The Iris Recognition Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Iris Recognition Global Market
Report 2024, The iris recognition market size has grown rapidly in recent
years. It will grow from $3.96 billion in 2023 to $4.57 billion in 2024 at a
compound annual growth rate (CAGR) of 15.5%. The growth in the historic period
can be attributed to increasing security concerns, government initiatives for
biometric id programs, expansion in law enforcement and surveillance, growing
application in healthcare, increasing demand in financial services.
The iris recognition market size is expected to see rapid growth in the next
few years. It will grow to $8.5 billion in 2028 at a compound annual growth
rate (CAGR) of 16.8%. The growth in the forecast period can be attributed to
widespread adoption in mobile devices, expanding applications in smart cities,
growth in healthcare biometrics, increased integration in access control
systems, rising demand for contactless authentication. Major trends in the
forecast period include government initiatives and regulations, emergence of
wearable technology, focus on user convenience and experience, cloud-based iris
recognition solutions, cross-industry collaboration.
The increasing frequency of fraudulent activities is expected to propel the
growth of the iris recognition market forward. Fraudulent activities refer to
an unethical activity that allows the perpetrator to gain money or an
advantage. Iris recognition technology is very useful in fighting identity
theft and fraud. Increasing fraudulent activities increases the need for
high-security systems and it can be accomplished by iris recognition. For
instance, according to the US Federal Trade Commission, a US-based trade law
enforcement agency, in 2021, fraud complaints increased by 19% as compared to
2020. Identity theft was the most common fraud and increased by 3.3% to reach
1.43 million as compared to 1.39 million in 2020. Financial losses due to fraud
rose 77% from the previous year and accounted for more than $6.1 billion. As a
result, the increasing fraudulent activities is driving the iris recognition
market.
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The iris recognition market covered in this report is segmented –
1) By Product: Smartphones, Wearables, Tablets And Notebooks, Personal
Computers, Scanners
2) By Component: Hardware, Software
3) By Application: Identity Management And Access control, Time Monitoring,
E-Payment
4) By End-User Industry: Consumer Electronics, Healthcare, BFSI (Banking,
Financial Services And Insurance), Military And Defense, Government, Other
End-User Industries
Major companies operating in the iris recognition market are developing
innovative products with advanced technologies, such as face recognition
technology, that identify or verify individuals by analyzing and comparing
patterns of facial features captured by imaging devices, typically for
security, authentication, or surveillance purposes. For instance, in November
2022, NEC Corporation, a Japan-based multinational information technology and
electronics corporation, launched a multimodal biometric authentication
solution that combines its face recognition and iris recognition technologies,
both of which have been named the world's best by the US National Institute of
Standards and Technology (NIST). The solution achieves high authentication
accuracy with a false acceptance rate of one in 10 billion, making it suitable
for strict access control in critical facilities and high-security areas.
The iris recognition market report table of contents includes:
1. Executive Summary
2. Iris
Recognition Market Characteristics
3. Iris
Recognition Market Trends And Strategies
4. Iris
Recognition Market - Macro Economic Scenario
5. Global
Iris Recognition Market Size and Growth
.
32. Global Iris Recognition Market Competitive Benchmarking
33. Global
Iris Recognition Market Competitive Dashboard
34. Key
Mergers And Acquisitions In The Iris Recognition Market
35. Iris
Recognition Market Future Outlook and Potential Analysis
36.
Appendix
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