Tractica report forecasts global iris recognition market to grow to $4.1B by 2025
Tractica has published a new report that examines the market for iris recognition biometrics hardware from 2016 through 2025, which forecasts that the number of iris recognition device shipments will increase from 10.7 million units in 2016 to 61.6 million units in 2025.
The iris recognition market, which will see 277.4 million cumulative shipments over the 10-year forecast, is driven by the continued growth in consumer and government applications.
According to Tractica’s “Iris Recognition” report, recent technology advances have brought infrared (IR) cameras and light sources to smartphones and tablets, opening up new use case opportunities for iris recognition in consumer applications.
“Iris recognition is now gaining traction as a secure and consumer-friendly biometric modality, thanks to growing competition and innovation as well as successful pilot projects around the world,” says Keith Kirkpatrick, principal analyst at Tractica.
Kirkpatrick adds that the consumer market will be the largest sector for iris recognition adoption, followed by government, healthcare, finance, healthcare, non-governmental organizations, law enforcement, and defense.
The report states that some of the iris recognition market’s largest use cases will include consumer device authentication, pharmacy dispensing, cashpoint/automated teller machine (ATM) access, aid distribution and fraud reduction, and healthcare provider access, among many others.
The report examines 20 use cases specific to iris recognition, 24 key industry players, and forecasts revenue and device shipments for standalone devices and integration into mobile devices.
Previously reported, Tractica published a new research report that finds that the biometrics market has reached a tipping point, forecasting that the annual global biometrics hardware and software revenue will grow from $2.4 billion in 2016 to $15.1 billion by 2025.