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(The Kingdom of Saudi Arabia biometric systems market is one of the fastest growing markets in the Middle East. (Shutterstock))[/caption]The Kingdom of Saudi Arabia total exports in 2014 dropped by 8.9 percent to SR1.28 trillion ($342.28 billion), while imports rose by 3.3 percent to SR651.88bn ($173.8bn), according to fresh statistics.
The value of the Kingdom of Saudi Arabia oil exports comprised 83 percent of the total value of exports at SR1.066 trillion, a report by the Saudi Central Department of Statistics and Information revealed.
The value of chemical industries exports reached SR73.943bn (5.6 percent of the total) and plastic and rubber products with SR71.126bn (5.5 percent).
According to the report, the Kingdom of Saudi Arabia imports in 2014 hit SR651.9bn, as against SR630.6bn in 2013, up by 3.4 percent or SR21.3bn.
Machinery and electrical appliances were the Kingdom of Saudi Arabia top imports with their value standing at SR171.012bn, comprising 26.2 percent of the total value of imports.
Other top imports include transport machinery (SR108.610bn or 16.6 percent of the total) and metals (SR79.759bn or 12.2 percent), the figures indicate.
The United States was the Kingdom of Saudi Arabia top exports destination.
The United States accounted for 12.6 per cent of the Kingdom of Saudi Arabia exports, followed by Japan (12.2 percent).
Meanwhile, "The Kingdom of Saudi Arabia Systems Market Forecast and Opportunities, 2020" report noted that the Kingdom of Saudi biometric systems market is projected to grow at over 22% CAGR through 2020.
The high growth is attributed to the surging demand for better biometric technologies in the Kingdom of Saudi Arabia, from Government, BFSI, consumer electronics, and energy (specifically oil & gas) sectors.
Further, use of biometric mobile applications is a major trend emerging in the Kingdom of Saudi Arabia biometric systems market, aimed at providing a more secure environment for e-commerce and mobile banking.
The Kingdom of Saudi Arabia biometric systems market is one of the fastest growing markets in the Middle East.
Growing need for authentication & verification, and Government regulations & initiatives mandating use of biometric technologies are the key factors driving biometric systems market in the Kingdom of Saudi Arabia.
Expanding use of multi-modal biometric systems, adoption of new technologies, and anticipated decline in average selling prices, are projected to further escalate the demand for biometric devices over the forecast period.
This article was first published in the Saudi Gazette on May 28, 2015.
(By Saudi Gazette | Jeddah)
(Al Arabiya News, 28 Thursday May 2015 The Roman)
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