Iris Recognition Machine Market Global Growth, Trends and Forecast (2022 - 2027) By Types, By Application, By Regions and By Key Players: Iridian, Iriteck, IrisKing, Iris World

The global iris recognition machine market was valued at USD 2,911.7 million in 2021 and is predicted to reach USD 7,903.9 million by 2027, growing at an estimated 18.22% CAGR between 2022 and 2027.

Iris Recognition Machine Market Overview

Iris Recognition Machine is an important method used in identification of people. This technology uses mathematical pattern recognition technique on video images of both the irises, whose complex random pattern are stable, unique and are visible from certain distances. This technology is widely used due to the non invasive and non intrusive nature. Iris recognition thorough its video recognition technology and infrared illumination, acquire images of the intricate and detail rich structures of the iris that is externally visible. Moreover, it is now been used in different countries for different purposes like passport free automated border crossings and many more. The iris recognition is segregated based on application which includes travel and immigration, government organization, military and defense, banking and finance, consumer electronics, health care and others.

According to the Federal Trade Commission, identity thefts related to the payment and banking sector are prominent in the United States, which, in turn, would boost the adoption of secured biometrics solutions. The Digital Identity Tracker Report released by Pymnts in March 2021 suggested that financial institutes like the TD Bank operating in the United States are focusing on digital identity verification solutions to strengthen the customer on-boarding processes with major contribution in verifying the CIP and KYC procedures. With financial institutes operating in the country, considering the implementation of various identity verification software, iris recognition systems and software are poised to become increasingly relevant.

Industry News and Updates

Jan. 18, 2022: Princeton Identity Announces Partnership with Emphor Trading LLC, Abu Dhabi, Bringing Biometric Identity Solutions to Security Installations throughout the Middle East and Africa-- 

Princeton Identity (PI), a leading developer of iris and face biometric identity solutions, announced today that it has entered into a partnership agreement with Emphor Trading LLC, Abu Dhabi, a division of ScreenCheck and part of The Centena Group. Emphor Trading, respected as a technology pioneer throughout the Middle East and Africa, delivers end-to-end security solutions in twenty-five countries within the region. 

October 20, 2021: IriTech partners with Patron to develop Embedded Camera Module featuring both Iris Identification and Eye Tracking functions for AR / VR / MR Devices-- 

IriTech, Inc. announced that it is developing a camera module featuring both iris identification and eye tracking in one camera sensor with IR LEDs for AR / VR /MR devices, which are vital components of the Metaverse – and emerging and fast-growing market. The camera module will be manufactured by Patron Co., Ltd., the global leading Samsung-spun-off mobile camera module manufacturer. Iris biometrics is selected since it is more accurate and effective than facial and fingerprint counterparts, especially in AR / VR /MR devices, where there are camera sensors positioned very close to the eyes. The partnership comes amid a hot Metaverse and NFT market trend where Facebook, Microsoft, Nvidia, Fortnite’s owner Epic Games, and even Apple are investing billions of dollars on their Metaverse plans.

What are the major Applications, Types and Regions for Iris Recognition Machine Market?

Iris Recognition Machine Market is segmented based on the type, applications, companies and regions.

By Type, it is segmented into

• Iris Smart Lock


• Handheld Iris Terminal


• Embedded Iris Recognition Instrument


• Contact Iris Collector


• Cabinet Type Iris Recognition Machine


• Others

By Applications, it is segmented into

• Access Control System


• Printer


• Computer


• Management Software


• Electronic Equipment


• Wearable Device


• Other

Iris Recognition Machine Market Regional Analysis

APAC is expected to account for the largest share of the iris recognition market during the forecast period. The increasing consumer electronics industry, particularly the smartphone market in this area, makes APAC the most appealing business destination for iris recognition products and solution suppliers. Samsung Electronics (South Korea), a leading smartphone and tablet manufacturer, has production facilities in this region and has implemented iris recognition technology to improve the safety and security aspects of its latest devices. This reason is also helping to drive the iris recognition market in APAC forward.

• North America
  
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East & Africa
  
  
  • Latin America
  
  
  
  

The Iris Recognition Machine Market describes the factors driving the global growth opportunities in upcoming years and highlights market channels. In addition, the report analyzes market size and share, trends, by geographic region, end-use type and segment. It focuses extensively on revealing a detailed regional analysis. The Global Iris Recognition Machine Market report also conducted a PESTEL analysis of the industry to study the main influencing factors and entry barriers of the industry.

What is our Iris Recognition Machine Market report scope?

Key Takeaways from this Iris Recognition Machine Report

• Evaluate Iris Recognition Machine market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level - for product types, end use applications and by different industry verticals.


• Understand the different dynamics influencing the market - growth driving factors, specific challenges and hidden opportunities.


• Get in-depth insights on your competitor performance – revenue, shares, business strategies, financial benchmarking, product benchmarking, SWOT analysis and more.


• Analyze the sales and distribution channels across geographies to enhance top-line revenues.


• Understand the demanding supply chain with a deep dive on the value augmentation at each, in order to optimize value and bring efficiencies in your processes.


• Get a quick outlook on the Iris Recognition Machine market entropy - M&A's, deals, partnerships, product launches of all key players for the past 4 years.


• Evaluate the import-export statistics, supply-demand and competitive landscape for more than top 20 countries globally for the market.

Frequently Asked Questions

What is the growth rate of Iris Recognition Machine Market?

The Iris Recognition Machine Market is growing at a CAGR of 18.22% over the next 5 years.

Who are the key players in Iris Recognition Machine Market?

Iridian, Iriteck, IrisKing, Iris World, Jiris, Panasonic, IRISIAN

What are the significant types of Iris Recognition Machine Market?

Iris Smart Lock, Handheld Iris Terminal, Embedded Iris Recognition Instrument, Contact Iris Collector, Cabinet Type Iris Recognition Machine, Others

What are the major end-use applications of Iris Recognition Machine Market?

Access Control System, Printer, Computer, Management Software, Electronic Equipment, Wearable Device, Other

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