Austin, May 08, 2025 (GLOBE NEWSWIRE) — Iris Recognition Market Size & Growth Insights:
According to the SNS Insider,“The Iris Recognition Market Size was valued at USD 4.41 Billion in 2023 and is expected to reach USD 19.13 Billion by 2032 and grow at a CAGR of 17.74% over the forecast period 2024-2032.”
The increasing requirement for secure and accurate authentication is driving the growth of the iris recognition market.
The iris recognition market is burgeoning, owing to improved sensor technology that provides faster, flexible, and reliable means of identification and boosts security. Recent advances in biometrics sensor fabrication are concentrating on compactness and processing efficiency to allow seamless incorporation into multifunctional applications. This yields systems which are increasingly accurate and generalizable to diverse environments. Iris recognition in IoT and smart city fundamentals provide heightened security capabilities through contactless access control, surveillance, and digital identification. Iris recognition was popularized for identity authentication, fraud prevention, and access control in 2024 in the United States, spanning government, banking, finance, and healthcare sectors. With an estimated market value of USD 1.21 Billion in 2023 and a forecast to reach USD 5.16 in2032 at a CAGR of 17.52% the US iris recognition market.
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Leading Market Players with their Product Listed in this Report are:
- IriTech, Inc. (IriShield Binocular BK2121)
- IrisGuard Ltd. (EyePay® Network)
- NEC Corporation (NEC Iris Recognition Technology)
- Iris ID, Inc. (iCAM TD100)
- Thales Group (Gemalto Cogent Iris Scanner CIS202)
- IDEMIA (MorphoWave Compact)
- HID Global (iCLASS SE® RB25F)
- EyeLock LLC (EyeLock Nano NXT)
- Princeton Identity Inc. (IOM Access200)
- CMITech Company, Ltd. (EF-45N Dual Iris Recognition System)
- Aware, Inc. (KnockKnock)
- BioEnable Technologies Pvt. Ltd. (BioEnable Iris Scanner)
- Diebold Nixdorf (Iris-enabled ATMs)
- Recogtech B.V. (IrisOne)
- SRI International (IOM PassPort).
Iris Recognition Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 4.41 Billion |
| Market Size by 2032 | USD 19.13 Billion |
| CAGR | CAGR of 17.74% From 2024 to 2032 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segmentation | • By Component (Hardware, Software) • By Product (Smartphones, Wearables, Tablets & Notebooks, Personal Computers/Laptops, Scanners) • By Application (Identity Management and Access Control, Time Monitoring, E-Payment) • By Vertical (Military & Defense, Banking & Finance, Travel & Immigration, Government, Healthcare, Consumer Electronics, Automotive) |
| Key Drivers | • Advancing Iris Recognition Technology Driving Secure Authentication Across Government Finance Healthcare and Consumer Devices.
• Expanding Opportunities in Iris Recognition for Biometric Payments Automotive Security and Contactless Authentication Solutions. |
This is being propelled by the factors such as increasing concern over cyberattacks, the rise of its use in border control and airport security, and the shift towards contactless authentication in the post-pandemic world. Moreover, stringent government enforcement towards biometric security activists and rising importance to ensure confirmation of employment is further boosting the market growth. advances in AI ways and machine learning, iris recognition technology is proving increasingly accurate, more functional and thus more useful across the board, with uses in industries from healthcare to finance to defense.
Iris Recognition Market Share Analysis: By Component, Product, and Application, with Key Growth Drivers from 2024 to 2032
By Component
In 2023, Hardware captured the largest share of the iris recognition market, contributing to of 68.7% of the total market revenue due to the extensive use of iris scanners, biometric cameras, and infrared sensors in security, government, and defence applications. Data also fueled this dominance by the growing adoption of biometric authentication for border control, banking, and enterprise security. Further, the hardware segment benefited from the steady progress in sensor technology and the incorporation of biometrics into consumer electronics, including smartphones and wearables.
Based on the solutions, the software segment is anticipated to register the highest CAGR over the forecast timeframe, attributed to AI-based algorithms, cloud-based solutions, and the growing demand for scalable and cost-effective biometric systems.
