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Iris Recognition Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Market Overview:

The global iris recognition market size reached US$ 2.9 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 8.4 Billion by 2027, exhibiting a growth rate (CAGR) of 19.93% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.

Despite genetic similarities, irises of different individuals are structurally distinct and unique, which allows them to be used for recognition, identification and authentication purposes. Iris recognition, also known as iris scanning, is a method used for identifying individuals based on the unique pattern of their iris. The process utilizes visible and near-infrared light to capture a high-contrast image of the iris. The technology combines computer vision, pattern recognition, statistical inference and optics. This form of biometric system helps law enforcement officers to compare iris images of a suspect with an existing database. Also, several countries across the globe are implementing these systems in airports, points of entry or exit and other authoritative premises to reduce security breach incidences.

 

 
 

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Market Trends:

  • Over the past few years, there has been a rise in the number of crimes and the threat of terrorist attacks across the globe. These incidences have prompted government facilities to install high-tech biometric systems to improve security conditions and preventing fraudulent activities. This remains one of the primary factors that are driving the growth of the market.
  • Manufacturers are developing iris recognition technology so that it can be integrated with various devices such as smartphones, banking systems and ATMs. These innovations are attracting investors who are interested in conducting large-scale R&D for applying these designs in real-life applications which, in turn, is influencing the market growth positively.
  • Healthcare providers are making efforts to use iris-recognition for addressing patient identity challenges. The combination of iris biometric technology and healthcare-focused PTOYNet blockchain network will help in delivering improved administrative, financial and clinical efficiencies.
     

IMARC Group’s latest report provides a deep insight into the global iris recognition market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the global iris recognition market in any manner.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global iris recognition market report, along with forecasts at the global and regional level from 2022-2027. Our report has categorized the market based on component, product integration and end-user.

Breakup by Component:

 

 
 

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  • Hardware
  • Software
     

Breakup by Product Integration:

  • Smartphone
  • Tablet and Notebook
  • Scanner
  • PC/Laptop
  • Smartwatches
  • Others
     

Breakup by End-User:

  • Government
  • Transportation
  • Healthcare
  • Others
     

Breakup by Region:

 

 
 

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  • Asia Pacific
  • Europe
  • North America
  • Middle East and Africa
  • Latin America
     

Competitive Landscape:

The report has also analysed the competitive landscape of the market with some of the key players being 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, etc.

Report Coverage:

Report Features Details
Base Year of the Analysis 2021
Historical Period 2016-2021
Forecast Period 2022-2027
Units US$ Billion
Segment Coverage  Component, Product Integration, End-User, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Companies Covered BioEnable Technologies Pvt. Ltd., eyeLock LLC, HID Global Corporation (Assa Abloy AB), Iris ID Inc, IrisGuard UK Ltd, Iritech Inc., M2SYS Technology, SRI International and Thales Group
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

1   Preface
2   Scope and Methodology

    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
3   Executive Summary
4   Introduction

