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%

Iris recognition is a biometric technology that uses the unique patterns in the iris of an individual's eye to identify them. It is a highly secure and accurate method of authentication, and is gaining popularity in a range of applications, from access control to border control and law enforcement.

The expanding usage of mobile devices, such smartphones and tablets, for authentication and access control is a major factor in the growth of the iris recognition industry. Iris recognition offers a convenient and secure alternative to more established authentication techniques like passwords or PINs when it comes to unlocking mobile devices. In the market for mobile devices, this has increased demand for iris recognition technologies.

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In addition, the market for iris recognition is expanding as a result of the development of smart cities and the expanding use of IoT devices. For a variety of IoT devices, including smart locks, cameras, and sensors, iris recognition can be utilised as a secure and dependable verification technique. As a result, iris recognition technology is more in demand in the IoT and smart city markets.

The iris recognition sector does confront some difficulties, despite its many advantages. The high cost of iris recognition system implementation is one of the key issues, which can restrict acceptance in various markets and industries. In addition, issues with privacy and data security have been brought up, and some people have expressed reluctance to employ biometric authentication techniques.

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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