Iris Recognition Biometrics Market to Eclipse $4B Globally by 2025, Report Says
Iris recognition device shipments are forecast to increase from 10.7 million units in 2016 to 61.6 million units in 2025.
BOULDER, Colo. – The iris recognition market is projected to expand from $676.6 million in 2016 to $4.1 billion by 2025, driven largely by the growth of consumer and government use cases, according to market intelligence firm Tractica.
During the forecast period, annual worldwide iris recognition device shipments will increase from 10.7 million units to 61.6 million units annually, with 277.4 million cumulative shipments over 10 years, according to Tractica, based here.
“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, Tractica.
The application of iris-based biometrics was previously hamstrung by a major conceptual patent that remained in force until 2005, according to Kirkpatrick. However, in subsequent years more than 10 well-qualified manufacturers of iris recognition hardware, along with various software providers, have launched around the world, thereby making the technology a reality across a variety of geographic regions and use cases.
Further, recent technology advances have brought infrared (IR) cameras and light sources to smartphones and tablets, opening up a new world of use cases for iris recognition in consumer applications.
The consumer market will be the largest sector for iris recognition adoption, followed by government, healthcare, finance, non-governmental organizations, law enforcement and defense, according to Kirkpatrick.
Tractica’s analysis indicates that some of the largest use cases will include consumer device authentication, pharmacy dispensing, ATM access, aid distribution and fraud reduction, healthcare provider access, among many others.
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