A recently released analysis suggests iris recognition technology could generate revenues of $518.6 million by 2009.
According to Frost & Sullivan, the global growth consulting firm that conducted the analysis, the large potential for earnings is a result of the technology’s high accuracy level.
Regardless of the industry’s projected potential, the analysis, titled “World Iris Recognition Biometrics Market,” says revenue has come at a slower rate than expected.
Analysts attribute the industry’s slow earnings to delayed customer decision-making and long sales cycles, particularly from the government, its largest patron.
