The report, now available on ASDReports, recognizes the following companies as the key players in the Biometrics Market in MENA: 3M, BioEnable, NEC, Safran and ZKTeco
Commenting on the report, an analyst said: “The BFSI sector is required to adopt biometric technologies to strengthen security and to protect customers’ banking profiles. Banks and financial institutions in MENA are ready to adopt voice biometrics to confirm and verify the identities of their customers. In addition, voice recognition is expected to have greater adoption in banking for mobile banking because voice biometrics is affordable as it eliminates the need for any hardware investment.”
According to the report, the main growth driver of the market is the incidence of fraudulent activities in the past in government organizations and enterprises in the region, resulting in data loss and harm to critical infrastructures. Therefore, threats faced by organizations are prompting them to invest in biometrics security solutions to keep track of people entering the premises.
Further, the report states that the market is witnessing strong growth; however, it continues to face strong competition from alternative technologies and products such as token-based two-factor authentication, swipe cards, and software authentication. Additionally, these non-biometric solutions are cost-effective and user-friendly compared to biometric systems, which increases their acceptance level among enterprises.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
Source: ASDReports - Market Research
Date: Oct 19, 2015