Iris recognition is a method widely used for recognizing an individual’s identity based on the unique pattern of their iris. It is a form of biometric technology that utilizes a combination of computer vision, pattern recognition, statistical inference, and optics to get clear images of the intricate structure of the iris. It is compatible with contact lenses and eyeglasses and can also be used to identify individuals suffering from eye deformities. It is used in law enforcement and border control since it is highly resistant to false matches and provides high search speed against large databases. As a result, it is utilized to recognizing insurance status and preventing fraudulence and duplicate medical records due to its several benefits, including ease of use and high accuracy. The global iris recognition market size reached US$ 2.9 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 8.4 Billion by 2027, exhibiting a growth rate (CAGR) of 19.93% during 2022-2027.
One of the key factors driving the global market is the increasing demand for enhanced security systems. This can be attributed to the rising number of crimes and terrorist attacks across the globe. Furthermore, numerous initiatives undertaken by the governments of several countries to install high-technology biometric systems to improve security conditions and prevent fraudulent activities are supporting its demand on the global level. Moreover, continuous technological developments in iris recognition systems are further propelling the market growth. Since iris recognition devices enable effective authentication and authorization mechanisms in numerous areas of pharmacy dispensing and automated teller machines, this is providing a boost to its demand.
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Along with this, the escalating adoption of iris recognition systems across the healthcare sector in addressing patient identity, this improving administrative, financial, and clinical efficiencies is impacting the market growth favorably. Furthermore, the increasing implementation of iris scanners at airport points of entry and exit and other authoritative premises to reduce security breach incidences is another growth-inducing factor. Moreover, the growing product adoption by numerous security departments to minimize cyber threats and streamline system access points is providing a thrust to the market. Other factors, such as rapid urbanization and extensive research and development (R&D) activities conducted by key players, are also positively influencing the market growth.
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Key Players Included in Global Iris Recognition Market Report::
- BioEnable Technologies Pvt. Ltd.
- Iris ID Systems, Inc.
- M2SYS Technology
- Gemalto N.V.
- IRITECH, INC.
- SRI International
- HID Global Corporation
- EyeLock LLC
Breakup by Component:
Breakup by Product Integration:
Breakup by End User:
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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