Report forecasts iris recognition device shipments to total $1.92B by 2024

July 14, 2015 - 

Tractica published a new report simply entitled “Iris Recognition”, which predicts that iris recognition device shipments will total 262 million by 2024.

The 60-page report examines the market for iris recognition biometrics hardware, including 10-year forecasts for the period from 2015 through 2024.

The report finds that iris recognition device shipments – including both standalone devices as well as iris recognition components in mobile devices – will grow from 7.9 million ($587 million) in 2015 to 55.6 million ($1.92 billion) annually by 2024.

During this 10-year period, the global market’s cumulative worldwide shipments will reach 262.8 million ($11.7 billion) with a CAGR of 24%.

“Innovation and competition have made iris recognition one of the best performing of all biometrics modalities over the past decade,” said Bob Lockhart, principal analyst at Tractica. “Small templates yield very low false accept rates. Search speeds approach 200 million irises per second. However, iris imaging competes with strong fingerprint recognition technologies, which perform as well but at a lower unit cost.”

The largest use cases for iris recognition will include consumer device authentication, government IT systems, mobile banking, and healthcare provider access, said Lockhart.

The report segments each world region (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.) by industry and use case to highlight possible opportunities.

Additionally, the report includes profiles of 18 key industry players in the iris recognition market, including Crossmatch, Delta ID, EyeVerify, FIDO Alliance, Fulcrum Biometrics, Honeywell, HYPR, ImageWare Systems, Iris ID Systems, IrisGuard, IriTech, M2SYS Technology, MorphoTrust USA, Neurotechnology, Nok Nok Labs, SRI International, UBKEY Innovation and Vision-Box.

Previously reported, Tractica published a new report entitled “Facial Recognition,” which predicts that annual facial recognition devices and licenses will increase from 28.5 million in 2015 to more than 122.8 million worldwide by 2024.

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About Justin Lee

Justin Lee has been a contributor with Biometric Update since 2014. Previously, he was a staff writer for web hosting magazine and website, theWHIR. For more than a decade, Justin has written for various publications on issues relating to technology, arts and culture, and entertainment. Follow him on Twitter @BiometricJustin.