By 2018 the Russian biometrics market is expected to achieve revenues up to USD 393 million, according to a recent report by Research and Markets. Traditionally driven by government initiatives, security threats, IT security spending, and growth in the construction market, it is forecasted that the opportunities found in the 2014 Sochi Winter Olympics and 2018’s FIFA World Cup will break the market right open in terms of demand.
Any lag that the Russian Federation has been experiencing in the market has been due to price sensitivity and slow growth in the economy which is to be met with prompt growth, expected in the Central and North Caucasus regions, in the wake of next year’s Olympic games, and imports of security systems are forecasted to rise along the way. According to the report, fingerprint recognition technology already held the highest revenue share in 2012, alongside other physical access applications, and over 12 million citizens have been issued biometric passports.
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