Saudi biometrics market will reach $1.5b by 2019
Saudi Arabia’s biometrics market is in its nascent stage, where market is yet to witness swashbuckling growth
The market for biometrics in Saudi Arabia is incrementing on the back of increasing IT spending, growth registered in biometric-based, access control systems, and increasing adoption of biometrics technologies across industry verticals, “Saudi Arabia Biometrics Market (2014-2019): Market Forecast by Technology, Application and Regions" report said.
Saudi Arabia’s biometrics market is in its nascent stage, where market is yet to witness swashbuckling growth.
In global biometrics market, contribution of Saudi Arabia was mere 3 percent in 2013. Lack of awareness is the major factor, which has restricted the penetration of biometrics systems in the country.
However, in the forecast period, the market for biometrics in the country is anticipated to register growth on account of increasing investments, government projects, expansion of BFSI and IT/ITeS sector, and introduction of e-passports & visas.
Saudi Arabia’s biometrics market is projected to reach $1.5 billion by 2019.
The growth of the market would be majorly controlled by fingerprint biometrics technology.
Ease of installation & usage and lower cost have led for the rapid adoption of fingerprint biometrics technology systems in the country.
Over the next five years, fingerprint biometrics technology is expected to maintain its dominance, but, other technologies such as facial and IRIS recognition would exhibit higher growth rate, primarily driven by government projects.
Riyadh, Jeddah, Makkah and Madinah are witnessing such developments on larger scale, the report noted.
Urban development, infrastructure expansion, flow of foreign investments and establishment of new enterprises across various verticals in these areas have led for the adoption of biometrics technologies, especially fingerprint biometrics in the Kingdom, the report added.
This article was first published in Saudi Gazette on Thursday, Aug. 21, 2014.
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