Iris Recognition Market Size

Iris Recognition Market Overview

The Iris Recognition Market is projected to grow from USD 4.044 billion in 2024 to USD 11.59 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 14.07% during the forecast period (2024 - 2032). Additionally, the market size for Iris Recognition was valued at USD 3.48 billion in 2023.

Increased implementation of iris recognition technology in various industries and growing investments made by the government are the key market drivers improving the growth of market.

Figure 1: Iris Recognition Market Size, 2024 - 2032 (USD Billion)

Source: The Secondary Research, Primary Research, MRFR Database and Analyst Review

Iris Recognition Market Trends

Market CAGR for iris recognition is being driven by the rising adoption of iris recognition technology for authentication and identification by government organizations and private sectors. The rising demand for authentication owing to the growth in cyberattacks is boosting the market demand. The growing acceptance of iris scanners in laptops, tablets and smartphones because of the advancement in the technology in electronic industries and rising demand for innovative electronics are anticipated to boost the market growth.

The government is the early adopter of iris recognition technology, creating surging demand for its solution and products. Government agencies/organizations/departments throughout the globe use iris recognition technology for authentication and identification purposes. Additionally, the new agreements and contracts with government bodies and other end users by the market players are anticipated to expand the market growth. The healthcare sector is leaning towards biometric iris recognition technology. The advancement in recent technologies and the development of multi-layered authentication systems at low costs are anticipated to boost the global rise in the utilization of biometric technology in healthcare systems through iris recognition. The ease to use and high accuracy of this technology provides an option for identifying proper insurance status and preventing duplicate fraudulent medical records. This technology assists in implementing effective authorization and authentication mechanisms in different areas of healthcare, including the tracking of patient treatment, registration, or passageways to several other departments, scheduling and check-up arrangements and others.

The strict regulations established by the Health Insurance Portability and Accountability Act in order to preserve the privacy and confidentiality of patient information, the deployment of biometrics is also anticipated to improve the security for doctors, patients and nurses. Moreover, the key market players in the market with new startup companies are increasingly investing and innovating, boosting the market growth eventually due to an increase in digitization with rising fraud threats throughout the globe. Thus, driving the Iris Recognition market revenue.

However, the presence of competing biometric technologies like face recognition and fingerprint technology is expected to restrain the market growth globally. The growing data privacy concerns related to the utilization of biometric authentications are also a factor affecting the market growth of iris recognition.

Iris Recognition Market Segment Insights

Iris Recognition Component Insights

The global Iris Recognition market segmentation, based on components, includes Hardware and Software. The hardware component segment dominated the market, accounting for the largest market revenue. Iris-based identification requires particular hardware to be utilized rather than software-based modalities like voice and face recognition. Therefore, it is less popular in consumer-facing deployments. However, the software component segment is anticipated to experience the highest growth for the forecast years due to the adoption of iris recognition software, mainly in the healthcare sector.

Figure 2: Global Iris Recognition Market, by Component, 2022 & 2032 (USD Billion)

Source: The Secondary Research, Primary Research, MRFR Database and Analyst Review

Iris Recognition Industry Insights

The global Iris Recognition market segmentation, based on industry, includes Healthcare, Banking & Finance, Consumer Electronics, Government, Military & Defense, Automation and Others. The healthcare segment dominated the market and is expected to experience the largest CAGR during the forecast period. Hospitals and healthcare facilities are increasingly deploying biometric systems like iris recognition in order to understand the intensity of secure identification in healthcare practices. The advancement in the existing technology and the rise of multi-layered authentication systems with satisfactory costs are expected to help in the growth of selecting biometric technologies in the healthcare sector.

Iris Recognition Regional Insights

By region, the study gives market insights into the North America, Europe, Asia-Pacific and the Rest of the World. The North American Iris Recognition market area dominates the market due to the presence of the key market players and large investments in research and development activities for expanding the target market in this region. The substantial rise in data breaches across different industries is boosting organizations to adopt biometrics to provide security.

Further, the prime countries studied in the market report are the US, Canada, the UK, German, France, Italy, Spain, Japan, China, India, Australia, South Korea, and Brazil.

Figure 3: GLOBAL IRIS RECOGNITION MARKET SHARE BY REGION 2022 (USD Billion)

Source: The Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe's Iris Recognition market accounts for the second-largest market share due to the rising installation of iris recognition systems and also strict rules established in order to attain security, privacy and confidentiality of employees, patients, bank officials and other delegates in this region. Further, the German Iris Recognition market held the largest market share, and the UK Iris Recognition market was the rapid-growing market in the European region.

The Asia-Pacific Iris Recognition Market is expected to grow at the rapid CAGR from 2023 to 2032. This is due to the growing integration of iris recognition technology in government, electronics, and travel & immigration verticals in this region. Moreover, China’s Iris Recognition market held the largest market share, and the Indian Iris Recognition market was the rapid-growing market in Asia-Pacific region.

Iris Recognition Key Market Players & Competitive Insights

Leading market players are investing hugely in research and development in order to expand their product lines, which will help the Iris Recognition market grow even more. Market players are also undertaking various strategic activities to spread their global footprint, with important market developments including contractual agreements, mergers and acquisitions, higher investments, new product launches, and collaboration with other organizations. To spread and survive in a more competitive and rising market climate, the Iris Recognition industry must offer cost-effective items.

Manufacturing locally to reduce the operational costs is one of the key business tactics used by the manufacturers in the global Iris Recognition industry to benefit the clients and increase the market sector. In recent years, the Iris Recognition industry has offered some of the most significant advantages to security. Major players in the Iris Recognition market, including BNCTL, Hangzhou Hikvision Digital Technology Co., Ltd., Princeton Identity, Iris ID Inc., Gemalto NV, Iritech Inc., NEC Corporation, HID Global, Crossmatch Technologies, Voxx International Corporation, CMITech, Irisys Company Ltd., and others, are trying to increase market demand by investing in research and development operations.

Hangzhou Hikvision Digital Technology Co., Ltd., founded in the year 2001, and headquartered in Hangzhou, Zhejiang, is a Chinese manufacturer and the supplier of video surveillance equipment for military and civilian purposes. The business activities of the company include the provision of services for video codes, hard disk recorders, video servers, monitoring of ball machines, surveillance cameras, and other products. In September 2022, the company introduced the MinMoe Iris Recognition Terminal, offering higher security in the access control market. The MinMoe Iris Recognition Terminal can prove unique iris characteristics in less than a second and has a recognition distance of up to 70 cm. In order to ensure the precision and safety of access authentication, it also includes color imaging and video anti-counterfeiting.

BNCTL is the leading national commercial bank in network and services owned by the government. The company offers channels like ATMs and POS are almost present in each municipality and broadly utilized. The bank is undergoing a huge transformation agenda inclusive of digitization of its services and changing its delivery, including international transaction. In September 2021, the company came up with an agreement with IrisGuard and EyeTrusts LDA in order to deploy the EyePay Network payment platform of IrisGuard, powered by their iris recognition technology. This authentication and payment authorization platform, featuring the currently launched EyePay Phone, will be used for securing and verifying the last mile of financial transactions in the branches as well as counters and ATMs.

Key Companies in the Iris Recognition market include

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  BNCTL

  
  


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  Hangzhou Hikvision Digital Technology 

  
  


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  Princeton Identity

  
  


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  Iris ID 

  
  


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  Gemalto NV

  
  


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  Iritech Inc.

  
  


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  NEC Corporation

  
  


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  HID Global

  
  


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  Crossmatch Technologies

  
  


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  Voxx International Corporation

  
  


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  CMITech

  
  


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  Irisys Company Ltd.

  
  

Iris Recognition Industry Developments

November 2023 - Innovatrics Iris Technology Emerges Victorious in DHS Biometric Rally Innovatrics has come up with a new iris biometrics-based live detection solution. The MagnifEye system is called a “semi-active” method of liveness detection by the company, which asks an end user to move their eye during a selfie-based session of identity verification.

September 2022 – Hikvision Introduces MinMoe Iris Recognition Terminal Providing Increased Security for the Access Control Market Hikvision’s MinMoe Iris Recognition Terminal is capable of verifying unique iris characters within less than a second and has a recognition distance of up to 70cm. In order to guarantee accuracy and safety access authentication, the terminal also integrates color imaging and video anti-counterfeiting.

Innovatrics disclosed about its MagnifEye product on April 2023. Without any doubt, it improves liveness identification accuracy by twofold due to the use of many biometric inputs. This new semi-passive technology is targeted at enhanced security and relies on face and eye recognition. The company's Passive Liveness Detection, which leverages its NIST-certified iris biometrics engine, forms a basis for the solution.

IrisGuard And NassWallet Announce Collaboration on May 2023 for Integration and Implementation Of The Award-Winning IrisGuard EyePay ® Iris Enabled Smartphone, EyeCloud® Platform As Well As NassWallet Mobile Wallet Service. Cash assistance via the EyePay® platform by IrisGuard is guaranteed beyond any doubt when it uses human irises as proof of life, thereby addressing those eligible who do not have payment cards or bank accounts.

The NEC Corporation started full-fledged promotion activities on its latest multimodal biometric authentication system in November 2022, serving as the core part of its “Bio-IDiom” brand for biometric authentication. For instance, this is NEC’s first solution that brings together facial recognition and iris recognition, which are the best in their class, as per the US National Institute of Standards and Technology (NIST). NEC first sold this solution in Japan, and it will be available in global markets by spring 2023.

Iris Recognition Market Segmentation

Iris Recognition Component Outlook

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  Hardware

  
  


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  Software

  
  

Iris Recognition Industry Outlook

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  Healthcare

  
  


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  Banking & Finance

  
  


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  Consumer Electronics

  
  


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  Government

  
  


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  Military & Defense

  
  


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  Automation

  
  


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  Others

  
  

Iris Recognition Regional Outlook