By Product
In 2023, scanners occupied 34.3% of the iris recognition market share, due to their versatile application in government and defense, as well as border security with accurate scanners needed for national ID programmes, law enforcement and immigration control. In enterprise security and healthcare, standalone scanning devices are common, used for biometric authentication and secure access control.
Smartphones are expected to record the fastest CAGR From 2024 to 2032, this growth is attributed to the increasing adoption of iris recognition in mobile devices, including smartphones and tablets, for mobile authentication and digital payments. Experts believe the growth in this segment will be propelled by the demand for password-less security in conjunction with AI-driven advancements in facial and iris scanning.
By Application
In 2023, Identity Management and Access Control dominated the iris recognition market, accounting for 57.3% of the share, owing to the increasing deployment of biometric authentication for government, corporate security, defense, and border control. Iris recognition is chosen for high-security applications such as airports, national ID programs and enterprise access due to its accuracy and resistance to fraud. The move to contactless = authentication, especially post the pandemic, has had the effect of widespread adoption of iris = based access control in healthcare and critical infrastructure.
The e-payment segment will grow at a very high rate From 2024 to 2032 due to demand for secure but frictionless transactions as well as rising adoption of biometric payment technology in digital wallets and mobile banking.
By Vertical
In 2023, the government sector led the iris recognition market, holding a 39.6% share, due to the increased implementation of biometrics-based national ID programs, e-passports, border management, and law enforcement applications. Governments globally have adopted iris recognition to improve citizen identification, strengthen immigration security, and modernize voter registration systems the trend is increasingly towards contactless biometric identification for public services.
The banking and finance sector is expected to grow at the fastest CAGR From 2024 to 2032, Due to the increasing need for secure and fraud-resistant digital transaction solutions. As economies shift to cashless systems, iris recognition is being utilized by mobile banking, ATMs and digital payment systems.
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North America Dominates the Iris Recognition Market, with Asia Pacific Set for Rapid Growth
In 2023, North America held a 34.8% share of the iris recognition market, owing to the high adoption rate of biometric security systems in government, defense, banking, and consumer electronics sectors. Iris recognition was incorporated into border control initiatives such as the U.S. Customs and Border Protection’s Biometric Entry-Exit System, which improved immigration security. Wells Fargo and other financial institutions relied on biometric and iris recognition to protect banking transactions, and Apple’s biometric investment paved the way for future devices, as did the work of Microsoft.
The Asia Pacific region is expected to experience the fastest CAGR From 2024 to 2032, owing to the growing government initiatives, increasing mobile banking, and consumer electronics adoption. India maintains one of the largest biometric databases in the world, using iris recognition for citizen authentication and subsidy distribution, and China integrates iris recognition into smart city construction and surveillance. Samsung and other key smartphone manufacturers offering the support of iris recognition are driving the development of the regional market.
Recent News:
- On October 18, 2024, World coin, now rebranded as “World,” is expanding its iris-scanning “Orb” technology to create digital IDs for human verification. The company also introduced upgrades to the Orb, improving AI performance and offering alternative identity verification methods.
- On December 3, 2024, Customs and Border Protection will also expand its implementation of biometric iris recognition to bolster border security with plans to implement iris scans on an ongoing basis any time someone is detained at the border. The agency expects to reach almost complete use towards the end of the fiscal year and it will collaborate with all systems regarding back office supporting of this expansion.
Table of Contents – Major Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
5.1 Authentication Speed & Accuracy
5.2 Biometric Sensor Manufacturing Trends
5.3 Sensor Technology Advancements
5.4 Integration in IoT & Smart Cities
6. Competitive Landscape
7. Iris Recognition Market Segmentation, by Component
8. Iris Recognition Market Segmentation, by Product
8. Iris Recognition Market Segmentation, by Application
8. Iris Recognition Market Segmentation, by Vertical
9. Regional Analysis
10. Company Profiles
11. Use Cases and Best Practices
12. Conclusion
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