BOULDER, Colo.--(BUSINESS WIRE)--For many years, iris recognition was largely a technology constrained to works of science fiction, being hamstrung by a major conceptual patent remaining in force until 2005. However, in the following 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.
According to a new report from Tractica, 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 market intelligence firm forecasts that, driven largely by the growth of consumer use cases, the iris recognition market will expand from $676.6 million in 2016 to $4.1 billion by 2025. During this 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.
“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 principal analyst Keith Kirkpatrick.
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. Tractica’s analysis indicates that some of the 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.
Tractica’s report, “Iris Recognition”, examines the market for iris recognition biometrics hardware, including 10-year forecasts for the period from 2016 through 2025. The report examines 20 use cases specific to iris recognition. The report forecasts revenue and device shipments for standalone devices and integration into mobile devices. Within each world region, market forecasts are further segmented by industry and use case. The report also includes profiles of 24 key industry players in the iris recognition market. An Executive Summary of the report is available for free download on the firm’s website.
Tractica is a market intelligence firm that focuses on human interaction with technology. Tractica’s global market research and consulting services combine qualitative and quantitative research methodologies to provide a comprehensive view of the emerging market opportunities surrounding Artificial Intelligence, Robotics, User Interface Technologies, Wearable Devices, and Digital Health. For more information, visit www.tractica.com or call +1.303.248.3000.