The iris scanner market was valued at $3,046.65 million in 2022, and is projected to reach $7,978.37 million by 2032, registering a CAGR of 10.2% from 2023 to 2032.
An iris scanner is a device that recognizes people by looking at the detailed patterns in the colored part of their eyes, known as the iris. Iris scanners are known for their accuracy and security methods used to identify individuals.
The integration of iris scanning with smart devices has provided a significant boost to the iris scanner market. It has offered users greater convenience, providing a secure and contactless method for unlocking smartphones and authorizing mobile payments, aligning with the preferences of consumers seeking quick and secure access. Furthermore, this integration has raised awareness among users about the advantages of the technology, potentially leading to increased adoption in various other applications, including access control, time and attendance tracking, and border security. In addition, the decrease in cost of iris scanning technology has made it more affordable for businesses and organizations to implement, further driving market growth. In summary, the integration of iris scanning into smart devices has increased accessibility, convenience, and affordability, resulting in heightened awareness and broader adoption of this technology across various applications, propelling remarkable growth in the iris scanner market.
However, the iris scanner market encounters obstacles as there are not agreed-upon rules that every vendor follows. Diverse iris scanner vendors employ varying protocols and data formats, complicating the seamless functioning of these systems. This makes it hard for different iris scanner systems to work together smoothly. It leads to issues such as data that does not fit together, trouble with communication among different iris scanners, and challenges in creating new ways to use the technology. To fix this, the industry needs to create rules that everyone agrees on so that iris scanners work better together, and the market grows.
Despite facing challenges, the iris scanner market has seized opportunities through technological advancements. Ongoing progress in IRIS scanning technology, marked by enhanced accuracy and quicker recognition speeds, has unlocked new possibilities and broadened the potential applications of this technology. These improvements enhance the performance & reliability of iris scanners and make them more accessible across various domains. As technology becomes more efficient and affordable, it paves the way for fresh opportunities, spanning from enhanced security measures to increased efficiency in everyday tasks.
The iris scanner market is segmented on the basis of component, industry vertical, and region. By component, the market is bifurcated into hardware and software. By industry vertical, the iris scanner industry is fragmented into consumer electronics, healthcare, military and defense, BFSI, travel and immigration, automotive, and others. By region, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (UK, Germany, France, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific) and LAMEA (Latin America, Middle East, and Africa).
The major companies profiled in the report include DERMALOG Identification Systems GmbH, M2SYS Technology, IrisGuard Ltd., ams-OSRAM AG., EyeLock LLC., Princeton Identity, CMITech Company, Ltd., HID Global Corporation, Thales Group, and Iris ID, Inc.
An iris scanner is a device that recognizes people by looking at the detailed patterns in the colored part of their eyes, known as the iris. Iris scanners are known for their accuracy and security methods used to identify individuals.
The integration of iris scanning with smart devices has provided a significant boost to the iris scanner market. It has offered users greater convenience, providing a secure and contactless method for unlocking smartphones and authorizing mobile payments, aligning with the preferences of consumers seeking quick and secure access. Furthermore, this integration has raised awareness among users about the advantages of the technology, potentially leading to increased adoption in various other applications, including access control, time and attendance tracking, and border security. In addition, the decrease in cost of iris scanning technology has made it more affordable for businesses and organizations to implement, further driving market growth. In summary, the integration of iris scanning into smart devices has increased accessibility, convenience, and affordability, resulting in heightened awareness and broader adoption of this technology across various applications, propelling remarkable growth in the iris scanner market.
However, the iris scanner market encounters obstacles as there are not agreed-upon rules that every vendor follows. Diverse iris scanner vendors employ varying protocols and data formats, complicating the seamless functioning of these systems. This makes it hard for different iris scanner systems to work together smoothly. It leads to issues such as data that does not fit together, trouble with communication among different iris scanners, and challenges in creating new ways to use the technology. To fix this, the industry needs to create rules that everyone agrees on so that iris scanners work better together, and the market grows.
Despite facing challenges, the iris scanner market has seized opportunities through technological advancements. Ongoing progress in IRIS scanning technology, marked by enhanced accuracy and quicker recognition speeds, has unlocked new possibilities and broadened the potential applications of this technology. These improvements enhance the performance & reliability of iris scanners and make them more accessible across various domains. As technology becomes more efficient and affordable, it paves the way for fresh opportunities, spanning from enhanced security measures to increased efficiency in everyday tasks.
The iris scanner market is segmented on the basis of component, industry vertical, and region. By component, the market is bifurcated into hardware and software. By industry vertical, the iris scanner industry is fragmented into consumer electronics, healthcare, military and defense, BFSI, travel and immigration, automotive, and others. By region, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (UK, Germany, France, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific) and LAMEA (Latin America, Middle East, and Africa).
The major companies profiled in the report include DERMALOG Identification Systems GmbH, M2SYS Technology, IrisGuard Ltd., ams-OSRAM AG., EyeLock LLC., Princeton Identity, CMITech Company, Ltd., HID Global Corporation, Thales Group, and Iris ID, Inc.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the iris scanner market analysis from 2022 to 2032 to identify the prevailing iris scanner market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the iris scanner market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global iris scanner market trends, key players, market segments, application areas, and market growth strategies.
