Summary

Iris Recognition Market Growth & Trends

The global iris recognition market size is expected to reach USD 35.57 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 23.9% from 2023 to 2030. Iris recognition technology uses geometric pattern-recognition systems on video images of both irises, whose intricate random patterns are distinct, stable, and perceptible from angles. The market for iris identification is experiencing high demand due to its uniqueness, stability, and security. The iris arrangement is consistent and incorporates a variety of iris traits and textures, such as stripes, furrows, coronas, and freckles.

The market is driven by elements like the incorporation of iris scanners in smartphones, increased fraudulent activities & security concerns, growing use in government projects, and higher demand from the consumer electronics sector. The market's future looks bright because of potentials like the expansion of distribution channels, R&D projects, high demand from the travel and immigration sector, and rising adoption rates in businesses. Government organizations also adopt various biometric technologies to reduce cyber threats and streamline system access. One of the first police agencies to adopt iris recognition was the New York City (NYC) Police Department in April 2021.

Establishing precise patient identification is a recurring issue in the healthcare sector. Applications for healthcare management are moving toward biometric iris recognition technologies. Iris recognition is expected to be significantly used in healthcare systems worldwide due to the advancement of current technologies and the creation of multi-layered iris authentication systems at affordable prices.

Employing iris recognition technology in cloud computing guarantees high levels of security in contrast to conventional data protection methods. Integrating cloud computing with iris recognition technology, the implementation of iris recognition technology for verification of identity by governmental organizations, as well as the application of iris recognition in the BFSI to avoid acts of fraud, are significant factors propelling the market growth. The iris recognition industry used growth strategies such as collaborations, partnerships, product launches, and strategic alliances to increase iris recognition's global footprint to all the important regions and to fulfill the growing demand for iris recognition systems.

Iris Recognition Market Report Highlights

• Based on components, the hardware segment held a significant share of over 44.9% of global revenue in 2022. Hardware improvements are crucial for enhancing iris recognition systems' accuracy, speed, and overall performance

• Iris recognition software has seen significant growth and development over the years as software has improved in accuracy over time due to developments in hardware and image processing techniques

• Based on application, the identity management & access control segment led the market in 2022, accounting for over 36.4% share of the global revenue. Solutions for iris recognition are utilized in various industries for applications, including access control and identity management

• The time monitoring segment is expected to register a CAGR of 24% during the forecast period. Due to biometric iris technology, employees don't need to memorize passwords or fill timecards physically, while employers don’t have to worry about misplaced or lost key cards, which are frequently utilized with attendance tracking

• Based on end-use, the BFSI segment is expected to register a CAGR of 26.4% over the forecast period. In the BFSI industry, iris recognition is used for biometric verification, adding an extra layer of security to transactions and access to private financial data

