Biometrics Market in MENA: Research Report, Trends, and Forecast 2015-2019
Market outlook of biometrics in the MENA region
The high adoption of biometric solutions in the oil and gas sector and government sector, in the MENA region, drives the growth of this market. Technavio’s market research analyst estimates a market growth rate of over 19% between 2015 and 2019.
Many banks and financial organizations in the Middle East are expected to shift toward multi-factor authentication over the next four years. Multi-factor authentication is a verification technique that uses two or more different authentication methods, acting as an additional security layer. Multi-factor authentication solutions incorporate the usage of various biometric technologies to authenticate payment transactions on mobile devices such as smartphones, tablets, and laptops.
For instance, fingerprint technology used to unlock a particular device is followed in tandem by a voice biometric system to authenticate an individual. Moreover, as multi-factor authentication does not require the installation of any hardware or software, its adoption is likely to gain significant traction in the MENA region during the forecast period.
Biometrics market in MENA by technology segmentation
- Fingerprint recognition
- Facial recognition
- Iris recognition
- Hand geometry recognition
- Vein recognition
- Voice recognition
Tachnavio’s market research analysts estimate a decline in the market shares of the fingerprint technology segment during the forecast period. The research study attributes it to a shift in preference towards other biometric technologies such as vein recognition. However, this segment is likely to retain its dominance over the market until 2019.
During the same period, the market is likely to witness a significant rise in the use of automated fingerprint identification system (AFIS) technology by the law enforcement agencies. Meanwhile, the facial recognition segment will continue to find wide adoption in government organizations on account of its mass surveillance capability.
Geographical segmentation of the MENA region for the biometrics market
- Saudi Arabia
Saudi Arabia emerged as the largest contributor to the biometrics market in 2014, and the trend is likely to continue through 2019. With the growing number of government initiatives in the construction sector in Saudi, the spending on various biometric technologies has significantly increased. Furthermore, the government of Saudi Arabia has made biometric-based visas mandatory for the annual Hajj. For all foreigners visiting Saudi Arabia, biometric-based passports is also a necessity.
Key vendor analysis for the biometrics market in MENA
Market vendors of biometric technologies are making concentrated efforts to provide customized solutions to customers, especially from the government and BFSI sectors to ensure that data confidentiality is maintained. To stay ahead of the competition, the leading biometric vendors expected to launch upgraded solutions at minimal charges during the forecast period.
Key questions answered in the report
- Market share analysis of MENA as compared to rest of the world until 2019?
- What are the key factors driving the global specialty paper market?
- What are the key market trends impacting the growth of the biometrics market in MENA?
- What are the various opportunities and threats faced by the vendors in the biometrics market in MENA?
- Trending factors influencing the market shares for Turkey, Saudi Arabia, UAE, Egypt, Iraq, and Israel?
- Key outcome of the five forces analysis on the biometrics market in MENA?
- Growth forecast of the biometrics market in MENA?
Technavio also offers customization on reports based on specific client requirement.