Iris recognition is the most accurate biometric modality available in the market today, scanning more than 250 signature points to collect data from a source while competing systems scan less than a 100, according to a report from Frost & Sullivan. But questions remain on the technology’s ability to succeed in the face of the rising popularity of fingerprint recognition solutions, the report says.
The study finds that the market earned revenues of $142.9 million in 2014 and estimates this will reach $167.9 million in 2019. Iris recognition will make gains in the hospitality, healthcare and finance sectors over the long term as prices decline, the firm says.
“Global security threats and fraudulent activities heighten the need for iris recognition systems,” Ram Ravi, Frost & Sullivan measurement and instrumentation industry analyst, said in a statement. “As a result, the technology will find use in national identification, border control and law enforcement.”
The accuracy of iris recognition and the unchanging state of the iris throughout a person’s lifetime make a strong case for the use of the technology, the report says. As a contactless and non-intrusive method of identification, iris recognition will also rise in the healthcare space in the long run, it says. Furthermore, the integration of iris capture into smartphones can create far-reaching affects in the biometric market.
As cameras in smartphones become viable tools for capturing individual iris patterns, customer acceptance of the technology will pave the way for many commercial opportunities, Frost & Sullivan says.
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