Iris Recognition Global Market Report 2024

The iris recognition market size is expected to see rapid growth in the next few years. It will grow to $8.5 billion in 2028 at a compound annual growth rate (CAGR) of 16.8%. The growth in the forecast period can be attributed to widespread adoption in mobile devices, expanding applications in smart cities, growth in healthcare biometrics, increased integration in access control systems, rising demand for contactless authentication. Major trends in the forecast period include government initiatives and regulations, emergence of wearable technology, focus on user convenience and experience, cloud-based iris recognition solutions, cross-industry collaboration.

The iris recognition market size has grown rapidly in recent years. It will grow from $3.96 billion in 2023 to $4.57 billion in 2024 at a compound annual growth rate (CAGR) of 15.5%. The growth in the historic period can be attributed to several factors, including increasing security concerns prompting investments in biometric ID programs, the expansion of law enforcement and surveillance initiatives, the growing application of biometrics in healthcare, and the increasing demand for biometric solutions in financial services. These factors have contributed to the overall growth and adoption of biometric technologies across various sectors during the historic period.

The iris recognition market size is expected to see rapid growth in the next few years. It will grow to $8.5 billion in 2028 at a compound annual growth rate (CAGR) of 16.8%. The anticipated growth in the forecast period can be attributed to the widespread adoption of biometrics in mobile devices, its expanding applications in smart cities, the growth of biometrics in healthcare, increased integration into access control systems, and the rising demand for contactless authentication. Major trends expected in this period include government initiatives and regulations, the emergence of wearable technology with biometric capabilities, a focus on user convenience and experience, the development of cloud-based iris recognition solutions, and increased cross-industry collaboration.

The increasing frequency of fraudulent activities is fueling the demand for iris recognition technology. Iris recognition is a secure method for identity verification and fraud prevention. The US Federal Trade Commission reported a 19% increase in fraud complaints in 2021 compared to 2020, with identity theft being the most common type of fraud. This rise in fraudulent activities, along with the need for high-security systems, is driving the growth of the iris recognition market.

The projected increase in the adoption of the Internet of Things (IoT) is poised to propel the growth of the iris recognition market in the foreseeable future. IoT refers to a network comprising physical objects, devices, and appliances embedded with sensors, software, and various technologies. These elements enable connectivity and data exchange among devices and systems over the internet or other communication networks. In the context of iris recognition, IoT integration facilitates seamless connectivity and data exchange between iris recognition devices. This allows for real-time authentication and remote monitoring, enhancing security measures and access control. Moreover, the incorporation of IoT fosters the development of smart and interconnected security ecosystems. For example, a report published by Ericsson in September 2022 indicated that global IoT connections had reached 13.2 billion in 2022, projecting an 18% increase to 34.7 billion connections by 2028. Consequently, the escalating adoption of IoT stands as a driving force behind the expansion of the iris recognition market, as it facilitates enhanced connectivity and functionalities within security systems through iris recognition technology.

Technological advancements stand as a prominent trend in the iris recognition market, with key companies introducing advanced products to maintain their market positions. An illustration of this trend is Hikvision's launch in September 2022 of the MinMoe Iris Recognition Terminal. This cutting-edge product is engineered to offer heightened security by leveraging unique identification patterns and robust security measures. The terminal boasts rapid iris scanning capabilities, clocking in at just 1 second for the scanning process, and a maximum recognition distance of 70 cm. It is also equipped with color imaging and video anti-counterfeiting technology, ensuring superior accuracy and safety measures.

Major companies in the iris recognition market are pioneering innovative products that incorporate advanced technologies, such as face recognition technology, to identify or verify individuals by analyzing and comparing patterns of facial features captured by imaging devices. These technologies are typically employed for security, authentication, or surveillance purposes. For example, in November 2022, NEC Corporation, a multinational information technology and electronics corporation based in Japan, introduced a multimodal biometric authentication solution. This solution integrates NEC's face recognition and iris recognition technologies, both of which have been recognized as the world's best by the US National Institute of Standards and Technology (NIST). The solution achieves exceptional authentication accuracy, with a false acceptance rate of one in 10 billion, making it well-suited for stringent access control in critical facilities and high-security areas.

In December 2021, Aware, a US-based biometrics company, acquired Fortress Identity for an undisclosed amount. This acquisition is expected to broaden Aware's product portfolio in the areas of onboarding, verification, and authentication. Fortress Identity, also based in the US, specializes in authentication as a service, offering multifactor authentication (MFA), digital ID verification, facial recognition, voice authentication, and biometric payments. The company operates in the iris recognition market and is known for its expertise in providing advanced biometric solutions.

Major companies operating in the iris recognition market report are Honeywell International Inc., NEC Corporation, Safran Group, Thales Group, Gemalto NV, IDEMIA, HID Global, SRI International, Cross Match Technologies Inc., EyeVerify, Inc., Bioenable Technologies, Aware Inc., Iris ID Inc., Iris Corporation Berhad, IrisTime, 3M Cogent Inc., Irisity AB, Iritech Inc., CMITech Company, Ltd., Irisys, M2SYS Technology, Iris Automation, EyeLock Inc., Herta Security, Princeton Identity, Vkansee, Smartmatic SGO Group, Irisguard Inc., Delta ID, IrisAccess. North America was the largest region in the iris recognition market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global iris recognition market during the forecast period. The regions covered in the iris recognition market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Iris recognition technology finds its primary applications in smartphones, wearables, tablets, notebooks, personal computers, and scanners. Smartphones, in particular, are capable of performing a wide array of tasks beyond traditional calling and messaging. Iris scanners integrated into smartphones are employed for tasks such as access control and authentication. This technology utilizes both hardware and software components and is utilized across various industries including consumer electronics, healthcare, banking, financial services and insurance (BFSI), military and defense, government, and others.

The iris recognition market size has grown rapidly in recent years. It will grow from $3.96 billion in 2023 to $4.57 billion in 2024 at a compound annual growth rate (CAGR) of 15.5%. The growth in the historic period can be attributed to increasing security concerns, government initiatives for biometric id programs, expansion in law enforcement and surveillance, growing application in healthcare, increasing demand in financial services.

The countries covered in the iris recognition market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The iris recognition market consists of revenues earned by entities by providing services such as fingerprint recognition, software for facial recognition, voice authentication, biometric liveness detection, and spoof detection, biometrics-as-a-service (BaaS), and mobile biometric authentication. The market value includes the value of related goods sold by the service provider or included within the service offering. The iris recognition market also includes sales of biometric ID cards, iris scanners, biometric mobile devices, automated biometric identification systems (ABIS) and facial recognition terminals, which are used in providing iris recognition services. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.