According to a new report from market research firm Tractica, iris recognition shipments – including both standalone devices as well as iris recognition components in mobile devices, will grow from 7.9 million in 2015 to 55.6 million annually by 2024. During that period, cumulative worldwide shipments will reach 262.8 million, with a compound annual growth rate (CAGR) of 24 percent.
While iris recognition solutions have traditionally been the domain of expensive, purpose-built devices for government, military and banking applications, Tractica said that the availability of lower-priced iris imaging solutions onboard mobile devices is expected to stimulate new growth in the market.
“Innovation and competition have made iris recognition one of the best performing of all biometrics modalities over the past decade,” said Tractica Principal Analyst Bob Lockhart. “Small templates yield very low false accept rates. Search speeds approach 200 million irises per second. However, iris imaging competes with strong fingerprint recognition technologies, which perform as well but at a lower unit cost.”
Lockhart added that the largest use cases for iris recognition will include consumer device authentication, government IT systems, mobile banking, and healthcare provider access.
Click here for more information or to download a free executive summary of the report.
