Iris Recognition Market Size, Share, Industry Trends and Forecast to 2030

1. What is the Market Size & CAGR of Iris Recognition market in 2021?

The global iris recognition market size in 2021 was estimated to be approximately USD 1.85 billion. The market is expected to grow at a compound annual growth rate (CAGR) of around 17.3% during the forecast period from 2021 to 2028.

2. COVID-19 Impact on the Iris Recognition Market

The COVID-19 pandemic had a significant impact on the iris recognition market. With the need for contactless authentication solutions and increased focus on security measures, the demand for iris recognition technology saw a surge during the pandemic. Organizations across various industries started investing in biometric solutions such as iris recognition to enhance security and reduce physical contact. This trend is expected to continue even post-pandemic, driving further growth in the market.

3. Iris Recognition Dynamics

Iris recognition technology is gaining popularity due to its high accuracy and reliability in authentication processes. The technology uses the unique patterns in the iris of an individual's eye to verify their identity. With increasing concerns about security and identity theft, iris recognition has emerged as a preferred biometric authentication method in various sectors such as banking, healthcare, and government. The advancement in AI and machine learning algorithms has further enhanced the performance of iris recognition systems, making them more efficient and secure.

4. Segments and Related Analysis

The iris recognition market can be segmented based on technology, application, and end-user industry. Different technologies such as visible wavelength, near-infrared, and others are used in iris recognition systems. The application of iris recognition technology includes access control, time and attendance, surveillance, and others. End-user industries utilizing iris recognition technology range from government and defense to healthcare, BFSI, and more.

5. By Region Analysis

Regionally, North America dominated the iris recognition market in 2021, followed by Europe and Asia Pacific. The presence of key market players, technological advancements, and high adoption rates of biometric solutions in these regions contributed to their market leadership. However, the Asia Pacific region is expected to witness the fastest growth during the forecast period, driven by the growing demand for security solutions in emerging economies.

6. Key Market Players and Competitive Landscape

Some of the key players in the iris recognition market include NEC Corporation, Iris ID, IDEMIA, Thales Group, and IriTech, Inc. These companies are actively engaged in research and development activities to enhance their product offerings and stay ahead in the competitive landscape. Strategic partnerships, acquisitions, and product launches are common strategies adopted by these players to strengthen their market position.

7. Recent Happenings in the Iris Recognition Market

In recent years, the iris recognition market has witnessed significant developments and innovations. Companies have been focusing on improving the accuracy and speed of iris recognition systems to cater to diverse industry requirements. For instance, NEC Corporation introduced a new iris recognition solution with enhanced security features. Additionally, advancements in AI and machine learning have enabled iris recognition technology to be integrated into various applications, expanding its use cases across different sectors.