamper the demand for iris recognition systems.

Key Takeaways

The Global Iris Recognition Market Size is expected to witness high growth, exhibiting a CAGR of 18% over the forecast period, due to increasing need for accurate authentication in government ID programs and commercial applications like banking, financial services.

Regional analysis:

North America dominates the global Iris Recognition Market accounting for more than 35% of the total market share, due to early adoption of advanced biometrics and presence of key players. Asia Pacific region is expected to exhibit the fastest growth owing to large population, government initiatives for digital ID programs and increasing spending on security and surveillance systems.

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, BioEnable Technologies and IrisGuard capture a major share of the iris recognition market.

Read Our More Blogs : https://www.pressreleasebulletin.com/iris-recognition-market-analysis-growth-forecast-outlook-2023-2030/