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 17.7%

Iris recognition technology has gained significant momentum in recent years, owing to its high level of accuracy and reliability in identifying individuals. Iris recognition technology uses an individual's unique iris pattern as a biometric identifier, and this technology is rapidly gaining popularity across various industries, including government, healthcare, banking, and security.

The growing demand for sophisticated security systems is one of the main factors driving the iris recognition industry. A higher level of protection is offered by iris recognition technology than by conventional security methods like passwords or PINs, which are more vulnerable to attack. Because it can identify people fast and precisely, this technology is being used more and more in access control systems, border control, and other security applications.

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Iris recognition technology utilisation is significantly increasing in the healthcare sector as well. Iris recognition technology is used to authenticate patients, stop medical identity fraud, and offer secure access to medical records. In order to improve patient outcomes, this technology is also utilised to monitor patient behaviour, such as medication compliance and vital signs.

The rise of e-commerce and the need for secure online transactions are also driving the growth of the iris recognition market. Iris recognition technology is being used for secure authentication of customers during online transactions, providing an added layer of security to prevent fraud and unauthorized access to sensitive information.

Key players

Key players in the iris recognition 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.

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