Idemia notes strength in iris biometrics market forecast for $4.8B value in 2027
Idemia explains how iris recognition works, including to identify children as young as four years old, and notes during a recounting of how “Afghan Girl” was identified from an 18-year-old National Geographic cover photo. Iris recognition algorithms have entropy of up to 240 bits, Idemia says, while 33 bits are sufficient to differentiate between every person on earth.
Ultimately, the company pitches its OneLook iris biometric solution, which the company says works with people at a distance and while moving.
Analysts agree on growth, but not size
Knowledge Sourcing Intelligence predicts iris biometrics will be worth more than $1.85 million in 2026, almost tripling from $676.8 million in 2019 at a 15.5 percent compound annual growth rate (CAGR).
The ‘Iris Recognition Market – Forecasts from 2021 to 2026’ report suggests the market’s growth will be driven by growing adoption of advanced security technology to fight cybercrime in several industry verticals, and booming demand for smart devices, including potentially in the consumer segment.
The report breaks down the market based on component, product type, and end-users, and analyzes market dynamics.
There is significant disagreement about the market’s current size, however.
The global market is forecast by Global Industry Analysts to be on track to reach $4.8 billion by 2027, growing at a 10.8 percent CAGR from $2.3 billion in 2020.
The U.S. accounts for more than a quarter of that market, GIA says, estimating its 2020 revenues at $629.5 million, just shy of Knowledge Sourcing Intelligence’s claim for the global market in the previous year.
China will outstrip the overall market’s growth with a 13.7 percent CAGR over the forecast period, according to GIA’s ‘Global Iris Biometrics Industry’ report.
Software makes up just over half of the iris biometrics market today, according to the report, and will grow at a 12 percent CAGR over the next 7 years.