NEW YORK, Sept. 13, 2016 /PRNewswire/ -- Iris recognition identifies people via the geometric patterns in their irises, which are as unique as a fingerprint. This technique requires an infrared (IR) image of the eye because the majority of the world's population has dark brown eyes, the iris features of which cannot be seen in visible light. Originally developed by two ophthalmologists during the 1980s, iris recognition was restricted by concept patents that expired in 2005. Since then, innovation and competition have made iris recognition one of the best performing of all biometrics modalities. 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.
Iris recognition has traditionally been the domain of purpose-built devices such as immigration kiosks, cash dispensers, and biometrics jump kits used by soldiers in forward situations. These devices are expensive, in part due to their usage environments. However, the recent availability of iris imaging onboard mobile devices is likely to expand its use cases at small incremental cost. Starting from a base of $587 million in 2015, global iris recognition revenue is forecast to reach $1.92 billion by 2024, with cumulative revenue for the 10-year period totaling $11.7 billion at a compound annual growth rate (CAGR) of 14%.
This report examines the market for iris recognition biometrics hardware, including 10-year forecasts for the period from 2015 through 2024. The report examines 20 use cases specific to iris recognition. The report forecasts revenue and device shipments for standalone devices and integration into mobile devices. Within each world region, market forecasts are further segmented by industry and use case, to suggest where the opportunities lie. The report also includes profiles of 18 key industry players in the iris recognition market.
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