According to the new market research report "Iris Recognition Market by Component (Hardware, and Software), Product (Smartphones, Scanners), Application (Identity Management and Access Control, Time Monitoring, E-payment), Vertical, and Region - Global Forecast to 2024", the global iris recognition market size is expected to grow from USD 2.3 billion in 2019 to USD 4.3 billion by 2024, at a CAGR of 13.2% from 2019 to 2024. The demand for biometric systems across the world is on the rise in both the public and private sectors.
One of the primary reasons for this rise in demand is the increasing need for surveillance and security, owing to factors such as the rise in terrorist attacks, crime rate, data breaches, and cybercrimes. As iris recognition is one of the most preferred biometric technologies, this factor has also led to the rise in the demand for iris recognition systems.
Scanners to hold the largest iris recognition market share, by product, in 2019
Scanners will lead the iris recognition industry, by product, in terms of size, in 2019. The high adoption of iris scanners from government, banking & finance, military & defense, and travel & immigration verticals, especially for the identity management and access control application, is the primary reason behind the largest share of this segment in the market.
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The market for e-payment application to grow at highest CAGR during the forecast period
The iris recognition market for the e-payment application is expected to witness the highest growth during the forecast period. This growth can be attributed to the growing demand for iris recognition technology to authenticate users making e-payments. This will help to curb the cases of identity fraud and internet fraud and make e-payments more safe and secure. The identity management and access control application is expected to dominate the iris recognition industry, in terms of size, during the forecast period.
APAC to hold the largest share of the iris recognition market in 2019
APAC is expected to hold the largest share of the global iris recognition industry in 2019. China and India are the key countries contributing to the growth of the market in APAC. The Americas are expected to account for the second-largest share of the iris recognition market throughout the forecast period. The US and Canada are significant demand-generating countries for iris recognition devices in this region.
A few key players operating in the iris recognition market are Thales Group (France), IDEMIA (France), Iris ID (US), IriTech (US), HID Global (US), Princeton Identity (US), EyeLock (US), Secure Identity (US), Unisys (US), Aware (US), NEC Corporation (Japan), BioEnable Technologies (India), CMITech (South Korea), 4G Identity Solutions (India), and Mantra Softech (India).
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