Iris Biometric Market Size, Share, Analysis, Trends, Growth, 2032

Iris Biometric Market Insights

According to Zion Market Research, the global Iris Biometric Market was worth USD 7.73 Billion in 2023. The market is forecast to reach USD 45.22 Billion by 2032, growing at a compound annual growth rate (CAGR) of 21.69% during the forecast period 2024-2032. The report offers a comprehensive analysis of the market, highlighting the factors that will determine growth, potential challenges, and opportunities that could emerge in the Iris Biometric industry over the next decade.

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Global Iris Biometric Market: Overview

Iris biometric is an automated method used for the identification that uses mathematical pattern-recognition techniques on video images of one or both of the irises of an individual's eye, whose complex random patterns are unique, stable, and can be noticed from a certain distance. Iris recognition systems capture images of an iris while it is been illuminated by the light in the near infrared wavelength band (700 to 900 nm) of the electromagnetic spectrum. In the iris biometric system, a template that is created by imaging an iris is compared with stored template in the database for the purpose of identification or verification. Different methods used for comparison process are one-to-one template matching and one-to-many template matching.

Global Iris Biometric Market: Growth Factors

Newer technology advancements and growing use in surveillance, access, and identity applications is the major factor driving the growth of the global iris biometric market. Constant use of this technology in national ID programs, healthcare, banking and financial services, and system and network access control is also anticipated to impact the growth of the market in a positive way in the near future. In addition, smart phone manufactures are showing great interest in using iris biometric technique for the improvement of safety standards. In addition, national security agencies are also using the iris scanning technology for the purpose of verifying the identity of the immigrating people from other countries. On the other hand, lack of appropriate standards and high costs may hamper the growth of the global iris biometric market in future.

Global Iris Biometric Market: Segmentation

On the basis of components, the global iris biometric market is segmented as hardware components and software components.

Based on the product, the global market is further segmented as smartphones, tablets and notebooks, smart watches, PCs and laptops, scanners, and others.

On the basis of application, the global iris recognition market is segmented as access control and time monitoring.

Further based on the end-use industry, the global market is segmented as government, military and defense, banking and finance, healthcare, consumer electronics, automotive, and travel and immigration.

Out of these, the government segment accounted for the largest share of the market.

Region-wise, the global market is segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Iris Biometric Market: Report Scope

Global Iris Biometric Market: Regional Analysis

Europe dominates the global iris biometric market followed by North America owing to its high demand in the region. Asia Pacific is anticipated to witness the fastest growth followed by Middle East. Owing to the services such as access control, national identity, time and attendance monitor, and public safety provided by this technique, the iris biometric market is expected to experience high growth in the future.

Global Iris Biometric Market: Competitive Players

Some main participants of the Iris Biometric market are

• Smartmatic
• MorphoTrak
• Smart Sensors Ltd.
• Anviz Global
• SRI International
• Iris ID Inc.

Other players influencing the global market are

• BioEnable Technologies Pvt. Ltd.
• Aditech Ltd.
• IrisGuard Inc.
• Human Reco Systems
• AOptix Technologies Inc.
• EyeLock Corp.

The iris biometric market is segmented as follows:

By Component

• Hardware
• Software

By Products 

• Smartphones
• Tablets And Notebooks
• Smart Watches
• Pcs And Laptops
• Scanners
• And Others

By Application

• Access Control And Time Monitoring

By End-Use Industry 

• Government
• Military And Defense
• Banking And Finance
• Healthcare
• Consumer Electronics
• Automotive
• Travel And Immigration

Iris Biometric Market: Regional Segment Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa