According to a new report, published by KBV research, The Global Iris Recognition Market size is expected to reach $8.9 billion by 2028, rising at a market growth of 15.6% CAGR during the forecast period.
The Identity Management & Access Control segment aquired maximum revenue share in the Global Iris Recognition Market by Application in 2021 thereby, achieving a market value of $5.8 billion by 2028. Solutions for iris recognition are utilised in various industries for applications including access control and identity management. For instance, iris recognition technologies are utilised by customers to access their bank accounts and staff to log in to their workstations in the banking and finance vertical.
The Scanners segment is leading the Global Iris Recognition Market by Product in 2021 thereby, achieving a market value of $4.3 billion by 2028. The scanner will hold the largest market share among products for iris recognition. The main industries driving demand for iris scanners are government, banking and finance, the military and defence, and travel and immigration. In addition, one of the main factors driving the market growth of iris scanners is the rise in cybercrime instances.
The Hardware segment is showcasing a CAGR of 14% during (2022 - 2028). Iris-based identification is less common in consumer-facing deployments since it requires specific hardware compared to software-based modalities like face and voice recognition. The use of iris recognition software, notably in the healthcare sector, is anticipated to drive the greatest CAGR for the projected period in the software component segment.
The Banking & Finance segment is generating highest revenue share in the Global Iris Recognition Market by Vertical in 2021 thereby, achieving a market value of $2 billion by 2028. In banking and finance, a biometric iris scanner automatically identifies a person based on a distinctive trait or attribute that person possesses. The most trustworthy and accurate biometric identification system currently in use is iris recognition.
The Asia Pacific market dominated the Global Iris Recognition Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $3.3 billion by 2028. The Europe market is exhibiting a CAGR of 15.3% during (2022 - 2028). Additionally, The North America market would showcase a CAGR of 15.1% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/iris-recognition-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Thales Group S.A., IDEMIA SAS (Advent International, Inc.), NEC Corporation, Aware, Inc., M2SYS Technology, Inc., Unisys Corporation, IrisGuard Ltd., Iris ID, Inc, and Princeton Identity, Inc.
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