The global iris recognition market size is expected to grow from USD 2.3 billion in 2019 to USD 4.3 billion by 2024, at a CAGR of 13.2% during the forecast period. The high adoption of iris recognition technology by government organizations for identification and authentication purposes is the primary driving factor for the iris recognition industry. The increasing penetration of iris recognition technology in the consumer electronics vertical, and high demand for iris scanners for the access control application are a few other key factors having a positive impact on the growth of the iris recognition market.
The iris recognition market for smartphones is expected to witness significant growth during the forecast period. The rising penetration of biometric technologies, including iris recognition for enhancing security features in smartphones, is the main factor boosting the growth of the market for smartphones.
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The market for the e-payment application is expected to grow at the highest rate during the forecast period. This growth can be attributed to the growing demand for iris recognition technology to authenticate the user making e-payments. This will help to curb the cases of identity fraud and internet fraud and make e-payments more safe and secure.
Among all verticals, the iris recognition market for consumer electronics is expected to grow at the highest CAGR from 2019 to 2024. Rise in the adoption of iris recognition technology, especially by the smartphone industry, for the access control application is the major reason for the high growth of this vertical in the market. APAC is the major region generating demand in the iris recognition industry for the consumer electronics vertical.
Among all regions, the iris recognition market in APAC is expected to grow at the highest CAGR during the forecast period. There is a high demand for iris recognition devices for use in consumer electronics, government, banking & finance, travel & immigration, and military & defense verticals. Key players in the iris recognition industry are grabbing opportunities by launching new products and partnering with companies in the biometric technology industry. Besides, partnerships & product launches, expansions, agreements, & acquisitions were a few of the other strategies adopted by companies in this market to strengthen their market position.
