SWOT Analysis
Strength: Iris recognition is a highly accurate biometric identification method with a very low false acceptance rate. The iris has complex patterns that are unique to each individual. Iris recognition systems provide robust identification capabilities even under less than ideal conditions.
Weakness: Iris recognition cameras need to operate at close proximity to acquire high-quality images of the iris for identification. This can cause discomfort to some users. Iris recognition may not work reliably for subjects with certain medical conditions affecting the iris such as iris atrophy.
Opportunity: Increasing adoption of biometrics for physical and logical access control across various industries such as healthcare, government, banking, etc. is driving the demand for iris recognition systems. Iris recognition is gaining acceptance as a preferred biometric identification method at airports for traveler identification.
Threats: Higher costs associated with iris recognition cameras and infrastructure compared to other biometric modalities like fingerprints can limit their adoption in certain applications. Privacy concerns related to storage of iris images may hamper market growth.
Key Takeaways
The Global Iris Recognition Market Demand is expected to witness high growth, exhibiting CAGR of 18.% over the forecast period, due to increasing need for advanced biometrics for security and identity management across sectors.
Market size - The iris recognition market size was valued at USD 4055.54 Mn in 2023 and is expected to reach over USD 18,000 Mn by 2030, increasing adoption of iris biometrics for applications like border control, physical access control, and national ID programs will primarily drive market revenues.
Regional analysis - North America dominated the iris recognition market in 2023 and is expected to continue its dominance during the forecast period. This can be attributed to large-scale deployment of iris biometrics by law enforcement agencies and Federal agencies in the US for critical infrastructure protection. The Asia Pacific region is anticipated to witness the fastest growth owing to rising importance given to digital identity systems by governments in countries like India, China and South Korea.
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. Major players are focusing on providing advanced iris recognition platforms with upgraded cameras, databases and matching algorithms for applications across different industry verticals.
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