Iris Recognition Market Poised for Significant Growth in Coming Years

The iris recognition market is projected to grow from USD 3.7 billion in 2022 to USD 8.4 billion by 2027, registering a CAGR of 17.7% during the forecast period. The market growth is attributed to the increased use of iris recognition technology in the travel & immigration industry and the high demand for iris recognition from offices and commercial sectors. Furthermore, the rising adoption of iris recognition in the banking & finance industry to avoid fraudulent activities is expected to create lucrative opportunities for the market.

The iris recognition market is growing rapidly, with applications in a variety of sectors, including healthcare, government, finance, and transportation. One key driver of growth is the need for heightened security in these industries, as well as the increasing demand for seamless and frictionless identification methods.

Software component to lead iris recognition market during the forecast period.

The software component is expected to hold higher opportunities than the hardware component between 2022 and 2027. The software component has been sub-segmented into iris recognition software & SDK, database, and analytics solution, among others. At present, iris recognition software & SDK account for a larger market share than hardware components, and a similar trend is likely to continue in the near future. Furthermore, the presence of various major players who offer this software, such as Iris Access, EyeLock LLC, Neurotechnology, and others, further drives the market growth.

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Asia Pacific market to offer significant opportunities during the forecast period.

Asia Pacific is the leading market for iris recognition in the consumer electronics vertical, with major demand from China, India, and Japan. The region held the largest share of the iris recognition industry in 2021. China and India are key countries contributing to the market growth in Asia Pacific. North America 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.

Key players

Key players in the iris recognition market include Thales (France), IDEMIA (France), HID Global Corporation (US), Iris ID, Inc. (US), IriTech, Inc. (US), IrisGuard Ltd. (UK), EyeLock LLC (US), NEC Corporation (Japan), Princeton Identity (US), and CMITech Company, Ltd. (Korea), among others.

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