In terms of revenue, the Global Iris Recognition Market is expected to reach USD 5.9 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 12.8% from 2022 to 2028.
Recently, the electronic sector is growing rapidly; the introduction of iris technology in consumer electronics industry especially in smartphones has generated huge demand for Iris Recognition Market. Rising demand in scanners and access control applications is another factor that fuel market growth.
- The hardware sub-segment of the component segment is anticipated to dominate the Iris Recognition Market. For hardware technology, the Iris Recognition Market is showing huge growth; additionally, majority of the components in consumer electronics are used as hardware for accurate functioning. Thus, in coming years this segment is expected to grow.
- The smartphones sub-segment of the application segment is accounted for the largest market share in 2021 for the Iris Recognition Market. Smartphones are considered to be the most advance technology of the 21st century. IRIS technology is embedded in this smartphones makes it more capable of functioning and deliver accurate results. Hence, in coming years the growth of iris in smartphone manufacturing domain is expected to grow.
- Asia Pacific is the largest regional segment. This surge is attributed to the rising demand for iris technology in developed economies such as the U.S. and Canada. The growing manufacturing industry and flexible market players drive this region. Also, technological advancements and high potential and availability of skilled labour make this region flourish during the forecast period.
The future trend of market is expected to grow owing to increasing use of consumer electronics in day-to-day life. Opportunities such as cost effectiveness, target technology advantage, Research and Development (R&D) initiatives, high demand from the travel/immigration industry, and increased adoption in enterprises is expected to drive the Iris Recognition Market in near future. The integration of cloud computing technology with the iris biometrics system has created opportunities for the growth of the Iris Recognition Market.
Asia Pacific is expected to dominate the Global Iris Recognition Market in 2021 and is likely to continue the same trend during the forecast period. This region has the most advanced professionals and funds for investing in iris technology. Also, growing technological advancements with the availability of surplus knowhow in executing this technology makes this region prominent for the market to flourish in coming years. On the other hand, developing countries such as India, China and Indonesia are showing huge potential in coming years. However, insufficient funds, lack of skilled labour and social issues make it difficult for the market to grow.