Research and intelligence group Frost and Sullivan has said lowering the costs of iris recognition is “crucial” for widespread adoption.In a new report, the group writes that despite an increasing take-up of the technology, that questions remain over its capability to compete with fingerprint recognition solutions.In the analysis from Frost & Sullivan, “5-year Opportunity Analysis of the Global Iris Recognition Market”, the group said the iris recognition market earned revenues of $142.9 million in 2014 and estimates this to reach $167.9 million in 2019.It added that iris recognition will make headway in the hospitality, healthcare and finance sectors over the long term as prices decline.F&S said that research on visible spectrum iris capture will be vital to increased uptake across sectors, while noting that there is significant potential for the tech to penetrate a number of markets.”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.”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.”
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