Industry News

Iris Crop secured a contract over US$ 84 Million from Senegal

Malaysia: A Malaysian digital identity and business solution organization, Iris Corporation Berhad secured a contract of worth US$ 84.06 million from Interior and Public Security Ministry, Senegal.

According to the contract, the company would manufacture and supply 10 million identification biometric cards. The cards would be based on contactless chip technology and fingerprint biometry.

The contract is of five years and the total contract worth is divided equally over the five years.

Senegal is a country located in Africa and has an estimated population of around 13 million, out of which over 70% are rural population.

TechSci Research analyses that the awarded contract would have a positive impact over the Iris Crop revenue in the coming years. Further, the company is shifting its focus on the core businesses which includes identification solutions and systems to achieve better operational efficiency and profits; and expected to set a strong foothold in the domestic biometric market as well in the APAC Biometric market.

According to TechSci Research recently published a report, “Global Biometrics Market By Type (Fingerprint Recognition, Facial Recognition, Hand/Palm Recognition, Iris Scanner, Voice Recognition, Vein Scanner & Others), By End Use Sector, By Region, Competition Forecast and Opportunities, 2011 – 2021” the global biometrics market is projected to cross US $ 24.8 billion by 2021. Fingerprint recognition biometric systems are the most preferred type of biometric systems used across the globe, owing to their ease of use, low cost, high speed and accurate results. However, in terms of growth, vein scanner biometrics systems segment is anticipated to outpace fingerprint recognition biometrics systems over the next five years.

Biometric systems are used across various public as well as private offices for enhancing the security of data and information, as these systems provide an accurate validation as compared to traditional methods such as ID cards, PINs, passwords, etc. Increasing use of biometrics in e-commerce and cloud computing solutions, coupled with initiatives taken by the government of various countries across the world to adopt biometrics systems for identification and verification purposes are some of the major factors driving demand for biometric solutions, globally.

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