According to 6wresearch, Saudi Arabia Biometrics market revenues are projected to cross $52.9 million by 2024. During 2014-16, the Saudi Arabian biometrics market witnessed a steep drop in demand owing to declining oil prices and deteriorating economy. However, post 2017, the market witnessed robust growth attributed to substantial investment in mega infrastructure projects, Saudi Vision 2030 along with recovery from decreasing oil prices.
Government initiatives along with rapid urbanisation, and rising need for advanced vigilance systems are likely to emerge as the key drivers for the growth of the Saudi Arabian biometrics market over the coming years. In terms of domestic manufacturing, currently, the market is at a niche stage; with over 85% of the total revenues coming from foreign players, the Saudi Arabian biometrics market recorded miniscule share of local players in the country.
According to Rishi Malhotra, Sr. Research Analyst, Research and Consulting, 6wresearch, “The Government & Transportation sector held the majority of the revenue share in 2017 on account of greater number of government infrastructure projects including construction of roads, airport, metro, ports, and power plants.” “However, during the forecast period, the Hospitality & Healthcare sector is expected to record highest growth owing to ongoing construction activities, along with upcoming events in the country including Global Health Exhibition and Formula E World Championship” Rishi further added.
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.