IRIS Recognition Market: Global Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2017-2021 and Forecast 2022-2028

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IRIS Recognition Market By Component Type (Hardware, and Software), Product Type (Smartphones, Wearables, Tablets & Notebooks, PCs/ Laptops, and Scanners), Application Type (Identity Management and Access Control, Time Monitoring, and E-Payment), End User (Government, Military & Defense, Healthcare, Banking & Finance, Consumer Electronics, Travel & Immigration, Automotive, and Others) and Geography

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Report

Description

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.

IRIS Recognition Market

MARKET SUMMARY
-
13.6%
  • Study Period– 2022 – 2028
  • Base Year– 2021
  • CAGR– 13.6%
  • Largest Market– North America
  • Fastest Growing Market– Asia Pacific

IRIS Recognition Market

  • The global iris recognition market report gives a comprehensive outlook across the globe with particular emphasis on key regions such as North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
  • The report on the global iris recognition market gives historical, current, and future market sizes based on component type, product type, application, end user, and geography.
Key Players
  • 3M Cogent Inc.
  • M2SYS Technology
  • Safran SA
  • Sri International Inc
  • IRIS Id, Inc.
IRIS Recognition Market Dynamics

The market for IRIS recognition is growing due to an upsurge in cases of cybercrime that hurt an individual, especially financially. These days, the world is moving toward digitalization where everything is done online, consequently, the emergence of cybercrime further enhances the demand for IRIS recognition devices. Moreover, cybercrime, terrorist attacks, and a variety of other unlawful activities have raised the demand for high-security systems. The rising demand from various travel and immigration organizations, as well as many government organizations, is another foremost driver of this market that will further hike the demand for these devices. The IRIS recognition market is constrained by the high cost of installing and modification of these devices.


Asia-Pacific Got Significant Share

IRIS Recognition Market

The IRIS Recognition market in the Asia Pacific is likely to hold a significant revenue share in 2021, and, in the following years, it is predicted to increase rapidly owing to a substantial increase in data breaches in the region across various organizations by adopting biometrics, which providing users next level of security. Many government bodies have adopted IRIS scanning devices which are propelling the market’s growth in the region. For instance, the Federal Bureau of Investigation (FBI) depends on its partnerships with local, state, tribal, and federal agencies to collaboratively for the development of vital programs such as the National Crime Information Center (NCIC) and the Next Generation Identification (NGI) systems. These systems adopt IRIS recognition for data security which undoubtedly expands the market in this region over the forecasted period.

Latin America
Latin-America
North-America
North-America
Europe
Europe
Asia Pacific
Asia-Pacific
Middle East
Middle East

Key

Features of the Report

  • The IRIS Recognition Market report provides granular level information about the market size, regional market share, historic market (2017-2021), and forecast (2022-2028)
  • The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
  • The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
  • The report tracks recent innovations, key developments, and startup details that are actively working in the market
  • The report provides a plethora of information about market entry strategies, regulatory framework, and reimbursement scenario
  • The report analyses the impact of the socio-political environment through PESTLE Analysis and competition through Porter’s Five Force Analysis in addition to recent technology advancements and innovations in the market
IRIS Recognition Market Segmentation


Location

GEOGRAPHY

Frequently Asked Questions

IRIS recognition is a biometric authentication technology that captures an image of the eye pattern, converts the IRIS image to a binary template, and then saves the data to a server for the future to match the identity of an individual. Some of the major features of this technology include contactless, fast, accurate, operating at long distances, stable, non-invasive, and hygienic.

The IRIS scanner is currently the widely used type of IRIS recognition product in the market and the same trend is expected to continue in the near future. The high adoption of IRIS scanners from government, banking & finance, military & defense, and travel & immigration application is the major reason behind the leading position of this segment in the IRIS recognition market.

Bioenable Technologies, IRISguard Inc., Eyelock Inc., Crossmatch Technologies Inc, 3M Cogent Inc., M2SYS Technology, Safran SA, Sri International Inc, IRIS Id Inc, Smartmatic International Corporation, Iritech Inc., BI² Technologies

APAC is the most attractive business region for IRIS recognition products and solution providers due to the growing consumer electronics industry, especially the smartphone market in this region.


