Iris Recognition is fastest growing segment fueling the growth of Iris Recognition Market

 

The global Iris Recognition Market is estimated to be valued at US$ 4055.54 Mn in 2023 and is expected to exhibit a CAGR of 18.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.


Market Overview:

Iris recognition captures image of the iris using infrared camera for biometric authentication. The iris pattern is highly secure and accurate biometric identifier. The technology is widely utilized for secure access to smartphones, laptops, datacenters and government facilities due to its high accuracy.

Market key trends:

One of the key trends in the iris recognition market is the growing integration of iris biometrics in various IoT devices. With increasing connectivity through IoT, the demand for secure authentication is also rising. Integration of iris recognition in IoT devices like smartphones, tablets, laptops provides highly secure access to digital payments, banking applications and confidential online portals. The iris biometrics offers liveness detection and prevents spoofing attacks thereby making it ideal for IoT security applications. This rising deployment of iris recognition in IoT is expected to drive the market growth over the forecast period.

Segment Analysis

The global iris recognition market can be segmented by product type, end user, and region. Based on product type, the market is segmented into hardware, software and services. The hardware segment dominates the market and is expected to continue its dominance over the forecast period. This is attributed to the high demand of hardware components such as iris scanners, cameras, and others for iris recognition systems across various industries.

Key Takeaways

The Global Iris Recognition Market Size is expected to witness high growth, exhibiting a CAGR of 18% over the forecast period, due to increasing demand for advanced biometric systems for identity authentication and access control.

Regional analysis

Asia Pacific region accounts for the largest share in the global iris recognition market and is expected to dominate the market over the forecast period. This is owing to rapid infrastructural development and implementation of advanced biometrics across various industries in major economies like China and India. North America is expected to grow at a significant rate owing to high investments in research and development of iris recognition technologies in the US.

Key players
Key players operating in the iris recognition market are IDEMIA, Iritech Inc., IrisGuard UK Ltd., BioEnable Technologies Pvt. Ltd., NEC Corporation, Aware Inc., Gemalto NV (Thales Group), Iris ID Inc., Princeton Identity Inc., HID Global, and EyeLock LLC. IDEMIA is the leading player with its strong portfolio of iris recognition softwares, hardware and solutions catering to multiple end use industries including government, homeland security, banking and finance sectors.

Read Our More Blogs : https://www.rapidwebwire.com/iris-recognition-market-size-share-analysis-2023-2030/

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