February 4, 2016 -
Technavio has published a new report that analyzes key trends expected to affect the global iris recognition market from 2016 through 2020.
Based on Technavio’s projections, the global iris recognition market is expected to grow at a CAGR of over 21% to reach nearly US$5 billion by 2020.
In the report, Technavio’s ICT industry research analysts identify the top three trends as iris recognition technology’s introduction into multimodal biometrics, its adoption in the BFSI sector, and its use in the education sector.
First, iris recognition is increasingly being integrated in multimodal biometrics to more accurately identify and verify individuals.
For instance, airport security divisions around the world are combining iris recognition technologies with facial and fingerprint identification as a widely accepted form of border control.
There is also an increase in the use of multimodal biometrics in countries such as the US, Japan, and Australia where they are deployed for national ID, voter registration, national healthcare, and e-passport projects.
Second, there has been a growing adoption rate of iris recognition biometrics in the banking, financial services, and insurance (BFSI) sector as a replacement for PINs, account numbers, and paper-based credentials.
Using iris biometrics, banking customers have the ability to check their account balance, perform transactions, and access other financial services from remote locations.
Banking customers in some countries are using smart cards with an iris template in place of passwords to access and withdraw money from ATMs, which is a more secure method than a PIN system since an individual’s iris pattern cannot be faked, copied, or stolen.
Finally, iris biometrics technology is increasingly being used in the education sector for a range of applications, including book borrowing, cashless canteen systems, vending machines, time and attendance systems, school payments, and updating the performance of students.
In order to curb the growing number of security threats, several schools have even incorporated iris-based biometrics and access control systems to identify students and staff entering the building.
In addition to analyzing the top trends impacting the global iris recognition market, Technavio’s report also identifies the top five vendors in the market as being 3M Cogent, BioEnable, Crossmatch Technologies, Iris ID and IriTech.
Reported last month, Technavio Research released a report that forecasts the global biometrics market for the retail sector to reach over US$2 billion by 2020.