International. According to a new research report, the size of the global iris recognition market is expected to grow from US$2.3 billion in 2019 to US$4.3 billion in 2024, at a CAGR of 13.2% from 2019 to 2024. Demand for biometric systems around the world is on the rise in both the public and private sectors, according to MarketsandMarkets.
One of the main reasons for this increase in demand is the growing need for surveillance and security, due to factors such as the increase in terrorist attacks, the crime rate, data breaches and cybercrime. As iris recognition is one of the most preferred biometric technologies, this factor has also led to the increased demand for iris recognition systems.
Scanners will lead the iris recognition industry, by product, in terms of size, in 2019. The high adoption of iris scanners from the vertical sectors of government, banking and finance, military and defense, and travel and immigration, especially for identity management and access control application, is the main reason behind most of this segment in the market.
Meanwhile, the iris recognition market for electronic payment application is expected to witness the highest growth during the forecast period. This growth can be attributed to the growing demand for iris recognition technology to authenticate users who make electronic payments. This will help curb cases of identity fraud and internet fraud and make electronic payments more secure. The identity management and access control application is expected to dominate the iris recognition industry, in terms of size, during the forecast period.
APAC (Asia Pacific) is expected to have the largest share of the global iris recognition industry in 2019. China and India are the key countries contributing to the growth of the market in APAC. The Americas are expected to account for the second largest share of the iris recognition market throughout the forecast period. The United States and Canada are important countries that generate demand for iris recognition devices in this region.
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