Research group Technavio has predicted that increased use of iris recognition in multimodal solutions, education and financial services will be key trends in coming years.Projecting that the global iris recognition market will grow at a CAGR of over 21% to reach almost USD 5 billion by 2020, the group stated that the technology is increasingly being used in monitoring systems for security-related applications in airports, government buildings, and border control.In the “Global Iris Recognition Market 2016-2020″, Technavio predicts that the introduction of iris recognition into multimodal biometrics will accelerate.”Iris recognition combined with facial and fingerprint identification is widely accepted for border control. ߪ [While] multimodal biometrics is gaining prominence in countries such as the US, Japan, and Australia where they are deployed for national ID, voter registration, national healthcare, and e-passport projects”.Meanwhile, it also expects adoption of iris recognition biometrics in the BFSI sector.”iris biometrics-based ATMs are considered to be more secure than PIN-based ATMs. For instance, in 2015, Qatar bank QNB implemented an iris recognition system provided by IrisGuard at its branches and ATMs to deliver secure banking services to its clients”.It also cited the use of iris biometrics in the education sector, noting that it can be used for a number of applications, such as book borrowing, cashless canteen systems, vending machines, time and attendance systems, and school payments.With technological advances and rising security concerns, iris biometrics technology is being used to authenticate individuals for online examinations. Iris scans are being used by a number of schools for identification purposes, thus eliminating the need for ID cards and badges” said Amrita Choudhary, lead analyst for the automatic identification systems industry at Technavio.
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