Iris Recognition Market Outlook 2023-2028: Industry Share, Growth Opportunity (CAGR) of 19.8%, Future Trends and Forecast
According to the latest report by IMARC Group, titled, “Iris Recognition Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” 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...