Report

Table Of Content

1. Executive Summary
2. Global IRIS Recognition Market Introduction
2.1. Global IRIS Recognition Market – Taxonomy
2.2. Global IRIS Recognition Market –Definitions
2.2.1. Component Type
2.2.2. Product Type
2.2.3. Application
2.2.4. End User
2.2.5. Geography
3. Global IRIS Recognition Market Dynamics
3.1. Drivers
3.2. Restraints
3.3. Opportunities/Unmet Needs of the Market
3.4. Trends
3.5. Global IRIS Recognition Market Dynamic Factors – Impact Analysis
3.6. Global IRIS Recognition Market – Competition Landscape
4. Global IRIS Recognition Market Analysis,2017 – 2021 and Forecast, 2022 – 2028
4.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
4.2. Year-over-Year (Y-o-Y) Growth Analysis (%)
4.3. Market Opportunity Analysis
5. Global IRIS Recognition Market, By Component Type, 2017–2021 and Forecast, 2022–2028 (Revenue, USD Mn)
5.1. Hardware
5.1.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
5.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.1.3. Market Opportunity Analysis
5.2.  Software
5.2.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
5.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.2.3. Market Opportunity Analysis
6. Global IRIS Recognition Market, By Product Type, 2017 – 2021 and Forecast, 2021 – 2027 (Revenue, USD Mn)
6.1. Smartphones
6.1.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
6.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.1.3. Market Opportunity Analysis
6.2. Wearables
6.2.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
6.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.2.3. Market Opportunity Analysis
6.3. Tablets & Notebooks
6.3.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
6.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.3.3. Market Opportunity Analysis
6.4. PCs/ Laptops
6.4.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
6.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.4.3. Market Opportunity Analysis
6.5. Scanners
6.5.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
6.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.5.3. Market Opportunity Analysis
7. Global IRIS Recognition Market Forecast, By Application, 2017–2021 and Forecast, 2022–2028 (Revenue, USD Mn)
7.1. Identity Management and Access Control
7.1.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
7.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.1.3. Market Opportunity Analysis
7.2. Time Monitoring
7.2.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
7.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.2.3. Market Opportunity Analysis
7.3. E- payment
7.3.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
7.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.3.3. Market Opportunity Analysis
8. Global IRIS Recognition Market, By End User, 2017 – 2021 and Forecast, 2021 – 2027 (Revenue, USD Mn)
8.1. Government
8.1.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
8.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.1.3. Market Opportunity Analysis
8.2. Military & Defense
8.2.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
8.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.2.3. Market Opportunity Analysis
8.3. Healthcare
8.3.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
8.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.3.3. Market Opportunity Analysis
8.4. Banking & Finance
8.4.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
8.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.4.3. Market Opportunity Analysis
8.5. Consumer Electronics
8.5.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
8.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.5.3. Market Opportunity Analysis
8.6. Travel & Immigration
8.6.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
8.6.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.6.3. Market Opportunity Analysis
8.7. Automotive
8.7.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
8.7.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.7.3. Market Opportunity Analysis
8.8. Others
8.8.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
8.8.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.8.3. Market Opportunity Analysis
