The latest report by IMARC Group, titled, “Iris Recognition Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the iris recognition market share. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global iris recognition market size reached US$ 3.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 10.0 Billion by 2028, exhibiting a growth rate (CAGR) of 19.8% during 2023-2028. Iris recognition is a method used to identify individuals based on their iris’ unique pattern. It is a form of biometric technology that utilizes a combination of computer vision, pattern recognition systems, statistical inference, and optics to get clear images of intricate structures. This method is compatible with eyeglasses and contact lenses and can also be used by the blind population. Due to its high accuracy, iris recognition technology is utilized for proper insurance status, preventing fraudulence and duplicate medical records. It is widely used in law enforcement and border control since it is highly resistant to false matches and provides high search speed against large databases.
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Industry Demand:
One of the key factors driving the global market is the increasing demand for high-security systems. This can be attributed to the rising number of crimes and threats of terrorist attacks across the globe. Moreover, several implications by the governments to install high-technology biometric systems to improve security conditions and prevent fraudulent activities are augmenting the demand across the globe. Furthermore, the increasing employment of iris scanners at airport points of entry and exit and other authoritative premises to reduce security breach incidences is acting as another growth-inducing factor. The market is further driven by other factors, including the wide adoption of iris recognition by healthcare sectors and continuous technological developments in iris recognition.
Competitive Landscape with Key Players:
The competitive landscape of the market has been analyzed in the report with detailed profiles of the key players operating in the market.
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