    4.1    Overview
    4.2    Key Industry Trends
5   Global Iris Recognition Market
    5.1    Market Overview
    5.2    Market Performance
    5.3    Impact of COVID-19
    5.4    Market Breakup by Component
    5.5    Market Breakup by Product Integration
    5.6    Market Breakup by End-User
    5.7    Market Breakup by Region
    5.8    Market Forecast
6   Market Breakup by Component
    6.1    Hardware
        6.1.1    Market Trends
        6.1.2    Market Forecast
    6.2    Software
        6.2.1    Market Trends
        6.2.2    Market Forecast
7   Market Breakup by Product Integration 
    7.1    Smartphone
        7.1.1    Market Trends
        7.1.2    Market Forecast
    7.2    Tablet and Notebook
        7.2.1    Market Trends
        7.2.2    Market Forecast
    7.3    Scanner
        7.3.1    Market Trends
        7.3.2    Market Forecast
    7.4    PC/Laptop
        7.4.1    Market Trends
        7.4.2    Market Forecast
    7.5    Smartwatches
        7.5.1    Market Trends
        7.5.2    Market Forecast
    7.6    Others
        7.6.1    Market Trends
        7.6.2    Market Forecast
8   Market Breakup by End-User
    8.1    Government
        8.1.1    Market Trends
        8.1.2    Market Forecast
    8.2    Transportation
        8.2.1    Market Trends
        8.2.2    Market Forecast
    8.3    Healthcare
        8.3.1    Market Trends
        8.3.2    Market Forecast
    8.4    Others
        8.4.1    Market Trends
        8.4.2    Market Forecast
9   Market Breakup by Region
    9.1    North America
        9.1.1    Market Trends
        9.1.2    Market Forecast
    9.2    Europe
        9.2.1    Market Trends
        9.2.2    Market Forecast
    9.3    Asia Pacific
        9.3.1    Market Trends
        9.3.2    Market Forecast
    9.4    Middle East and Africa
        9.4.1    Market Trends
        9.4.2    Market Forecast
    9.5    Latin America
        9.5.1    Market Trends
        9.5.2    Market Forecast
10  SWOT Analysis
    10.1    Overview
    10.2    Strengths
    10.3    Weaknesses
    10.4    Opportunities
    10.5    Threats
11  Value Chain Analysis
12  Porters Five Forces Analysis

    12.1    Overview
    12.2    Bargaining Power of Buyers
    12.3    Bargaining Power of Suppliers
    12.4    Degree of Competition
    12.5    Threat of New Entrants
    12.6    Threat of Substitutes
13  Price Analysis
14  Competitive Landscape

    14.1    Market Structure
    14.2    Key Players
    14.3    Profiles of Key Players
        14.3.1    BioEnable Technologies Pvt. Ltd.
        14.3.2    eyeLock LLC
        14.3.3    HID Global Corporation (Assa Abloy AB)
        14.3.4    Iris ID Inc
        14.3.5    IrisGuard UK Ltd
        14.3.6    Iritech Inc.
        14.3.7    M2SYS Technology
        14.3.8    SRI International
        14.3.9    Thales Group

