GCC Biometrics Market

GCC Biometrics Market Overview:

The GCC biometrics market was worth US$ XX Billion in 2022, expanding at a CAGR of X% during 2017-2022. Looking forward, the market is projected to grow at a CAGR of around X% during 2023-2028, reaching a value of US$ XX Billion by 2028. Biometrics are utilized to authenticate the identity of users by analyzing their physical, biological, and behavioral characteristics. Some commonly known biometrics identifiers include facial recognition, fingerprints, finger geometry, retina scanning, digital signatures, deoxyribonucleic acid (DNA) matching, heart-rate sensors, iris, vein, and voice recognition. They rely on advanced methodology, a secure system, and data and device access to provide convenience and reliability. They also offer various advantages, such as faster authentication, convenience, accuracy, flexibility, scalability, access control, high security, and assurance. As a result, biometrics are extensively utilized in the public banking, financial services, and insurance (BFSI), healthcare, aviation, information technology (IT), and telecommunication industries across the GCC region.

The market is primarily driven by the extensive applications of biometrics in various end-use industries. For instance, biometrics is extensively adopted in the healthcare sector to prevent fraudulent claims and enhance data security. Moreover, biometrics is utilized in the transportation sector to allow hassle-free traveling. Besides this, the escalating demand for biometrics in the banking, financial services, and insurance (BFSI) industry to secure sensitive data from fraud attacks represent another major growth-inducing factor. The market is further propelled by the installation of biometrics systems at seaports and airports to provide immigration control, surveillance, and access control to staff and authorities. Along with this, with the growing incidents of theft and criminal activities, the GCC government is developing and incorporating a biometric database to prevent convicted expatriate workers from re-entering the countries. This, coupled with the increasing utilization of cloud-based biometric systems in the education and training sector to record class attendance, augmenting the market growth. Apart from this, technological advancements in biometrics tools that combine different biometric methods, such as iris and facial recognition, are accelerating the product adoption rate. Furthermore, extensive investments in research and development (R&D) activities by key players to develop automated biometric systems with enhanced accuracy and response time are creating a positive market outlook across the GCC region.

Beginning with a regional overview, the report explores the dynamics that have a strong influence on the GCC biometrics market and can also impact its future growth. Taking 2022 as the base year, the report covers historical market scenario from 2017-2022 and provides forecasts till 2028. This includes the study of value and volume trends and pricing history. Growth inducing factors, market restraints and recent developments have also been analysed in the report in order to provide a deeper knowledge about the industry. On a regional basis, the report examines the GCC biometrics  market in Saudi Arabia, United Arab Emirates, Qatar, Kuwait, Oman and Bahrain. For each of these regions, the report studies the GCC biometrics market in detail for latest trends, outlook and opportunities.

The report analyses the competitive structure of the GCC biometrics market industry and provides the profiles of major players operating in the market. The price margins for the products along with the various success and risk factors for manufacturers have also been covered in the report. Moreover, in order to determine market attractiveness, the report analyses the GCC biometrics market industry along the parameters of the Porter’s Five Forces model. This model examines the degree of competition in the GCC biometrics market industry by analysing the threat posed by new entrants and substitutes, and the bargaining power of suppliers and buyers. SWOT analysis of the market has also been presented in the report which highlights the strengths, weaknesses, opportunities and threats pertaining to the GCC biometrics market industry. Furthermore, the value chain analysis of the GCC biometrics market industry has also been covered in the report. This comprises of all the activities in the value chain, such as the procurement of various raw materials, manufacturing, sales and distribution. 

GCC Biometrics Market Segment Insights:

The GCC biometrics market has been analysed as followed:

By Technology:

• Face Recognition
• Hand Geometry
• Voice Recognition
• Signature recognition
• Iris Recognition
• AFIS
• Non-AFIS
• Others

By Functionality:

• Contact
• Non-contact
• Combined

By Component:

• Hardware
• Software

By Authentication:

• Single-Factor Authentication
• Multifactor Authentication

By End User:

• Government
• Defense Services
• Banking and Finance
• Consumer Electronics
• Healthcare
• Commercial Safety and Security
• Transport/Visa/Logistics
• Others

By Country:

• Saudi Arabia
• United Arab Emirates
• Qatar
• Kuwait
• Oman
• Bahrain

Country-wise, the market has been segmented into Saudi Arabia, United Arab Emirates, Qatar, Kuwait, Oman and Bahrain. Amongst these, Saudi Arabia represents the largest market, accounting for majority of the GCC region.

Competative Landscape: 

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Highlights of the GCC Biometrics Market Report:

• Historical and current scenario
• Trends and developments
• Impact of COVID-19
• Market forecast
• Price analysis and forecast
• Porter’s five forces analysis
• SWOT analysis
• Value chain analysis

Report Customisation:

The GCC biometrics market report can be customised as per your requirements. You can get in touch with our analyst, who will make sure that the report suits your research needs