Iris Recognition Market Rises as Costs Fall: Report

Iris Recognition Market Rises as Costs Fall: ReportThe iris biometrics market is in for some steady growth over the next few years as it continues to overcome obstacles related to cost. Such is the outlook presented by Frost & Sullivan in a new report entitled “5-year Opportunity Analysis of the Global Iris Recognition Market”.

The growth consultancy says that last year the iris recognition market saw revenues totalling $142.9 million, and that in 2019 annual revenues will reach $167.9 million. The healthcare, hospitalist, and finance sectors will emerge as strong growth areas, while border control, law enforcement, and a national ID deployments will continue to play a leading role. Costs are expected to decline over time, helping to drive the spread of this highly accurate biometric modality across a range of industries and applications.

In a synopsis, Frost & Sullivan also asserted that “the integration of iris capture into smartphones can create far-reaching ripples in the biometric space,” and indeed, that is already starting to happen. This summer, Fujitsu’s Arrows NX F-04G became the world’s first iris-scanning smartphone, and now Microsoft is about to release its own iris-scanning Lumia 950 mobile device. Meanwhile, EyeVerify’s eye vein scanning technology was in the spotlight at this year’s Money20/20 conference, which could result in spillover interest in iris scanning as the payments industry gets increasingly excited about biometric authentication.