November 12, 2015 -
A Frost & Sullivan report entitled “5-year Opportunity Analysis of the Global Iris Recognition Market”, finds that the iris recognition market will increase revenues from $142.9 million in 2014 to reach $167.9 million in 2019.
The report finds that iris recognition will experience strong growth in the hospitality, healthcare and finance sectors over the long term as prices decline.
“Global security threats and fraudulent activities heighten the need for iris recognition systems,” said Ram Ravi, Frost & Sullivan measurement and instrumentation industry analyst. “As a result, the technology will find use in national identification, border control and law enforcement.”
As Ravi explains in the report, the accuracy of iris recognition and the unchanging state of the iris throughout an individual’s lifetime are two factors that make a convincing argument for the deployment of the technology.
As a contactless and non-intrusive method of identification, iris recognition will also increase in the healthcare space in the long run, while the integration of iris capture into smartphones offer many growth opportunities in the biometric space, said the report.
As cameras continue to be integrated into smartphones to capture individual iris patterns, increasing customer acceptance of the technology will help drive an enormous number of commercial opportunities, according to the research.
“Although the modality is anticipated to be the next big thing in biometrics, the high associated costs stall widespread installations,” said Ravi. “Continuous research and development will reduce costs and widen the application scope of iris recognition beyond government identification projects, carving a prominent niche for this promising technology.”
The report is part of Frost & Sullivan’s Automatic Identification & Security Growth Partnership Service program.
The analyst offers several related studies including World Real-time Location Systems (RTLS) Market, Global Radio-frequency identification (RFID) Market in Retail, and Global Finger and Palm Vein Biometrics Market.
Previously reported, Tractica published a new report simply entitled “Iris Recognition”, which predicts that iris recognition device shipments will total 262 million by 2024.