While Market Opportunities Abound, Lowering the Costs of Iris Recognition Crucial for Widespread Adoption

Advancements in visible spectrum iris capture will open up a myriad of applications for the nascent modality

Nov 09, 2015, 11:28 ET from Frost & Sullivan

LONDON, Nov. 9, 2015 /PRNewswire/ -- Iris recognition is the most accurate biometric modality available in the market today; it scans more than 250 signature points to collect data from a source while competing systems scan less than a 100. However, questions remain on the technology's capability to thrive in the face of the rising popularity of fingerprint recognition solutions. Research on visible spectrum iris capture will be vital to increased uptake across sectors.

New analysis from Frost & Sullivan, 5-year Opportunity Analysis of the Global Iris Recognition Market, finds that the market earned revenues of $142.9 million in 2014 and estimates this to reach $167.9 million in 2019. Iris recognition will make headway in the hospitality, healthcare and finance sectors over the long term as prices decline.

For complimentary access to more information on this research, please visit: http://ow.ly/UhhBg

"Global security threats and fraudulent activities heighten the need for iris recognition systems," said Frost & Sullivan Measurement and Instrumentation Industry Analyst Ram Ravi. "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 deployment of the technology. As a contactless and non-intrusive method of identification, iris recognition will also rise in the healthcare space in the long run.

Further, the integration of iris capture into smartphones can create far-reaching ripples in the biometric space. As cameras in smartphones become viable tools to capture individual iris patterns, customer acceptance of the technology will pave the way for a plethora of commercial opportunities.

"Although the modality is anticipated to be the next big thing in biometrics, the high associated costs stall widespread installations," noted Ravi. "Continuous research and development will reduce costs and widen the application scope of iris recognition beyond government identification projects, carving a prominent niche for this promising technology."

5-year Opportunity Analysis of the Global Iris Recognition Market is part of the Automatic Identification & Security Growth Partnership Service program. Frost & Sullivan's related studies include: World Real-time Location Systems (RTLS) Market, Global Radio-frequency identification (RFID) Market in Retail, and Global Finger and Palm Vein Biometrics Market. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.

About Frost & Sullivan

Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants.

Our "Growth Partnership" supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.

  • The Integrated Value Proposition provides support to our clients throughout all phases of their journey to visionary innovation including: research, analysis, strategy, vision, innovation and implementation.
  • The Partnership Infrastructure is entirely unique as it constructs the foundation upon which visionary innovation becomes possible. This includes our 360 degree research, comprehensive industry coverage, career best practices as well as our global footprint of more than 40 offices.

For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organisation prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?

Contact Us:     Start the discussion 
Join Us:           Join our community 
Subscribe:       Newsletter on "the next big thing" 
Register:         Gain access to visionary innovation

5-year Opportunity Analysis of the Global Iris Recognition Market


Julia Nikishkina
Corporate Communications – Europe
P: +7 (499) 213 0156
E: julia.nikishkina@frost.com
LinkedIn: Future of Measurement and Instrumentation
Twitter: @FS_Automation



SOURCE Frost & Sullivan