Middle East region is emerging as a key growing region in global biometrics market, where countries such as UAE, Turkey and Saudi Arabia are exhibiting tremendous growth in overall biometrics market. Amongst all Middle East countries, Saudi Arabia is one of the fastest growing biometrics markets. 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.
According to 6Wresearch, Saudi Arabia’s biometrics market is projected to reach $1.5 billion by 2019. Fingerprint recognition technology occupies lion’s share in the overall market due to its ease of usage, cost efficiency and higher return on investments. Though, fingerprint technology market is anticipated to remain dominant during 2014-19, but higher growth rates are expected from other biometrics technologies such as face and IRIS recognition.
Increasing government initiatives and mandatory policies have contributed for the growth of biometrics technologies in the country. For instance, government has mandated biometrics enabled visas for all the tourists visiting in the country, which is spurring the demand for biometrics technologies.
In Saudi Arabia biometrics market, government, travel and transportation segment has generated majority of the market revenues. Growth of e-Visas and passports are expected to boost the biometrics market over the next five years. e-Visas based on face and fingerprint biometrics would be issued to various applicants. Additionally, General Directorate of Passports has mandated fingerprinting for all the expatriate women residing in the country, thereby further fuelling the growth of biometrics market in Saudi Arabia.
In the forecast period, penetration of biometrics technologies is expected to gain momentum in other verticals such as Banking & Finance, Retail, Hospitality and Oil & Gas, which would bolster the demand for various biometrics systems in the country.