Iris recognition, which identifies people via the geometric patterns in their irises using infrared (IR) imaging, has experienced a strong period of technological innovation since 2005. While iris recognition has traditionally been the domain of expensive purpose-built devices for government, military, and banking applications, the availability of lower-priced iris imaging onboard mobile devices such as smartphones and tablets is poised to stimulate new growth in the market.
According to a new report from Tractica, iris recognition device 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%.
“Innovation and competition have made iris recognition one of the best performing of all biometrics modalities over the past decade,” says 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 adds that the largest use cases for iris recognition will include consumer device authentication, government IT systems, mobile banking, and healthcare provider access.
Tractica’s report, “Iris Recognition”, examines the market for standalone and mobile iris recognition biometrics devices, including 10-year forecasts for the period from 2015 through 2024 that are segmented by use case, industry, device category, and world region. The report examines 20 use cases specific to iris recognition and includes profiles of 18 key industry players. An Executive Summary of the report is available for free download on the firm’s website.