Biometrics access control systems are expected to gain more momentum in Saudi Arabia over the next six years amid rapid infrastructural development activities, coupled with the expansion of the hospitality and healthcare sector, according to 6Wresearch.
The market research firm made that point in a recent report titled "Saudi Arabia Biometrics Market (2018-2024)." According to the report, the country's biometrics market revenues are projected to cross US$52.9 million by 2024.
The study notes that the Saudi biometrics market had gone through a decline but is now experiencing a rebound. "From 2014 to 2016, the Saudi Arabia biometrics market witnessed a steep drop in demand owing to declining oil prices and a deteriorating economy. However, post-2017, the market witnessed growth attributed to reviving investments in various infrastructure projects, Saudi Vision 2030 and a recovery oil prices," the report said.
Saudi Vision 2030 is an initiative launched by Saudi Arabia. Among its various objectives are lowering the country's rate of unemployment from 11.6 percent to 7 percent, increasing small and medium business contribution to GDP from 20 percent to 35 percent, and increasing women's participation in the workforce from 22 percent to 30 percent, according to the project's website.
Media Courtesy : Asmag