MIDDLE EAST AND AFRICA FACIAL RECOGNITION MARKET 2019-2028

MIDDLE EAST AND AFRICA FACIAL RECOGNITION MARKET 2019-2028

MARKET OUTLOOK

Triton's report on the facial recognition market in the Middle East and Africa states that the industry is expected to grow with a CAGR of 16.93% in the forecast period 2019-2028. Saudi Arabia, South Africa, Turkey, the UAE, and Rest of MEA together shape the market in this region.

Saudi Arabia plans to take its economic growth forward with its increasing investments in emerging technologies such as artificial intelligence, robotics, and intelligent & cognitive automation. The country has realized the pressing need to implement measures to enable swift and irrefutable proof of identity. Therefore, in 2018, the General Directorate of Passports introduced facial recognition and eye-scan technology to keep track of both, residents as well as those visiting the country. Putting these measures in place has made it easier to overlook and monitor the arrival and departure processes. Hence, there is an enhanced demand for facial recognition systems in the KSA.

Furthermore, in 2017, the country's Al Rajhi Bank, in partnership with Diebold Nixdorf, introduced self-service terminals which use biometric technology for customer authentication. The process of authentication involves a simple fingerprint scan. After the completion of this process, customers can have their new debit cards, checkbooks, remittances, statements, etc., printed. Also, Alhamrani Universal, the largest provider of ATMs in Saudi Arabi, is working to integrate biometric and facial recognition technologies in banking to eliminate the need for entering PINs at its ATM centers. Thus, Saudi Arabia's facial recognition market is on an upward growth trajectory.

COMPETITIVE OUTLOOK

Daon Inc, ID3 Technologies, Animetrics Inc, Ayonix Corporation, Panasonic Corporation, Cognitec Systems GmbH, Facephi Biometric SA, and Nuance Communications Inc are some of the players dominating this market.