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Increased Incidences of Cybercrime Helps the Deployment of More Robust Security Boosting Iris Recognition Market to Grow with a CAGR 12.8% from 2022 to 2028

As stated in our extensive report; providing insights on Key Drivers, Key Restraints, Segments (i.e., By Component, Product, Application, Vertical and Region); the Global Iris Recognition Market accounted for USD 2.9 Billion in the year 2021.

Iris recognition or iris scanning is the process of using visible and near-infrared light to take a high-contrast photograph of a person's iris. It's a type of biometric technology that's similar to fingerprinting and facial recognition. The iris recognition market is benefiting from the growing deployment of multi-factor authentication services in government organizations, aerospace, and defense. Irises of different individuals are architecturally distinct and distinctive, allowing them to be used for recognition, identity, and authentication despite their genetic similarities.

Iris recognition, often known as iris scanning, is a technique for recognizing people based on their iris patterns. The method captures a high-contrast image of the iris using visible and near-infrared light. Computer vision, pattern recognition, statistical inference, and optics are all used in the technology. This type of biometric device allows law enforcement agents to compare a suspect's iris image to a database. In addition, to decrease security breaches, various nations throughout the world are adopting similar systems in airports, points of entrance or exit, and other authorized locations.

The widespread use of iris recognition technology for identification and verification reasons by government entities is the key driver of market growth. Other significant aspects that are favorably benefiting the iris recognition industry's growth include the increasing penetration of iris recognition technology in the consumer electronics vertical and the high demand for iris scanners for access control applications. Because of opportunities such as the growing number of distribution channels, Research and Development (R&D) projects, high demand from the travel/immigration industry, and greater use in businesses, the market holds huge potential in the future.

The high cost of iris recognition technology is a major hindrance to this sector. This iris recognition system will almost certainly cost five times as much as fingerprint scanning. Another significant stumbling block in this sector is that the iris is a very small target to scan perfectly. An individual's head must be motionless to scan the iris adequately. Furthermore, any reflection makes it harder for the computers to distinguish the iris. As a result, it is a major stumbling block for the worldwide iris recognition market. Alternative low-cost solutions such as smart cards and token-based authentication are posing a threat to the worldwide iris recognition market since they are cheaper than iris recognition systems.

Asia Pacific holds the largest share in the Iris Recognition Market and is expected to continue this trend in the forecast period. This is owing to the rising consumer electronics industry in the region.

Some of the key players in the Global Iris Recognition Market include- Thales Group (France), IDEMIA (France), Iris ID (US), IriTech (US), HID Global (US) and others.