Northbrook, IL 60062 -- (SBWIRE) -- 11/22/2022 -- 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.
Increased adoption of iris recognition technology for identification and authentication by government organizations and high penetration of iris recognition technology in consumer electronics, especially smartphones, drive the market for iris recognition. Growing demand from the healthcare sector will also boost market growth in the coming years.
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Acceptance of biometric technologies can minimize online fraud. With the use of biometric technologies, only authorized individuals can access sensitive data or conduct transactions. Biometric technologies in e-commerce ensure that transactions on purchasing products online are made in a secure environment. The major advantages of using a biometric payment technology are that it offers top-notch security provisions, which are hard to tamper with, and provides simple online procedures to make it easy for novices to shop online. Furthermore, the demand for multifactor authentication is projected to increase due to the rising volume of online transactions and high client adoption of digital banking. Large organizations are being pushed to implement strong authentication procedures for user identification due to the surge in e-commerce and internet banking usage, along with mandated rules from central banks.
The rising demand from travel & immigration organizations has increased the adoption of iris recognition technology. This is attributed to heightened security concerns. Furthermore, growing deployment in airports across the globe is driving market growth. For instance, Hammad International Airport and Ashgabat International Airport use iris recognition technology to accurately identify passengers while keeping them safe and healthy.
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The government sector is one of the early adopters of iris recognition technology, generating high demand for iris recognition products and solutions. This is one of the major factors fueling the growth of the iris recognition market. Government organizations/agencies/departments worldwide can be seen utilizing iris recognition technology for identification and authentication purposes. For instance, Somaliland's National Electoral Commission used iris recognition technology in the presidential election to create a voter registration list and remove duplicate names from the rolls. As of August 2019, the Unique Identification Authority of India (UIDAI), under its national identity program, generated Aadhaar numbers for 1,241,613,275 citizens. UIDAI uses various biometric technologies for enrolment, including iris recognition technology. This demand is expected to escalate further during the forecast period.