Automotive Biometric market SWOT Analysis, Size Comprehensive, Growth Forecast from 2023 to 2030
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.
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