July 15, 2013 -
The Russian biometrics market is set to reach US$398 million by 2018, according to a new report.
The report, Russia Biometrics Market Forecast & Opportunities, 2018 is now available in the ResearchandMarkets catalogue.
According to the report, Central and North Caucus regions are anticipated to grow quickly with effect from the scheduled Sochi winter Olympics in 2014. So far, notes the report, the biometrics market in Russia has been driven through government initiatives, security threats, IT security spending as wel as growth in the construction market. Some roadblocks listen include slow growth in the economy and price sensitivity among customers. The 2018 World Cup will be held in Russia, and that too, is expected to substantially increase demand for physical access and logical access control systems.
In 2012, fingerprint recognition accounted the highest revenue share in the market. In 2009, Russia introduced biometric passports to its citizens, and has so far issued 12 million.
Reported previously, Russia will begin issuing electronic ID cards in 2015 to replace existing internal passports. The new cards will include biometric data and will be valid for a period of 10 years.
In addition, Russia’s Leto-Bank, a subsidiary of Russia’s VTB, has announced plans to deploy ATMs based on fingerprint authentication soon.