9. Global IRIS Recognition Market Forecast, By Region, 2017–2021 and Forecast, 2022–2028(Revenue, USD Mn)
9.1. North America
9.1.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
9.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
9.1.3. Market Opportunity Analysis
9.2. Europe
9.2.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
9.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
9.2.3. Market Opportunity Analysis
9.3. Asia-Pacific
9.3.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
9.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
9.3.3. Market Opportunity Analysis
9.4. Latin America
9.4.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
9.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
9.4.3. Market Opportunity Analysis
9.5. Middle East and Africa
9.5.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
9.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
9.5.3. Market Opportunity Analysis
9.6. Global IRIS Recognition Market – Opportunity Analysis Index, By Component Type, Product Type, Application, End User and Region, 2022 – 2028
10. North America IRIS Recognition Market Analysis,2017–2021and Forecast, 2022–2028(Revenue, USD Mn)
10.1. Component Type Analysis 2017–2021and Forecast 2022 – 2028by Revenue (USD Mn),Y-o-Y Growth (%), and Market Share (%)
10.1.1. Hardware
10.1.2. Software
10.2. Product Type Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
10.2.1. Smartphones
10.2.2. Wearables
10.2.3. Tablets & Notebooks
10.2.4. PCs/ Laptops
10.2.5. Scanners
10.3. Application Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
10.3.1. Identity management and Access Control
10.3.2. Time Monitoring
10.3.3. E-Payment
10.4. End User Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
10.4.1. Government
10.4.2. Military & Defense
10.4.3. Healthcare
10.4.4. Banking & Finance
10.4.5. Consumer Electronics
10.4.6. Travel & Immigration
10.4.7. Automotive
10.4.8. Others
10.5. Country Analysis 2017 – 2021 and Forecast 2022 – 2028by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
10.5.1. USA
10.5.2. Canada
10.6. North America IRIS Recognition Market – Opportunity Analysis Index, By Component Type, Product Type, Application, End User and Country, 2022 – 2028
10.7. North America IRIS Recognition Market Dynamics – Trends
11. Europe IRIS Recognition Market Analysis, 2017–2021 and Forecast, 2022–2028(Revenue, USD Mn)
11.1. Component Type Analysis 2017–2021and Forecast 2022 – 2028by Revenue (USD Mn),Y-o-Y Growth (%), and Market Share (%)
11.1.1. Hardware
11.1.2. Software
11.2. Product Type Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
11.2.1. Smartphones
11.2.2. Wearables
11.2.3. Tablets & Notebooks
11.2.4. PCs/ Laptops
11.2.5. Scanners
11.3. Application Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
11.3.1. Identity management and Access Control
11.3.2. Time Monitoring
11.3.3. E-Payment
11.4. End User Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
11.4.1. Government
11.4.2. Military & Defense
11.4.3. Healthcare
11.4.4. Banking & Finance
11.4.5. Consumer Electronics
11.4.6. Travel & Immigration
11.4.7. Automotive
11.4.8. Others
11.5. Country Analysis 2017–2021and Forecast 2022 – 2028 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
11.5.1. Germany
11.5.2. UK
11.5.3. France
11.5.4. Spain
11.5.5. Italy
11.5.6. Russia
11.5.7. Poland
11.5.8. Rest of Europe
11.6. Europe IRIS Recognition Market – Opportunity Analysis Index, By Component Type, Product Type, Application, End User, and Country, 2022 – 2028
11.7. Europe IRIS Recognition Market Dynamics – Trends
12. Asia-Pacific IRIS Recognition Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
12.1. Component Type Analysis 2017–2021and Forecast 2022 – 2028by Revenue (USD Mn),Y-o-Y Growth (%), and Market Share (%)
12.1.1. Hardware
12.1.2. Software
12.2. Product Type Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
12.2.1. Smartphones
12.2.2. Wearables
12.2.3. Tablets & Notebooks
12.2.4. PCs/ Laptops
12.2.5. Scanners
12.3. Application Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
12.3.1. Identity management and Access Control
12.3.2. Time Monitoring
12.3.3. E-Payment
12.4. End User Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
12.4.1. Government
12.4.2. Military & Defense
