Automotive Biometric Market Global Growth, Opportunities, Industry Analysis & Forecast 2030
Market Analysis
Market Research Future (MRFR) predicts the global
automotive biometric market size to reach USD 1,128 million with a CAGR of 12%
from (forecast period).
A biometric system is a vital system used in automobiles for
biometric identification and authentication in vehicles. Its objective is to
provide safety in vehicles and is used in a variety of applications such as
health monitoring, vehicle immobilizer, and biometric car access. Biometric
automotive security is an important concept in the automotive industry due to
the growing number of vehicle theft.
The global automotive
biometric market is influenced by factors like the growth of the
automotive industry, the growing need for safety and security, strict
regulations regarding biometric identification systems, and increasing
investments into automotive infrastructure development in emerging economies.
There has been a rise in the need for vehicle safety and security. As a result,
the demand for the automotive biometric industry has increased steadily.
The growing competition among automotive biometric systems
service providers is one of the main factors, and the increasing support from the
local government to use safety and security systems in automobiles has
reinforced the design and development of automotive biometrics as per the
mandates by governing bodies operating in semiconductor and automotive industry
across different regions. The high cost of an automotive biometric system and
the failure of electronic components utilized in connectivity infrastructure
and automotive biometrics are expected to limit the market growth.
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Key Players
Notable players in the global automotive biometric market
include Fujitsu Ltd (Japan), Synaptics Incorporated (US), Voicebox Technologies
(US), Methode Electronics (US), VOXX International (US), Hitachi Ltd (Japan),
Safran S.A (France), Hid-Global (US), Nuance Communications (US), Fingerprint
Cards AB (Sweden).
COVID-19 Impact on the Global Automotive Biometric
Market
The global outbreak of a new coronavirus pandemic is
expected to trigger a slight slowdown in the industry. Due to labor shortages,
manufacturing operations have come to a halt. This has resulted in a
significant fall in demand from end-use industries.
Market
Segmentation:
MRFR
analysts have segmented the global automotive biometric market on the basis of
application, vehicle type, and technology to get data that would help in
forming insights. Such insights can assist in developing tactical moves and
spurring the profit margin.
By
technology, the global study of the automotive biometric market includes a
study of face recognition, fingerprint scan, voice recognition, and others. The
fingerprint scan segment had the largest market share in 2018.
By vehicle
type, the report on the automotive biometric market has been segmented into
passenger cars and commercial vehicles. The passenger car segment reported the
largest market share in 2018 and it would continue its dominance during the
forecast period.
By
application, the global discussion on the automotive biometric market includes
segments like driver safety systems, vehicle security systems, and advanced
steering and infotainment. The vehicle security system segment had the largest
market share and it will retain its position over the review period.
Regional
Analysis:
In 2018,
North America led the global market and it is expected to continue its
influence over the market during the review period. High investment capacity
and the inclusion of advanced technologies are expected to boost the regional
market.
Industry
News:
In August
2020, Intellicheck announced that they would collaborate with Ipsidy to
introduce a better suite of comprehensive real-time facial biometric identity
proofing and state-of-the-art multi-factor authentication solutions. This will
help companies in launching authentication programs with greater than 99%
accuracy that would boost any person-not-present transaction. It can be used on
the web or in a mobile application. This authentication process will include
Intellicheck’s leading remote ID authentication with Ipsidy’s top facial
liveness and biometric matching services. The automotive sector is set to
witness substantial growth due to this up gradation in technology.
In July
2020, Cerence Inc., known for its contributions using AI for a world in motion,
launched Cerence Pay, which would ensure a secure, contactless payment
experience in cars using voice-powered AI. This entire process will depend on
steps where the system will anticipate drivers’ needs and then provide a seamless
payment transaction encompassing ways securing intent to authentication via
voice and facial biometrics and then through to purchase. The company is
currently engaged in collaboration with Audi to enrich the experience.
However,
the COVID-19 crisis may have triggered some loss as the automotive sector got
pummeled by lockdown and halts in production. The consumption rate may also
witness a drastic drop. Such scenarios can affect the inclusion of the machine
in the mainframe.
Continue.......
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