The iris recognition biometrics market is going through a strong growth phase, according to a report from tech research firm TechNavio. The firm’s researchers predict a 23.5 percent CAGR for this market between 2014 and 2019.
The researchers point to healthcare, financial, government, defense, and transportation as the key sectors driving demand for iris recognition technology. Speaking in a press release, TechNavio Vice President Faisal Ghaus explained that “security measures like iris recognition are the need of the hour, since the unique properties of irises can help provide a higher level of safety than other biometric authentication solution.” However, the report also identifies the “Availability of Inexpensive Alternatives” as a key challenge to the iris recognition market, and indeed, in recent months we have modalities like fingerprint scanning get some major exposure in the mainstream market via mobile device deployments.
Still, there are good reasons for optimism about iris scanning. The technology continues to make significant advancements, with companies like IriTech developing systems that can function in bright sunlight. Consumers seem warm to the technology as well, with a recent survey indicating that young consumers expect it to be a popular means of authentication in the near future. Meanwhile, large-scale applications at the enterprise and government levels continue apace.
March 6, 2015 – by Alex Perala