The iris recognition market will increase revenues from US$142.9 million in 2014 to reach $167.9 million in 2019, according to a report by Frost & Sullivan.
The report, “5-year Opportunity Analysis of the Global Iris Recognition Market,” finds that iris recognition will experience strong growth in the hospitality, healthcare, and finance sectors over the long term as prices decline.
Besides that, 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, the report said.
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.
The report is part of Frost & Sullivan’s Automatic Identification & Security Growth Partnership Service program. Related studies including world real-time location systems (RTLS) market, global RFID market in retail, and global finger and palm vein biometrics market are also offered.