The Global Iris Recognition Market is forecasted to be worth USD 5.88 billion by 2027, according to a current analysis by Emergen Research. The key factors influencing the market include increasing usage of iris recognition system (IRS) in government identity systems and smartphones & other IoT devices owing to its more accurate personal identification, reduced risks of security breaches, and huge overall growth of the IoT device industry.
Extensive growth in the smartphone usage and higher requirement of effortless & quick biometric security in smartphone and tablet devices have been a substantial impulsive factor behind the growth of this market growth. Microelectronic & semiconductor equipment have been investing enormously in the research & development of various types of iris-based biometric techniques and implementing those in those devices. Additionally, increasing usage of multimodal two-step authentication system along with a higher preference of iris recognition techniques in such multimodal systems has been a major propelling factor for this market.
June 2020, EyeLock LLC, a leading manufacturer of the iris recognition-based identity authentication solutions, revealed a global strategic partnership with CMITech Company, Ltd. of South Korea. The partnership & collaboration would help broaden the accessibility of the global iris technology market and enable EyeLock to launch new interoperable products in addition to the existing product line.
The increasing number of security breaches and extensive rise in the adoption of iris recognition systems (IRS) in government identity cards, smartphones & IoT devices are the major factors influencing the market growth.
Iris Recognition Market Size – USD 2.26 billion in 2019, Market Growth – CAGR of 12.6%, Market Trends – Higher usage of iris recognition system (IRS) in government biometric portfolio.
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The smartphone & tablet sub-segment is growing with the fastest growth rate of 12.6% during the projected era with extensive implementation in the smartphone industry, owing to the incorporation of the iris scanners in the smartphones for their higher accuracy & precision in the multimodal multiple biometrics three-dimensional sensing system that drastically reduces the chances of replication or duplicity.
Key players in the market BioEnable Technologies Pvt. Ltd., Iris ID Systems Inc., M2SYS Technology, Honeywell International Inc., IRITECH INC., Safran SA, EyeLock LLC, Aware Inc., Thales Group, and IrisGuard UK Ltd., among others.
The Global Iris Recognition Market research report provides an extensive analysis on the industry- and economy-wide database that could potentially offer development strategies and profitability measures to the players in the market. The report includes the trends that are expected to impact the growth of the Iris Recognition Market during the forecast period. Evaluation and analysis of these trends are included in the report.
Product Outlook (Revenue: USD Billion; Volume: Thousand Units; 2017-2027)
Smartphone & Tablets
Industry Vertical Outlook (Revenue: USD Billion; Volume: Thousand Units; 2017-2027)
Government & Defense
Banking, Financial services, and Insurance (BFSI)
IT & Telecommunication
Retail and E-commerce
Application Outlook (Revenue: USD Billion; Volume: Thousand Units; 2017-2027)
Identity management and Access Control
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The report offers a comprehensive breakdown of the regional analysis of the market and subsequent country-wise analysis. The regional analysis of the market comprises of production volume information, consumption volume and patterns, revenue, and growth rate for the forecast period of 2020-2027. According to the regional analysis, the market is primarily spread over key geographical regions as follows:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Chapter 1: Methodology & Scope
Definition and forecast parameters
Methodology and forecast parameters
Technological and innovation landscape
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