by The iris recognition market involves products and technologies that use visible and infrared light alongside digital cameras to acquire images of the details and features within the iris. Iris patterns in each eye are distinctive for each person. Along with identifying objects at some distance, iris recognition systems can extract distinctive features from an iris image and enroll the template in a database. Advantages of iris recognition over fingerprint and facial recognition include more unique iris patterns, resistance to forgery, and stability throughout one’s lifetime. Iris scans authenticate users at government buildings, prisons, airports, and border control checkpoints where high accuracy is needed for security purposes.
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 key trends:
One of the key trends driving growth in the iris recognition market is the increasing adoption by government agencies and law enforcement authorities for border control and national ID programs. Governments across countries are implementing iris recognition technology at airports for traveler verification. For instance, India’s Unique Identification Authority of India (UIDAI) uses iris recognition for its digital ID program, Aadhaar. Iris scans are also gaining acceptance for correctional facilities over fingerprint for inmate identification. Secondly, the convergence of iris recognition with other biometric modalities is allowing for multimodal biometric systems with higher verification rates. Integration of iris along with face, fingerprint, and voice is enhancing security while authenticating individuals. Lastly, the development of iris recognition solutions optimized for smartphones such as iris scanners for mobile devices is expanding the addressable market size.
Porter’s Analysis
Threat of new entrants: The iris recognition market requires heavy investments in R&D to develop iris recognition solutions. This acts as a deterrent for new companies to enter the market.
Bargaining power of buyers: The buyers in the iris recognition market have moderate bargaining power as there are many established players providing iris recognition solutions. However, the availability of diverse solutions provides buyers with negotiating power.
Bargaining power of suppliers: A few major players dominate the supply of iris recognition components like iris scanners. This gives them significant bargaining power over customers in the market.
Threat of new substitutes: Fingerprint and face recognition are emerging as substitutes for iris recognition. However, iris recognition still has an edge over substitutes in terms of accuracy.
Competitive rivalry: The iris recognition market is consolidated with the presence of established global players. Market players compete based on product performance, accuracy, and pricing.
Key Takeaways
The Global Iris Recognition Market Growth is expected to witness high, exhibiting CAGR of 18% over the forecast period, due to increasing demand for advanced biometric identification systems from government and commercial organizations.
North America dominated the iris recognition market in 2023 with a market share of over 35%, owing to large-scale adoption of iris recognition systems across various industries in the US and Canada. Asia Pacific is expected to be the fastest-growing region on account of significant growth in biometric identification programs undertaken by governments in countries such as India, China, and Japan.
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. Major players are focusing on product launches and partnerships with government organizations to strengthen their presence in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
