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Biometric identification market for ice, EV, & autonomous vehicles worth 21.72 billion USD by 2022 according to new research report

Biometric identification market for ice, EV, & autonomous vehicles worth 21.72 billion USD by 2022 according to new research report

The biometric identification market for automotive is projected to grow at a CAGR of 25.61% during the forecast period, to reach USD 21.72 Billion by 2022. The market is estimated to grow in the near future owing to factors such as increased demand for vehicle security and passenger comfort.

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The report "Biometric Identification Market fo…tonomous Vehicles by Authentication Process (Fingerprint, Voice, Iris, Facial, Gesture, Multimodal), Sensor (CMOS, Optical, Retinal), Processing Component, Application, Wearable, and Region - Forecast to 2022", The biometric identification market for automotive, by value, is projected to grow at a CAGR of 25.61% from 2017 to 2022, to reach USD 21.72 Billion by 2022. Factors such as rising focus on safety, security, and comfort and increase in sales of premium vehicles are projected to fuel the demand for advanced biometric identification technologies.

The increase in sales of hybrid, electric, and plug-in hybrid vehicles would also influence the demand for biometric identification system in the near future.

Browse 105 Market Data Tables and 67 Figures spread through 200 Pages and in-depth TOC on "Biometric Identification Market for ICE, EV, & Autonomous Vehicles by Authentication Process (Fingerprint, Voice, Iris, Facial, Gesture, Multimodal), Sensor (CMOS, Optical, Retinal), Processing Component, Application, Wearable, and Region - Forecast to 2022" 

Download PDF brochure at www.marketsandmarkets.com/pdfdownload.asp?id=41718140

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“Voice recognition system to be the largest market for biometric identification“

The voice recognition system is one of the most common features that the manufacturers are now 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 little 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. Owing to its multiple uses, the voice recognition system market is estimated 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 a differentiating feature for OEMs.

“Fingerprint recognition 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, the demand for fingerprint authentication process has increased. In comparison to the other biometric processes, the fingerprint technique can be easily incorporated in the vehicle.

with economy of scale, it will offer a cost advantage to the manufacturers. Further, the manufacturer can also 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 carried out by fingerprint authentication. Hence, with technological and design modifications, the biometric fingerprint recognition market is expected to be the fastest growing market.

“Presence of a large number of manufacturers would 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 such as Synaptics Incorporated (U.S.), Nuance Communications, Inc.

(U.S.), and Methode Electronics (U.S.), among others. the rising concerns for vehicle security and increasing demand for luxury vehicles equipped with 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).

Report: www.marketsandmarkets.com/asp?id=41718140

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