According to a new report from Tractica, iris recognition device shipments will rise from 10.7 million units in 2016 to 61.6 million units in 2025, driven by growth in consumer and government applications.
The market research firm said the recent technology advances that have brought infrared (IR) cameras and light sources to smartphones and tablets have also opened up a new world of use cases for iris recognition in consumer applications. Tractica forecasts that, driven largely by the growth of consumer use cases, the iris recognition market will expand from $676.6 million in 2016 to $4.1 billion by 2025. During this period, annual worldwide iris recognition device shipments will increase from 10.7 million units to 61.6 million units annually, with 277.4 million cumulative shipments over 10 years.
“Iris recognition is now gaining traction as a secure and consumer-friendly biometric modality, thanks to growing competition and innovation as well as successful pilot projects around the world,” said Tractica Principal Analyst Keith Kirkpatrick.
Kirkpatrick added that the consumer market will be the largest sector for iris recognition adoption, followed by government, healthcare, finance, healthcare, non-governmental organizations, law enforcement, and defense. The firm’s analysis also indicates that some of the largest use cases will include consumer device authentication, pharmacy dispensing, cashpoint/automated teller machine (ATM) access, aid distribution and fraud reduction, and healthcare provider access, among many others.
An executive summary of the report is available for free download on the Tractica’s website.