12.4.3. Healthcare
12.4.4. Banking & Finance
12.4.5. Consumer Electronics
12.4.6. Travel & Immigration
12.4.7. Automotive
12.4.8. Others
12.5. Country Analysis2017–2021and Forecast 2022 – 2028 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
12.5.1. Japan
12.5.2. China
12.5.3. India
12.5.4. ASEAN
12.5.5. Australia & New Zealand
12.5.6. Rest of Asia-Pacific
12.6. Asia-Pacific IRIS Recognition Market – Opportunity Analysis Index, By Component Type, Product Type, Application, End User and Country,2022 – 2028
12.7. Asia-Pacific IRIS Recognition Market Dynamics – Trends
13. Latin America IRIS Recognition Market Analysis,2017 – 2021 and Forecast, 2022–2028(Revenue, USD Mn)
13.1. Component Type Analysis 2017–2021and Forecast 2022 – 2028by Revenue (USD Mn),Y-o-Y Growth (%), and Market Share (%)
13.1.1. Hardware
13.1.2. Software
13.2. Product Type Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
13.2.1. Smartphones
13.2.2. Wearables
13.2.3. Tablets & Notebooks
13.2.4. PCs/ Laptops
13.2.5. Scanners
13.3. Application Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
13.3.1. Identity management and Access Control
13.3.2. Time Monitoring
13.3.3. E-Payment
13.4. End User Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
13.4.1. Government
13.4.2. Military & Defense
13.4.3. Healthcare
13.4.4. Banking & Finance
13.4.5. Consumer Electronics
13.4.6. Travel & Immigration
13.4.7. Automotive
13.4.8. Others
13.5. Country Analysis 2017–2021and Forecast 2022 – 2028 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
13.5.1. Brazil
13.5.2. Mexico
13.5.3. Argentina
13.5.4. Rest of Latin America
13.6. Latin America IRIS Recognition Market – Opportunity Analysis Index, By Component Type, Product Type, Application, End User and Country, 2022 – 2028
13.7. Latin America IRIS Recognition Market Dynamics – Trends
14. Middle East and Africa IRIS Recognition Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
14.1. Component Type Analysis 2017–2021and Forecast 2022 – 2028by Revenue (USD Mn),Y-o-Y Growth (%), and Market Share (%)
14.1.1. Hardware
14.1.2. Software
14.2. Product Type Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
14.2.1. Smartphones
14.2.2. Wearables
14.2.3. Tablets & Notebooks
14.2.4. PCs/ Laptops
14.2.5. Scanners
14.3. Application Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
14.3.1. Identity management and Access Control
14.3.2. Time Monitoring
14.3.3. E-Payment
14.4. End User Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
14.4.1. Government
14.4.2. Military & Defense
14.4.3. Healthcare
14.4.4. Banking & Finance
14.4.5. Consumer Electronics
14.4.6. Travel & Immigration
14.4.7. Automotive
14.4.8. Others
14.5. Country Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
14.5.1. Gulf Cooperation Council (GCC) Countries
14.5.2. Israel
14.5.3. South Africa
14.5.4. Rest of MEA
14.6. MEA IRIS Recognition Market – Opportunity Analysis Index, By Component Type, Product Type, Application, End User and Country, 2022 – 2028
14.7. MEA IRIS Recognition Market Dynamics – Trends
15. Competition Landscape
15.1. Strategic Dashboard of Top Market Players
15.2. Company Profiles (Introduction, Financial Analysis, Component Type& Service Product Types, Key Developments, Strategies, and SWOT Analysis)
15.2.1. Bioenable Technologies
15.2.2.  IRISguard Inc.
15.2.3.  Eyelock Inc.
15.2.4.  Crossmatch Technologies Inc
15.2.5. 3M Cogent Inc.
15.2.6. M2SYS Technology
15.2.7.  Safran SA
15.2.8.  Sri International Inc
15.2.9.  IRIS Id, Inc.
15.2.10.   Smartmatic International Corporation
15.2.11.  Iritech Inc.
15.2.12.  BI² Technologies
15.2.13.  Biomatiques Identification Solution
15.2.14. EyeSmart Technology
15.2.15. EyeVerify
16. Research Methodology
17. Key Assumptions and Acronyms

Report

Company Profile

  • Bioenable Technologies
  • IRISguard Inc.
  • Eyelock Inc.
  • Crossmatch Technologies Inc
  • 3M Cogent Inc.
  • M2SYS Technology
  • Safran SA
  • Sri International Inc
  • IRIS Id, Inc.
  • Smartmatic International Corporation
  • Iritech Inc.
  • BI² Technologies
  • Biomatiques Identification Solution
  • EyeSmart Technology
  • EyeVerify

Description

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.

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