Iris Recognition Market Outlook 2023-2028: Industry Demand, Top Companies Share, Business Growth, and Forecast

SHERIDAN, WYOMING, UNITED STATES, March 15, 2023 /EINPresswire.com/ -- According to the latest report by IMARC Group, titled, “Iris Recognition Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global iris recognition market size reached US$ 3.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 10.0 Billion by 2028, exhibiting a growth rate (CAGR) of 19.8% during 2023-2028. Iris recognition is a biometric technology that uses the unique pattern of the iris in the eye to identify individuals. The iris contains a complex pattern of ridges, furrows, and freckles unique to each person. Iris recognition technology captures an image of the iris using a camera and then analyzes the image to extract the unique iris pattern. It is considered one of the most accurate biometric technologies, with a very low false acceptance rate. It is widely used for identity verification and access control in various applications, such as border control, financial services, healthcare, and law enforcement. The advantages of iris recognition include its high accuracy, non-invasiveness, and speed. It can also be used for large-scale identification in airports or other public places.

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Iris Recognition Market Growth:

The global market is majorly driven by the increasing demand for secure and reliable biometric technologies. In line with this, the rising adoption of iris recognition technology in various applications, such as access control, time and attendance, border control, and healthcare, is significantly contributing to the market growth. Furthermore, the growing use of mobile devices and the emerging trend of digitalization are positively influencing the market. Apart from this, the escalating need for secure authentication and access control in various industries, such as healthcare, banking, and government, is catalyzing the market. Moreover, the development of more advanced and cost-effective iris recognition technology is propelling the market. This is driving the demand for iris recognition in various applications, such as smartphones, wearables, and other consumer devices. Additionally, iris recognition offers a fast and convenient way to authenticate an individual's identity without needing physical contact or using passwords or PINs. This is accelerating the demand for iris recognition in various consumer applications, such as mobile devices and wearable technology.

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Competitive Landscape with Key Players:

The competitive landscape of the market has been analyzed in the report with detailed profiles of the key players operating in the market.

• BioEnable Technologies Pvt. Ltd.
• Iris ID Systems, Inc.
• IrisGuard
• M2SYS Technology
• Gemalto N.V.
• IRITECH, INC.
• SRI International
• HID Global Corporation
• EyeLock LLC

Breakup by Component:

• Hardware
• Software

Breakup by Product Integration:

• Smartphones
• Tablets
• Notebooks
• Scanners
• PCs/laptops
• Smartwatches
• Others

Breakup by End-User:

• Government
• Transportation
• Healthcare
• Others

Breakup by Region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key Highlights of the Report:

• Market Performance
• Market Outlook
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

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About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

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