Rapid Infrastructural Development Activities Coupled with the Expansion of Hospitality & Healthcare Sector Would Drive the Saudi Arabia Biometrics Market in the Next Six Years - 6Wresearch
During 2014-16, Saudi Arabia biometrics market witnessed steep drop in demand owing to declining oil prices and deteriorating economy. However, post 2017, the market witnessed growth attributed to reviving investments in various infrastructure projects, Saudi Vision 2030 along with recovery of the oil prices.
According to 6Wresearch, Saudi Arabia Biometrics market revenues are projected to cross $52.9 million by 2024. Government initiatives along with rapid urbanization, and rising need for advanced vigilance systems are likely to emerge as the key drivers for the growth of Saudi Arabia 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. Saudi Arabia biometrics market recorded miniscule share of local players in the overall market.
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According to Rishi Malhotra, Sr. Research Analyst, Research and Consulting, 6Wresearch, "Government & Transportation sector held 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 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- center 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. The report estimates and forecast the overall Saudi Arabia biometrics market by technology, applications, verticals, and regions. The report also offer an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.
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