MarketsandMarkets Forecasts $4.3 Billion Iris Recognition Market

Biometrics NewsIris Recognition

Biometrics News - MarketsandMarkets Forecasts $4.3 Billion Iris Recognition Market

MarketsandMarkets has released a new report that predicts that the iris recognition market will climb from $2.3 billion to $4.3 billion between 2019 and 2024. The figure represents a CAGR of 13.2 percent.

The research firm attributes the projected growth to the need for strong security in both the public and the private sector. Iris recognition can be used for access control and to guard against data breaches and other cyber threats, making it one of the more popular biometric modalities with banks, the government, immigration, and military organizations.

At the product level, iris scanners are expected to make up the largest portion of the iris recognition market, with most of the demand coming from Asia and North America. e-Payments will be the application with the highest CAGR as more organizations use iris recognition to authenticate transactions and reduce the threat of identity fraud.

In recent years, the UN Refugee Agency has used iris recognition to register refugees, while the Government of India has used the technology to facilitate the distribution of benefits to farmers. However, a study in Biomedical Engineering found that current iris tech is less accurate for people with diabetes.

MarketsandMarkets has previously issued similarly rosy forecasts for the fingerprint, face, and far-field voice recognition markets.

October 22, 2019 – by Eric Weiss