The global iris recognition market is in for huge growth over the next several years, according to a new forecast from Tractica. The market research firm projects that it will rise from an estimated value of $676.6 million last year to $4.1 billion by the year 2025, with annual shipments of iris scanning devices rising from 10.7 million units to 61.6 million over that same period.
The growth will be driven primarily by consumer devices, Tractica says. It’s a sensible assessment, given the rising need for biometric authentication on smartphones, and current efforts by consumer electronics giant Samsung to pioneer iris scanning in its mobile devices. As principal analyst Keith Kirkpatrick puts it in a summary of the report, “Iris recognition is now gaining traction as a secure and consumer-friendly biometric modality, thanks to growing competition and innovation”.
But other sectors will help to boost growth, too. Tractica highlights government, finance, healthcare, NGO, and security applications for iris scanning technology, and says that “some of the largest use cases” will include biometric ATMs, pharmacy dispensing, and aid distribution, among others.
March 10, 2017 – by Alex Perala