A new report calls Saudi Arabia “one of the fastest growing markets in the Middle East,” according to a synopsis. Produced by TechSci research, the “Saudi Arabia Biometric Systems Market Forecast & Opportunities, 2020” report predicts a CAGR of 22 percent over its forecast period.
According to the report, the high rate of market growth can mostly be attributed to demand for biometric technology from the consumer electronics, government, BFSI, and energy sectors. Biometric authentication on mobile devices is a major emerging trend as well, being led mostly by mobile commerce and payment systems – which could experience a major boom as new mPayment platforms enter the market this year to compete against the pioneering Apple Pay. That’s true in other countries too, of course, and indeed a lot of the growth that Saudi Arabia is projected to enjoy can be attributed to the same trends happening all over the world – the rise of multimodal systems, declines in prices, and so on.
If there is something salient about the Saudi Arabia market, it might be the role of government in promoting demand and growth. The national government has been busy implementing a national biometric registry somewhat similar to India’s ambitious Aadhaar project, and has also set up a biometric border screening system for Umrah pilgrims. Its interest in biometric technology for security purposes and others shows no sign of waning, and that will continue to be a major factor driving growth as the national market continues to grow.
May 25, 2015 – by Alex Perala