Iris recognition technology market projected for significant growth

According to research firm TechNavio, the need for advanced security has resulted in significant growth for the global iris recognition technology market, which is expected to post a CAGR of 23.5 percent from 2014-2019.

There is a huge requirement for advanced security in the financial, government, transportation, healthcare and defense sectors, as these areas deal with confidential data. Since data theft from any of these sectors could expose sensitive information and even endanger national security, strict security has become essential to avoid unauthorized intrusions.

“Strong security measures like iris recognition are the need of the hour, since the unique properties of irises can help provide a higher level of safety than other biometric authentication solution,” says Faisal Ghaus, Vice President of TechNavio.

The latest report by TechNavio emphasizes high adoption of biometrics across sectors, and specifically in government organizations. Governments worldwide are adopting biometrics in various projects like e-passports, e-visas and driving licenses so as to avoid the duplication of identity cards and to prevent identity theft.

“3M Cogent, BioEnable Technologies, Cross Match Technologies and Safran are some of the major vendors in the market,” says Ghaus.

The full report can be purchased at http://www.technavio.com/report/global-iris-recognition-market-2015-2019.