The consumer product and retail market refers to technologies and solutions that are used for identity verification and authentication across retail verticals. Biometric technology solutions such as fingerprint, iris, and facial recognition are gaining immense popularity for making payments as well as identifying customers at retail stores. Iris scanning in particular leaves an accurate and visible record and does not require physical contact like fingerprints, making the identification process much more hygienic. The rising demand for contactless and seamless customer experiences is a major driver for adoption of iris biometrics at retail outlets. The Global Consumer Product and Retail Market Size is estimated to be valued at US$ 24.21 Bn in 2024 and is expected to exhibit a CAGR of 18% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the consumer product and retail market are IDEMIA, Iritech Inc., IrisGuard UK Ltd., BioEnable Technologies Pvt. Ltd., NEC Corporation, Aware Inc., Gemalto NV (Thales Group), Iris ID Inc., Princeton Identity Inc., HID Global, and EyeLock LLC. These players are focusing on developing innovative iris scanning solutions to gain a larger share of the market.
Growing use of smartphones and increasing penetration of online shopping are some of the major factors boosting demand for contactless identification and payment solutions. Iris biometrics is aiding in providing seamless shopping experiences to customers.
Technological advancements have enabled miniaturization and mass production of iris scanners. Integrating iris scanning capabilities directly into smartphones is a major trend, as it allows for multi-purpose authentication for payments, app access, and device unlocking.
Market Trends
Mobile iris scanning is emerging as a prominent trend, with major smartphone brands integrating iris authentication features. Iris scanning provides fast and secure user identification compared to traditional username-password or fingerprint methods. The convenience of iris scanning directly on mobiles is driving its adoption across both B2C and B2B segments.
Adoption of iris biometrics has increased across retail verticals such as supermarkets and groceries for allowing express checkout facilities. Major retail chains are partnering with iris scanning solution providers to deploy this technology across their physical stores to enhance customer experiences.
Market Opportunities
Integration of iris authentication with other digital identification tools can open up opportunities across government sectors such as Aadhaar enrollment, e-KYC, and driver's licensing. Leveraging the accuracy of iris biometrics with digital ID systems can boost efficiency of governance services.
iris biometrics holds potential for use in smart buildings, offices, and commercial facilities for seamless access control, attendance tracking and security. Combining iris recognition with IoT and cloud-based solutions can help develop advanced security and authentication ecosystems.
Impact of COVID-19 on Consumer Product and Retail Market
The COVID-19 pandemic has significantly impacted the consumer product and retail market globally. During the initial phases of the pandemic, lockdowns and social distancing measures led to the closure of retail stores across major markets. This adversely affected the sales of consumer products. However, with people spending more time at home, the demand for certain consumer goods like food and beverages, home improvement, and personal care products increased. Meanwhile, the retail sector accelerated its shift towards omnichannel operations and e-commerce emerged as an important sales channel. Major retailers ramped up their online presence and leverage technologies like AI and analytics to provide personalized shopping experiences to customers. Supply chain disruptions impacted product availability initially but the situation is improving now with resumption of operations. Going forward, retailers will have to develop agile and resilient omni-channel strategies to engage with customers effectively in the post COVID world.
North America currently accounts for the largest share of the global consumer product and retail market in terms of value. The US and Canada are the major revenue generators, driven by high per capita spending on consumer goods and services. Changing consumer lifestyles and preferences for premium and niche brands is strengthening the market growth. Meanwhile, Asia Pacific is projected to be the fastest growing regional market during the forecast period. Countries like China, India and Southeast Asian nations offer immense opportunities owing to their expanding middle-class population, rising disposable incomes and evolving retail landscape. E-commerce is seeing accelerated uptake in the region which will drive future demand for consumer products.
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