According to the latest report by IMARC Group, titled "Iris Recognition Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global iris recognition market reached a value of US$ 3.5 Billion in 2022. Iris recognition is a method of identifying distinct patterns present within the iris of an individual's eye. It is used as a method of biometric identification that uses visible and near-infrared light and a digital camera for capturing a high-resolution contrasting photograph of the iris. Specialized computer programs are also utilized in this method to compare the clicked photograph with millions of images per second that are categorized in a database. This fast and contactless method is used as a means of verifying a person's authentication. Iris recognition is also considered to be much more reliable and convenient as compared to the other biometric verification methods, including face recognition and fingerprint scanning. As a result, it is widely used across various establishments, such as airports and organizations, to prevent unauthorized access.
Global Iris Recognition Market Trends:
The global market is primarily driven by the growing requirement for efficient security systems. In line with this, growing incidences of security breaches, along with the rising number of terrorist attacks and cybercrimes, have propelled the demand for reliable biometric systems. Furthermore, the entry and exit points of numerous government facilities have been equipped with iris recognition to improve safety conditions. Apart from this, this method of biometric verification is extensively utilized by the healthcare sector to address patient identity challenges. It is also being used for automating pharmacy dispensing and providing enhanced administrative efficiency in the medical field, thereby creating a positive outlook for the market. Furthermore, market players are integrating iris recognition technology with consumer electronics to offer a superior experience and enhanced security to the users. For instance, Samsung, a South Korean technological giant, has introduced a series of smartphones, which utilize iris recognition as a fool-proof method for securing personal data. The adoption of iris scanning by the banking sector is also anticipated to facilitate the market growth. On account of the aforementioned factors, the market is expected to reach a value of US$ 10.0 Billion by 2028, growing at a CAGR of 19.8% during the forecast period (2023-2028).
- Based on the component, the market has been bifurcated into hardware and software.
- On the basis of the product integration, the market has been divided into smartphones, tablets and notebooks, scanners, PCs/laptops, smartwatches and others.
- Based on the end user, the market has been classified into government, transportation, healthcare and others.
- On the geographical front, the market has been segregated into Asia Pacific, Europe, North America, Middle East and Africa, and Latin America.
- The competitive landscape of the market has been analyzed in the report with the detailed profiles of the key players operating in the market. Some of these players include BioEnable Technologies Pvt. Ltd., eyeLock LLC, HID Global Corporation (Assa Abloy AB), Iris ID Inc, IrisGuard UK Ltd, Iritech Inc., M2SYS Technology, SRI International, Thales Group.
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