BURNABY, Canada, April 17, 2015 /PRNewswire/ --
Increasing adoption in government projects, growing security concerns, and technological advancement to drive biometric systems market in Saudi Arabia until 2020
According to a recently released TechSci Research report, "Saudi Arabia Biometric Systems Market Forecast & Opportunities, 2020", biometric systems market in Saudi Arabia is projected to register growth at CAGR of over 22% through 2020. The market is expected to witness tremendous growth on account of ongoing technological developments, increasing number of government projects, and increasing security & authentication concerns in various verticals including banking and financial services, healthcare, oil & gas, and defense, among others. Being a major developing economy in the Middle East, Saudi Arabia is emerging as one of the fastest growing markets for biometric devices in the region.
The need for more secured authentication & verification is increasing in Saudi Arabia, to counter time-theft, security breaches, and financial frauds in the country. This increased need for better products, which are cost-efficient as well as more accurate, is driving the market for biometric devices in the country. In accordance with the changing needs of consumers, biometric technology has undergone radical changes, which has led to adoption of high-end technology products such as iris scanners, 3-D facial recognition devices, etc. Growing adoption of new technologies is further driving the market for biometric systems in Saudi Arabia.
"Government segment, which includes both defense and non-defense applications, is expected to continue its dominance in Saudi Arabia biometric systems market over the next five years. Increasing adoption of iris technology in defense segment, fingerprint technology and other biometric technologies in public as well as private offices, and increasing use of biometrics in government projects in education and travel & immigration sectors, are the major factors driving biometric systems sales in the country.", said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Saudi Arabia Biometric SystemsMarket Forecast & Opportunities, 2020" has evaluated the future growth potential, and provides statistics and information on market structure, size, and share of Saudi Arabia biometric systems market. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in Saudi Arabia biometric systems market.
About TechSci Research
TechSci Research is a global market research and consulting company with offices in Canada, UK and India. TechSci Research provides market research consulting services in six verticals - Information Technology, Chemicals, Water & Water Recycling, Consumer Goods & Retail, Automotive and Energy & Power. The company uses proprietary innovative business model that focuses on improved productivity that also ensure the creation of high-quality reports. With more than 100 client engagements with fortune 500 clients, TechSci Research enjoys the status of a premium market research services provider in the industry.
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SOURCE TechSci Research