Automotive Biometric market to reach USD 1,128 million with a CAGR of 12%
Market Analysis
Market Research Future (MRFR) predicts the global Automotive Biometric market
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 market
industry has increased steadily.
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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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