FB pixel

Iris recognition market to reach $167.9M by 2019: report


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.

Article Topics

 |   |   |   |   |   |   |   |   | 

Latest Biometrics News


U.S. academic institutions get biometric upgrades with new partnerships

A press release says ROC (formerly Rank One Computing), which provides U.S.-made biometrics and computer vision for military, law enforcement…


Smart Bangladesh 2041: Balancing ambition with reality

Bangladesh aims to be a “Smart” nation by 2041 as the country goes through a drastic transformation founded on digital identity…


Nigeria’s NIMC introducing one multi-purpose digital ID card, not three

The National Identity Management Commission of Nigeria (NIMC) has clarified that only one new digital ID card with multiple functions…


Age assurance tech is ready now, and international standards are on their way

The Global Age Assurance Standards Summit has wrapped up, culminating in a set of assertions, a seven-point call-to-action and four…


NIST finds biometric age estimation effective in first benchmark, coming soon

The U.S. National Institute of Standards and Technology presented a preview of its assessment of facial age estimation with selfie…


Maryland bill on police use of facial recognition is ‘strongest law in the nation’

Maryland has passed one of the more stringent laws governing the use of facial recognition technology by law enforcement in…


12 Replies to “Iris recognition market to reach $167.9M by 2019: report”

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Most Read From This Week

Featured Company

Biometrics Insight, Opinion

Digital ID In-Depth

Biometrics White Papers

Biometrics Events