Tractica: Global iris recognition market to earn $4.1 billion by 2025

Iris recognition is becoming a more mainstream biometric access control and verification method, as shown by a report from market research firm Tractica. The global market revenue for this is estimated to balloon to $4.1 billion in 2025, a big leap from $676.6 million in 2016.

Tractica points to adoption of iris technologies in mobile devices and IR security cameras as the growth drivers. Other notable applications for these, include ATMs, aid and healthcare access and fraud detection. In India, for example, increasing uses and standardized information exchange for iris scanning and other biometric checks are said to be vital in making the country a ‘digitized economy’.

Globally, about 10.7 million iris recognition devices are expected by the firm to be shipped each year during the forecast period, according to the report. In terms of region, the Asia Pacific is seen to contribute the most to revenue gain.

Tractica adds that continuous innovation will also be key to success of the iris recognition product line. A number of makers are starting to roll out smarter and more secure units. In China, for instance, there are already iris scanning devices functioning as time attendance terminals and also adopting fingerprint or facial recognition, card readers and password security.