The iris recognition market is projected to grow from USD 3.7 billion in 2022 to USD 8.4 billion by 2027, registering a CAGR of 15.4% during the forecast period. The growing use of iris recognition technology in the travel & immigration industry and the increasing demand from offices and commercial sectors are expected to propel the iris recognition market in the next five years. However, the complexity of integrating iris recognition technology into conventional identification solutions and the competing biometric technologies are likely to pose challenges for the industry players.
Key players operating in the market include Thales (France), IDEMIA (France), HID Global Corporation (US), Iris ID, Inc. (US), IriTech, Inc. (US), IrisGuard Ltd. (UK), EyeLock LLC (US), NEC Corporation (Japan), Princeton Identity (US), and CMITech Company, Ltd. (Korea), among others. Major strategies adopted by top players to enhance their product portfolios, increase their market share, and expand their presence in the market include new product launches and deals such as acquisitions and partnerships.
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Thales became a prominent player in the digital identity and security market, followed by the acquisition of Gemalto (France) in April 2019. After this acquisition, Gemalto operated as one of the business divisions of Thales and was named Digital Identity and Security (DIS). Gemalto is a digital security solutions provider. It was formed in 2006 due to a merger between two smart card manufacturers, namely Gemplus International (Luxembourg) and Axalto (Netherlands). In 2017, Gemalto acquired the 3Ms (US) Identity Management Business, which included 3M Cogent Inc., a biometric solutions provider, and 3Ms Document Reader and Secure Materials Businesses. The companys biometric products comprise fingerprint, iris, and palm scanners. Gemalto Cogent Iris Scanner CIS202 is a dual iris scanner offered by the company. This device can capture both irises in less than 2 seconds and has near-infrared illuminators, LED lighting, and inbuilt spectral imaging sensitivity control to capture light in the 700–900 nm range. CIS202 is ideal for biometric applications in law enforcement and civil identity management, such as civil registry enrollment, biometric document issuance, applicant identification, border control, and inmate release management.
IDEMIA is a leading player in augmented identity. The company was formed by merging Oberthur Technologies (France) and Safran Identity & Security/Morpho (France). It offers technologies that enable citizens and consumers to securely perform regular critical activities such as making payments, connecting, traveling, and voting in physical and digital space. IDEMIA 3D Face, M-TRUST, MorphoWave Compact, and FuZion are the solutions offered by the company. IDEMIA specializes in three major biometric modalities, namely fingerprint, face, and iris recognition. OneLook is the iris recognition solution offered by the company. On average, this product captures iris and face biometrics in less than 3 seconds and is ideal for identity management applications. Typical application environments for this product include airports (for border control and self-service airline facilities, such as bag drop, check-in, security access, and boarding) and public enrollment. The company has recorded that over 5 million biometric devices were deployed worldwide for government & enterprise applications. IDEMIA, through its solutions, serves clients from various sectors, including financial, telecom, identity, public security, and IoT. The company has offices in the US, France, India, and Singapore.
Iris Recognition Market by Component (Hardware, and Software), Product (Smartphones, Scanners), Application (Identity Management and Access Control, Time Monitoring, E-payment), Vertical and Region - Global Forecast to 2027
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