Forecast made for biometric identification market
The biometric identification market for automotive, by value, will grow at a CAGR of 25.61% from 2017 to 2022, to reach $21.72 billion by 2022, as projected in a report from MarketsandMarkets. Factors such as the rising focus on safety, security, and comfort and an increase in the sales of premium vehicles are projected to fuel the demand for advanced biometric identification technologies, as stated in the report, “Biometric Identification Market for ICE, EV, and Autonomous Vehicles.” The increase in sales of hybrid, electric, and plug-in hybrid vehicles will also influence the demand for biometric identification systems in the near future.
The voice recognition system is expected to be the largest market for biometric identification. This system is one of the most common features that manufacturers are offering in the mid- to high-end passenger cars. Although voice recognition is a basic feature as compared to other biometric identification technologies and has a small role to play in vehicle security, OEMs are offering it as a comfort or driver assistance feature. Along with voice authentication, the voice recognition system is also used for navigation and infotainment. With its multiple uses, the voice recognition system market is expected to account for the largest market during the forecast period. This technology is expected to grow due to low prices (as compared with other features) and increasing demand for infotainment and navigation systems, which act as differentiating features for OEMs.
Fingerprint recognition is set to grow at the fastest pace in the biometric identification market. With the increase in vehicle theft and demand for keyless entry and engine start functions, demand for the fingerprint authentication process has increased. In comparison to other biometric processes, the fingerprint technique can be incorporated easily in the vehicle. Also, with economy of scale, it will offer a cost advantage to manufacturers. Further, the manufacturer can offer additional features with fingerprint authentication such as biometric engine start functions. With the introduction of autonomous cars, the fingerprint authentication system is expected to have a major impact. Features such as integrated mobility solutions and goods delivery through personalized pods/lockers can be incorporated. In-vehicle payment and identification are also expected to be conducted by fingerprint authentication. Hence, with technological and design modifications, the biometric fingerprint recognition market is expected to be the fastest growing market.
The presence of a large number of manufacturers will drive the North American biometric identification market. The North American region is projected to have the largest share of the biometric identification market during the forecast period. The market growth in the region can be attributed to the presence of a large number of manufacturers, including Synaptics Inc. (U.S.), Nuance Communications, Inc. (U.S.), and Methode Electronics (U.S.). Also, the rising concerns for vehicle security and increasing demand for luxury vehicles equipped with a biometric module or system such as fingerprint recognition and iris recognition will boost the market for biometric identification in the region.
The major companies profiled in the study are Hitachi, Ltd. (Japan), Fujitsu (Japan), Safran (France), Synaptics Incorporated (U.S.), Nuance Communications, Inc. (U.S.), Methode Electronics (U.S.), HID Global Corporation/ASSA ABLOY AB (U.S.), VOXX International Corp. (U.S.), Fingerprint Cards AB (Sweden), Voicebox Technologies Corporation (U.S.), Robert Bosch GmbH (Germany), Continental AG (Germany), and Valeo (France).
For more information about the report, see http://www.marketsandmarkets.com/Enquiry_Before_Buying.asp?id=41718140.