Innovation

Iris recognition market to reach $8.4B

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December 20, 2022

The iris recognition market will increase from $3.7 billion in 2022 to $8.4 billion in 2027, according to data from Research and Markets. It will grow at a compound annual growth rate of 15.4% during the forecasted period, according to a press release.

The Asia-Pacific region will dominate the market, as many countries such as Japan and China are using iris recognition technology at ATMs, airports, banks and government offices. India also introduced the unique identification for its citizens, which would issue one unique number per citizen.

The technology is also expanding in the consumer electronics, and travel and immigration industries, according to the release. However, the market is being held back by a risk of identity theft and privacy concerns.