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- Product Benchmarking / Product specification and applications
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- Market share analysis of players at global/region/country level
Key Market Segments
By Component
- Software
- Hardware
By Industry Vertical
- Consumer electronics
- Healthcare
- Military and Defense
- BFSI
- Travel and Immigration
- Automotive
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
- Key Market Players
- DERMALOG Identification Systems GmbH
- M2SYS Technology
- Princeton Identity
- HID Global Corporation
- Thales Group
- IrisGuard Ltd.
- EyeLock LLC.
- Iris ID, Inc.
- ams-OSRAM AG
- CMITech Company, Ltd.
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: IRIS SCANNER MARKET, BY COMPONENT
CHAPTER 5: IRIS SCANNER MARKET, BY INDUSTRY VERTICAL
CHAPTER 6: IRIS SCANNER MARKET, BY REGION
CHAPTER 7: COMPETITIVE LANDSCAPE
CHAPTER 8: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, the iris scanner market was valued at $3.1 billion in 2022, and is estimated to reach $8 billion by 2032, growing at a CAGR of 10.2% from 2023 to 2032.An iris scanner is a biometric device that uses mathematical pattern-recognition techniques on video images of the irises of an individual's eyes, whose complex random patterns are unique and can be seen from some distance. It’s used for identification or secure access control.
The global iris scanner market is experiencing substantial growth due to advancements in technology and a heightened focus on security and identification in various sectors, including government, finance, and healthcare. The demand for iris scanners is being fueled by an increasing emphasis on biometric authentication, which provides enhanced security compared to traditional methods like passwords or PINs.
Privacy and data security play a significant role as drivers in the iris scanner market. In an era where data breaches and unauthorized access to sensitive information are prevalent, the integration of iris scanning technology offers a robust solution for ensuring secure access controls. Iris scanners provide a high level of security by using the unique patterns in an individual's iris to verify identity, making it exceedingly difficult for unauthorized persons to gain access to sensitive data or secured areas. Organizations and institutions are increasingly prioritizing the protection of confidential information and the privacy of individuals’ data, leading to a growing demand for advanced biometric technologies like iris scanning for identity verification and access control. The reliability and enhanced security offered by iris scanning technology make it a preferred choice for bolstering privacy and data security across various sectors.
However, regulatory compliance acts as a restraint in the iris scanner market due to the complex network of international, national, and industry-specific laws and standards governing biometric data collection, storage, and use. The implementation of iris scanning technology necessitates adherence to these stringent regulations to ensure the protection of individuals' privacy rights and the secure handling of biometric data. Organizations may find it challenging and costly to navigate and comply with these varying and evolving regulatory landscapes, delaying the deployment of iris scanning systems. Moreover, non-compliance or breaches of these laws can lead to heavy fines, legal penalties, and damage to an organization’s reputation, further hindering the adoption of iris scanning technology in some sectors.
The growing demand for contactless solutions presents a significant opportunity in the iris scanner market. In the wake of global health concerns such as the COVID-19 pandemic, there's an accelerated shift towards touchless technologies to minimize physical contact and enhance hygiene standards. Iris scanners, which require no physical contact, align perfectly with this trend, offering a hygienic and efficient alternative for identification and access control. Organizations are increasingly recognizing the dual benefit of adopting iris scanning technology: enhancing safety by reducing contact and offering a high level of security. As a result, the market for iris scanners is likely to witness substantial growth as the trend toward contactless solutions continues to gain momentum globally.
The iris scanner market is segmented on the basis of component, industry vertical, and region. By component, the market is bifurcated into hardware and software. By industry vertical, the iris scanner industry is fragmented into consumer electronics, healthcare, military & defense, BFSI, travel & immigration, automotive, and others. By region, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific) and LAMEA (Latin America, Middle East, and Africa).
Competitive analysis and profiles of the iris scanner market players that have been provided in the report include DERMALOG Identification Systems GmbH, M2SYS Technology, IrisGuard Ltd., ams-OSRAM AG., EyeLock LLC., Princeton Identity, CMITech Company, Ltd., HID Global Corporation, Thales Group, and Iris ID, Inc. The market players have adopted various strategies, such as partnerships, product launches, contracts, brandings, expansions, and acquisitions to expand their foothold in the iris scanner market.
Key Market Insights
In 2022, by component, the hardware sector contributed the most to the market, generating $2.26 billion. This figure is forecasted to rise to $6.28 billion by 2032, demonstrating a CAGR of 10.82%.By industry vertical, the consumer electronics sector was the top revenue generator, contributing $711.61 million in 2022. This contribution is projected to increase to $1.74 billion by 2032, showcasing a CAGR of 9.47%.
By region, North America led in revenue contribution, accounting for $1.07 billion in 2022. This number is anticipated to escalate to $2.70 billion by 2032, with a CAGR of 9.77%.
By Country, the U.S. was the highest revenue contributor, accounting for $754.01 million in 2022, and is estimated to reach $1.78 billion by 2032, with a CAGR of 9.1%.
Companies Mentioned
- DERMALOG Identification Systems GmbH
- M2SYS Technology
- Princeton Identity
- HID Global Corporation
- Thales Group
- IrisGuard Ltd.
- EyeLock LLC.
- Iris ID, Inc.
- ams-OSRAM AG
- CMITech Company, Ltd.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 271 |
| Published | October 2023 |
| Forecast Period | 2022 - 2032 |
| Estimated Market Value ( USD | $ 3046.65 million |
| Forecasted Market Value ( USD | $ 7978.37 million |
| Compound Annual Growth Rate | 10.1% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
