Iris Recognition Market to See CAGR of 21 Percent Through 2021: Technavio

The global iris recognition market will grow at a CAGR of 21 percent between this year and 2021, according to a new market forecast from Technavio.

Iris Recognition Market to See CAGR of 21 Percent Through 2021: TechnavioEntitled, ‘Global Iris Recognition Market 2017-2021’, the report comes amid growing excitement around iris recognition in the mobile sector. Samsung has proven to be a champion of the technology, including it in its newest flagship smartphone devices this year; and meanwhile one of the biggest fingerprint sensor suppliers in the world, Fingerprint Cards, has expanded its portfolio to include iris authentication, in part to compensate for thinning margins in its mainstay business.

Technavio’s report, however, focuses on three different markets: The government, transportation, and healthcare sectors.

In a report summary, Technavio asserts that “iris recognition technology was widely adopted in the government sector in 2016”, with lead analyst Amrita Choudhury explaining that the “need to track employees and government initiatives such as e-passports, border control programs, and e-governance are fostering the growth of the market.”

Meanwhile, new regulations like the Health Insurance Portability and Accountability Act (HIPAA) are helping to drive the healthcare market, as well as the general trend of increasing digitization of sensitive data, and the need to accurately identify patients. In transportation, it’s the increasing use of biometric identity verification at border checkpoints that is helping to fuel the iris recognition market in this area, Technavio says.

Technavio’s full report is available for purchase through its website.

November 17, 2017 – by Alex Perala