Saudi’s biometric market experiencing robust growth

Saudi’s biometric market experiencing robust growth

Despite a steel drop in demand due declining oil prices and a deteriorating economy the Saudi market for biometrics products has since 2017 witnessed robust growth, according to a new report from 6Wresearch.

This upsurge has been attributed to substantial investment in mega infrastructure projects due to Saudi Vision 2030 along with recovery from decreasing oil prices. Revenues are expected to cross the $52.0m by 2024.

In terms of domestic manufacturing, currently, the market is at a niche stage; with over 85% of the total revenues coming from foreign players, Saudi Arabia biometrics market recorded miniscule share of local players in the country.

According to Siddhant Sharma, research analyst, Research and Consulting, 6Wresearch, “in terms of technology, fingerprint recognition segment held the highest revenue share in 2017 on account of higher installation in commercial offices, government & transportation, and hospitality & healthcare verticals.”

“Moreover, amongst all the regions, in 2017, the Western Region held major revenue share and is expected to maintain its leadership during the forecast period. The regional growth is mainly attributed to ongoing/upcoming infrastructure projects including commercial buildings and transport development. The region also includes Makkah and Madinah; centre for Islamic pilgrimage, resulting as a key driving factor for higher adoption for biometrics solutions.” Siddhant concluded.

Some of the major players in Saudi Arabia biometrics market includes- Suprema LLC, ZK Technology, Assa Abloy Group, M2SYS Incorporation, 3M Cogent, Precise Biometrics, NEC Corporation, Morpho SA, and Aware LLC.

Saudi Arabia biometrics Market (2018-2024)  provides an in-depth analysis with 73 figures and 11 tables covered in more than 130 pages and can be purchased in full from

www.6Wresearch.com



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