IRIS Recognition Market size is expected to be valued at USD 2,764.3 million in 2022 and is poised to grow at a significant CAGR of 13.6% from 2022–2028. IRIS recognition technology uses mathematical pattern-recognition techniques on video images of both IRISes, whose complex random patterns are stable, exclusive, and visible from fixed distances. Their uniqueness, stability, and security are the primary factors driving the IRIS recognition market demand. Furthermore, the integration of IRIS scanners in smartphones, increased use in government schemes, rising incidence of fraudulent activities and security concerns, and propelling the IRIS recognition market growth. The market encourages opportunities in the forecasted period owing to the increasing number of distribution channels, R&D activities, rising demand from the travel/immigration industry, and increased acceptance in private and public organizations. The opportunities were also created by the pandemic due to the requirement for touchless transactions and secure identification technologies. Nowadays, a large number of companies are ready to enter the market due to the continuous digitization of the world which surely increases the demand for security devices that as IRIS technologies. The market growth is curtailed by restraining factors, such as the gap in the user’s understanding of the device, high costs, the vulnerability of IRIS recognition systems, and intrusion of privacy. Additionally, some factors driving market expansion include the availability of more technology in both developed and developing nations, improvements to security infrastructure, and growing companies’ acceptance of safe and secure devices to prevent online crimes.
Recent Market Developments:
In Oct 2021, IriTech Inc. announced a new partnership with Patron to develop an Embedded Camera Module featuring IRIS identification and eye-tracking functions for AR/VR/MR devices. Patron Co. Ltd will manufacture the camera module.
In April 2021, EyeLock LLC, a provider of IRIS identity authentication, was awarded a contract to control individual access to the four data center facilities in charge of monitoring and controlling all governmental buildings, and streets.