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.
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"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.
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5-year Opportunity Analysis of the Global Iris Recognition Market
SOURCE Frost & Sullivan