Iris Recognition Market Size

Iris Recognition Market Analysis

The Iris Recognition Market size is estimated at USD 4.74 billion in 2024, and is expected to reach USD 10.47 billion by 2029, growing at a CAGR of 17.16% during the forecast period (2024-2029).

Iris recognition technology uses mathematical pattern-recognition techniques on video images of both irises, whose complex random patterns are stable, unique, and visible from certain distances. The uniqueness, stability, and security are the important factors driving the demand for the iris recognition market. The iris pattern is stable and uses the richness of textures and details present in the iris, like coronas, furrows, freckles, and stripes. Hence, they are more secure in nature.

• Factors such as integrating iris scanners in smartphones, increased use in government projects, rising incidence of fraudulent activities and security concerns, and enhanced demand from the consumer electronics segment are driving the market.
• The future of the market is encouraging, owing to opportunities such as the increasing number of distribution channels, R&D initiatives, high demand from the travel/immigration industry, and increased adoption in enterprises.
• Government agencies are also adopting a range of biometric technologies to minimize cyber threats and streamline system access. The New York City (NYC) Police Department was among the first police departments to use iris recognition.
• Moreover, iris scanning is used in conjunction with other biometrics, such as fingerprints and face recognition. For instance, the UAE government departments use biometric verification processes that include facial recognition and iris recognition.
• Furthermore, major banks leverage biometrics technologies in a variety of scenarios, such as authenticating mobile banking apps using iris recognition technology. For instance, TSB bank introduced iris recognition to its mobile banking app, making it the first one in Europe to offer the technology. Iris recognition allows one to unlock their TSB mobile app with a simple glance, providing a fast and easy-to-use experience for its customers.
• The market growth is curtailed by restraining factors, such as the gap in the user's understanding of the device, high costs, the vulnerability of iris recognition systems, and intrusion of privacy.
• In order to contain the quick and widespread COVID-19, several governments and organizations are exploiting biometric systems to serve patient screening and public safety monitoring. There is a rapid increase of biometrics to be introduced to control this infectious disease, namely border control, surveillance, healthcare, biotechnologies, and the transportation industry.