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Table of Contents

Table of Contents

Chapter 1. Methodology and Scope
1.1. Market Segmentation and Scope
1.2. Research Methodology
1.2.1. Information Procurement
1.3. Information or Data Analysis
1.4. Methodology
1.5. Research Scope and Assumptions
1.6. Market Formulation & Validation
1.7. Country Based Segment Share Calculation
1.8. List of Data Sources
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segment Outlook
2.3. Competitive Insights
Chapter 3. Iris Recognition Market Variables, Trends, & Scope
3.1. Market Lineage Outlook
3.2. Market Dynamics
3.2.1. Market Driver Analysis
3.2.2. Market Restraint Analysis
3.2.3. Industry Challenge
3.2.4. Industry Opportunities
3.3. Iris Recognition Market Analysis Tools
3.3.1. Industry Analysis - Porter’s
3.3.1.1. Bargaining power of the suppliers
3.3.1.2. Bargaining power of the buyers
3.3.1.3. Threats of substitution
3.3.1.4. Threats from new entrants
3.3.1.5. Competitive rivalry
3.3.2. PESTEL Analysis
3.3.2.1. Political landscape
3.3.2.2. Economic and Social Landscape
3.3.2.3. Technological landscape
3.3.3. Use Cases Analysis
Chapter 4. Iris Recognition Market: Component Estimates & Trend Analysis
4.1. Segment Dashboard
4.2. Iris Recognition Market: Component Movement Analysis, USD Billion, 2022 & 2030
4.3. Hardware
4.3.1. Hardware Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Billion)
4.4. Software
4.4.1. Software Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Billion)
Chapter 5. Iris Recognition Market: Application Estimates & Trend Analysis
5.1. Segment Dashboard
5.2. Iris Recognition Market: Application Movement Analysis, USD Billion, 2022 & 2030
5.3. E-payment
5.3.1. E-payment Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Billion)
5.4. Identity management & access control
5.4.1. Identity management & access control Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Billion)
5.5. Time Monitoring
5.5.1. Time Monitoring Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Billion
Chapter 6. Iris Recognition Market: End-user Estimates & Trend Analysis
6.1. Segment Dashboard
6.2. Iris Recognition Market: End-user Movement Analysis, USD Billion, 2022 & 2030
6.3. BFSI
6.3.1. BFSI Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Billion)
6.4. Healthcare
6.4.1. Healthcare Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Billion)
6.5. Consumer Electronics
6.5.1. Consumer Electronics Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Billion)
6.6. Automotive
6.6.1. Automotive Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Billion)
6.7. Military & Defense
6.7.1. Military & Defense Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Billion)
6.8. Government
6.8.1. Government Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Billion)
6.9. Others
6.9.1. Others Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Billion)
Chapter 7. Iris Recognition Market: Regional Estimates & Trend Analysis
7.1. Iris Recognition Market Share, By Region, 2022 & 2030, USD Billion
7.2. North America
7.2.1. North America Iris Recognition Market Estimates and Forecasts, 2017 - 2030 (USD Billion)
7.2.2. U.S.
7.2.2.1. U.S. Iris Recognition Market Estimates and Forecasts, 2017 - 2030 (USD Billion)
7.2.3. Canada
7.2.3.1. Canada Iris Recognition Market Estimates and Forecasts, 2017 - 2030 (USD Billion)
7.3. Europe
7.3.1. Europe Iris Recognition Market Estimates and Forecasts, 2017 - 2030 (USD Billion)
7.3.2. UK
7.3.2.1. UK Iris Recognition Market Estimates and Forecasts, 2017 - 2030 (USD Billion)
7.3.3. Germany
7.3.3.1. Germany Iris Recognition Market Estimates and Forecasts, 2017 - 2030 (USD Billion)
7.3.4. France
7.3.4.1. France Iris Recognition Market Estimates and Forecasts, 2017 - 2030 (USD Billion)
7.4. Asia Pacific
7.4.1. Asia Pacific Iris Recognition Market Estimates and Forecasts, 2017 - 2030 (USD Billion)
7.4.2. China
7.4.2.1. China Iris Recognition Market Estimates and Forecasts, 2017 - 2030 (USD Billion)
7.4.3. Japan
7.4.3.1. Japan Iris Recognition Market Estimates and Forecasts, 2017 - 2030 (USD Billion)
7.4.4. India
7.4.4.1. India Iris Recognition Market Estimates and Forecasts, 2017 - 2030 (USD Billion)
7.4.5. South Korea
7.4.5.1. South Korea Iris Recognition Market Estimates and Forecasts, 2017 - 2030 (USD Billion)
7.4.6. Australia
7.4.6.1. Australia Iris Recognition Market Estimates and Forecasts, 2017 - 2030 (USD Billion)
7.5. Latin America
7.5.1. Latin America Iris Recognition Market Estimates and Forecasts, 2017 - 2030 (USD Billion)
7.5.2. Brazil
7.5.2.1. Brazil Iris Recognition Market Estimates and Forecasts, 2017 - 2030 (USD Billion)
7.5.3. Mexico
7.5.3.1. Mexico Iris Recognition Market Estimates and Forecasts, 2017 - 2030 (USD Billion)
7.6. Middle East & Africa
7.6.1. Middle East & Africa Iris Recognition Market Estimates and Forecasts, 2017 - 2030 (USD Billion)
7.6.2. Kingdom of Saudi Arabia
7.6.2.1. Kingdom of Saudi Arabia Iris Recognition Market Estimates and Forecasts, 2017 - 2030 (USD Billion)
7.6.3. UAE
7.6.3.1. UAE Iris Recognition Market Estimates and Forecasts, 2017 - 2030 (USD Billion)
7.6.4. South Africa
7.6.4.1. South Africa Iris Recognition Market Estimates and Forecasts, 2017 - 2030 (USD Billion)
Chapter 8. Competitive Landscape
8.1. Company Categorization
8.2. Company Market Positioning
8.3. Participant’s Overview
8.4. Financial Performance
8.5. Product Benchmarking
8.6. Company Heat Map Analysis
8.7. Strategy Mapping
8.8. Company Profiles/Listing
8.8.1. Thales Group
8.8.2. IDEMIA
8.8.3. Iris ID, Inc.
8.8.4. Iritech, Inc.
8.8.5. NEC Corporation
8.8.6. SAP SE
8.8.7. HID Global Corporation
8.8.8. EyeLock LLC
8.8.9. Hangzhou Hikvision Digital Technology Co., Ltd.