List of Figures

Figure 1: Global: Iris Recognition Market: Major Drivers and Challenges
Figure 2: Global: Iris Recognition Market: Sales Value (in Billion US$), 2016-2021
Figure 3: Global: Iris Recognition Market: Breakup by Component (in %), 2021
Figure 4: Global: Iris Recognition Market: Breakup by Product Integration (in %), 2021
Figure 5: Global: Iris Recognition Market: Breakup by End-User (in %), 2021
Figure 6: Global: Iris Recognition Market: Breakup by Region (in %), 2021
Figure 7: Global: Iris Recognition Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 8: Global: Iris Recognition Industry: SWOT Analysis
Figure 9: Global: Iris Recognition Industry: Value Chain Analysis
Figure 10: Global: Iris Recognition Industry: Porter’s Five Forces Analysis
Figure 11: Global: Iris Recognition (Hardware) Market: Sales Value (in Million US$), 2016 & 2021
Figure 12: Global: Iris Recognition (Hardware) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 13: Global: Iris Recognition (Software) Market: Sales Value (in Million US$), 2016 & 2021
Figure 14: Global: Iris Recognition (Software) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 15: Global: Iris Recognition (Smartphone) Market: Sales Value (in Million US$), 2016 & 2021
Figure 16: Global: Iris Recognition (Smartphone) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 17: Global: Iris Recognition (Tablet and Notebook) Market: Sales Value (in Million US$), 2016 & 2021
Figure 18: Global: Iris Recognition (Tablet and Notebook) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 19: Global: Iris Recognition (Scanner) Market: Sales Value (in Million US$), 2016 & 2021
Figure 20: Global: Iris Recognition (Scanner) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 21: Global: Iris Recognition (PC/Laptop) Market: Sales Value (in Million US$), 2016 & 2021
Figure 22: Global: Iris Recognition (PC/Laptop) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 23: Global: Iris Recognition (Smartwatches) Market: Sales Value (in Million US$), 2016 & 2021
Figure 24: Global: Iris Recognition (Smartwatches) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 25: Global: Iris Recognition (Other Product Integrations) Market: Sales Value (in Million US$), 2016 & 2021
Figure 26: Global: Iris Recognition (Other Product Integrations) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 27: Global: Iris Recognition (Government) Market: Sales Value (in Million US$), 2016 & 2021
Figure 28: Global: Iris Recognition (Government) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 29: Global: Iris Recognition (Transportation) Market: Sales Value (in Million US$), 2016 & 2021
Figure 30: Global: Iris Recognition (Transportation) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 31: Global: Iris Recognition (Healthcare) Market: Sales Value (in Million US$), 2016 & 2021
Figure 32: Global: Iris Recognition (Healthcare) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 33: Global: Iris Recognition (Other End-Users) Market: Sales Value (in Million US$), 2016 & 2021
Figure 34: Global: Iris Recognition (Other End-Users) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 35: North America: Iris Recognition Market: Sales Value (in Million US$), 2016 & 2021
Figure 36: North America: Iris Recognition Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 37: Europe: Iris Recognition Market: Sales Value (in Million US$), 2016 & 2021
Figure 38: Europe: Iris Recognition Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 39: Asia Pacific: Iris Recognition Market: Sales Value (in Million US$), 2016 & 2021
Figure 40: Asia Pacific: Iris Recognition Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 41: Middle East and Africa: Iris Recognition Market: Sales Value (in Million US$), 2016 & 2021
Figure 42: Middle East and Africa: Iris Recognition Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 43: Latin America: Iris Recognition Market: Sales Value (in Million US$), 2016 & 2021
Figure 44: Latin America: Iris Recognition Market Forecast: Sales Value (in Million US$), 2022-2027

List of Tables

Table 1: Global: Iris Recognition Market: Key Industry Highlights, 2021 and 2027
Table 2: Global: Iris Recognition Market Forecast: Breakup by Component (in Million US$), 2022-2027
Table 3: Global: Iris Recognition Market Forecast: Breakup by Product Integration (in Million US$), 2022-2027
Table 4: Global: Iris Recognition Market Forecast: Breakup by End-User (in Million US$), 2022-2027
Table 5: Global: Iris Recognition Market Forecast: Breakup by Region (in Million US$), 2022-2027
Table 6: Global: Iris Recognition Market Structure
Table 7: Global: Iris Recognition Market: Key Players


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Key Questions Answered in This Report

The global iris recognition market was valued at US$ 2.9 Billion in 2021.

We expect the global iris recognition market to exhibit a CAGR of 19.93% during 2022-2027.

The sudden outbreak of the COVID-19 pandemic has led to the increasing deployment of iris recognition systems over fingerprint sensors across several sectors for minimizing the interactions among the masses to combat the risk of the coronavirus infection during the conventional authentication process.

The rising number of crimes as well as terrorist attacks, along with the growing installation of high-tech biometric systems to improve security conditions, is primarily driving the global iris recognition market.

Based on the component, the global iris recognition market can be segmented into hardware and software. Currently, software holds the majority of the total market share.

Based on the product integration, the global iris recognition market has been divided into smartphone, tablet and notebook, scanner, PC/laptop, smartwatches, and others. Among these, scanner currently exhibits a clear dominance in the market.

Based on the end-user, the global iris recognition market can be categorized into government, transportation, healthcare, and others. Currently, government accounts for the largest market share.

On a regional level, the market has been classified into Asia Pacific, Europe, North America, Middle East and Africa, and Latin America, where North America currently dominates the global market.

Some of the major players in the global iris recognition market 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, etc.

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