Iris Scanner Market Expected to Reach $8.0 Billion, Globally, by 2032 at 10.2% CAGR: Allied Market Research
Tuesday, October 17, 2023
The global iris scanner market is driven by several factors, including the surge in the adoption of iris scanners by government organizations, the growing adoption of biometric authentication, and enhanced border control and travel security measures.
PORTLAND, Ore., Oct. 9, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Iris Scanner Market by Component, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2023-2032." According to the report, the global iris scanner industry generated $3.1 billion in 2022, and is projected to reach $8.0 billion by 2032, registering a CAGR of 10.2% from 2023 to 2032.
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The Iris scanner market is the industry that is involved in the development, manufacturing, and distribution of iris recognition technologies and devices. An iris scanner is a biometric system that captures and analyzes a person's unique iris pattern. The iris (also known as the pupil) is the portion of the eye that is colored. The iris scanner uses high resolution cameras and advanced algorithms to scan the iris pattern and convert it into a digital template. This template can then be saved and compared for identity verification purposes.
Iris scanners can be used in a various application, such as access control systems, border control systems, time and attendance tracking, secure verification for electronic devices, high accuracy, security, and convenience Iris patterns are highly unique and stable over a person's lifetime. The iris scanner market continually innovates to enhance the speed, accuracy, and reliability of iris recognition systems, making them a popular choice for organizations and individuals seeking robust biometric security solutions.
Prime Determinants of Growth:
The global iris scanner market is driven by several factors, including the surge in the adoption of iris scanners by government organizations, the growing adoption of biometric authentication, and enhanced border control and travel security measures. However, competing biometric technologies hindered the market growth to some extent. On the contrary, border control and travel are expected to provide lucrative opportunities for the growth of the market.
Report Coverage and Details:
Report Coverage
Details
Forecast Period
2022-2032
Base Year 2022
Market Size in 2022
$3.1 Billion
Market Size in 2032
$8.0 Billion
CAGR 10.2 %
No. of Pages in Report 271
Segments covered
Component, Industry Vertical, and Region
Drivers Increased adoption of iris scanner by government
organizations
Adoption of biometric authentication
Opportunities
Border control and travel
Restraints
Competing biometric technologies
COVID-19 Scenario:
-- The COVID-19 pandemic had a mixed impact on the global iris scanner
market. The increased focus on contactless technologies and heightened
security measures has driven demand for iris scanners in applications
such as access control and identity verification.
-- However, the pandemic disrupted supply chains and delayed deployment
plans in various sectors, impacting the market's growth trajectory.
Despite these challenges, the long-term prospects for iris scanner
adoption remain positive as organizations prioritize secure and
touchless authentication solutions in a post-pandemic world.
The hardware segment to maintain its lead position during the forecast period
Based on component, the hardware segment accounted for around three-fourths of the total revenue in the global iris scanner industry in 2022, and it is expected to maintain its lead position during the forecast period. The same segment would also display the fastest CAGR of 10.82% during the forecast period. This is due to the continual advancements and investments in physical components essential for the efficient operation of iris scanners. These include the iris capture device, light sources, lens systems, and processing units, which are fundamental in ensuring the accuracy and reliability of iris recognition systems.
The healthcare segment to maintain its leadership status throughout the forecast period
Based on industry vertical, the consumer electronics segment held the major share in the global iris scanner market in 2022, holding nearly one-fourth of the market revenue. The remarkable growth of this segment can be attributed to the increasing integration of iris-scanning technology into personal devices like smartphones, tablets, and laptops. On the other hand, the healthcare segment is expected to maintain its leadership status throughout the forecast period. The same segment would showcase the fastest CAGR of 12.46% from 2023 to 2032. Owing to a heightened emphasis on securing patient data and ensuring accurate patient identification.
Asia-Pacific to maintain its dominance by 2032
Based on region, North America held the major share in 2022, contributing to more than one-third of the global iris scanner market revenue. The growth is attributed to the region's advanced technological infrastructure and a heightened emphasis on security. However, the Asia-Pacific region is expected to maintain its dominance during the forecast period. The same region is projected to experience the fastest CAGR of 11.82% from 2023 to 2032. Primarily propelled by rapid technological advancement and the extensive adoption of iris scanning technologies in various sectors, including government and healthcare.
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Leading Market Players:
-- DERMALOG Identification Systems GmbH
-- M2SYS Technology
-- IrisGuard Ltd.
-- ams-OSRAM AG.
-- EyeLock LLC.
-- Princeton Identity
-- CMITech Company, Ltd.
-- HID Global Corporation
-- Thales Group
-- Iris ID, Inc.
The report provides a detailed analysis of these key players in the global iris scanner market. These players have adopted different strategies such as product launches, expansions, and acquisitions to increase their market penetration and strengthen their position in the industry. The report helps determine the business performance, operating segments, developments, and product portfolios of every market player.
Key Benefits for Stakeholders:
-- This study comprises analytical depiction of the Iris scanner market
size along with the current trends and future estimations to depict the
imminent investment pockets.
-- The overall Iris scanner market analysis is determined to understand the
profitable trends to gain a stronger foothold.
-- The report presents information related to key drivers, restraints, and
opportunities with a detailed impact analysis.
-- The Iris scanner market forecast is quantitatively analyzed from 2022 to
2032 to benchmark the financial competency.
-- The Porter's five forces analysis illustrates the potency of the buyers
and suppliers in the Iris scanner market.
-- The report includes the share of key vendors and Iris scanner market
trends.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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SOURCE Allied Market Research
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