DUBLIN, Aug. 5, 2022 /PRNewswire/ — The “Biometric Vehicle Access Systems – Global Market Trajectory & Analytics” report has been added to ResearchAndMarkets.com’s offering.
Global Biometric Vehicle Access Systems Market to Reach $2.2 Billion by 2026
Amid the COVID-19 crisis, the global market for Biometric Vehicle Access Systems estimated at US$1.5 Billion in the year 2022, is projected to reach a revised size of US$2.2 Billion by 2026, growing at a CAGR of 8.7% over the analysis period.
Fingerprint Scan, one of the segments analyzed in the report, is projected to grow at a 9.1% CAGR, while growth in the Voice Recognition segment is readjusted to a revised 8.4% CAGR. The global market is mainly being fueled by the rising focus on security and authentication.
Biometric systems are increasingly being used in security systems of automobiles, given their exceptional accuracy. As these systems rely on iris scan, voice recognition, or fingerprints, the likelihood of error is low and security is high. Also, the lower insurance premiums for cars that are equipped with biometric vehicle access systems is driving their adoption in vehicles.
These systems also enable insurance companies to have a record and perform real-time monitoring of the drivers. The market is also gaining from the more favorable regulatory environment for the use of biometric identification systems. Governments worldwide are encouraging the trend of connected or automated vehicles. In China, autonomous driving and ADAS have been standardized.
The growing customer interest in smart technology is also boosting the use of these systems. Smartphone-based applications leverage biometric pattern recognition and communicate with cars to provide access to the vehicle’s ignition and other critical functions. The growing use of in-vehicle biometric systems is expected to augur well for the market. The rising focus on offering a highly personalized experience to vehicle owners is propelling the use of biometric vehicle access systems.
The growing demand for driverless and electric cars and rising use of sensor-based technology is boding for the market. The growing preference among customers for automated security functions in vehicles is likely to drive gains in the market. The emerging iris recognition system that is expected to facilitate improved authentication in vehicles is likely to stimulate market growth.
Further, the advancements in voice recognition and fingerprint recognition technologies are expected to benefit the market. Currently, biometric vehicle access systems are mainly used in luxury cars and in commercial vehicles (retrofitted) for fleet monitoring and security. But their adoption is gradually expanding to other car and vehicle categories. The market is also gaining from the rising connected vehicles demand and the increasing implementation of V2I (vehicle-to-infrastructure) and V2V (vehicle-to-vehicle) technologies for better mobility communication. Market growth is also said to be supported by the growing use of latest technology such as window touch screens and HMI (human-machine interface).
But the market is expected to be restricted by the growing connected devices usage in vehicles, which can lead to greater risk of cyberattacks and compromise security. Also, the use of fingerprint recognition in a vehicle does not offer complete assurance against theft. The significant cost of installation of biometric vehicle access systems is also hampering market growth. Further, given the highly secure nature of the system, the use of vehicle by other people (family/friends) can be restricted, which can discourage its adoption.
Also, the possible breakdown of the electronic components of biometric vehicle access systems that can make the security system of a vehicle vulnerable and require considerable replacements can negatively impact the market. Severe weather conditions can also impact the proper working of biometric systems, as they are generally not designed to work in these conditions.
What`s New for 2022?
- Global competitiveness and key competitor percentage market shares
- Market presence across multiple geographies – Strong/Active/Niche/Trivial
- Online interactive peer-to-peer collaborative bespoke updates
- Access to the digital archives
- Complimentary updates for one year
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Automakers Join Hands with Wearable Providers to Tap Biometrics
- Competitive Market Presence – Strong/Active/Niche/Trivial for 42 Players Worldwide in 2022 (E)
- Global Market Prospects & Outlook
- Automotive Applications to Get Remarkable Facelift with Biometrics
- Analysis by Technology
- Regional Analysis
- Biometrics Technology and Types: A Prelude
- Comparative Analysis of Various Biometric Technology Traits
- Fingerprint Recognition: Reliable Technology with Varied Applications
- Voice Recognition Technology: Continues to Gain Popularity
- Iris Biometrics: Uniqueness of Human Iris Holds Tremendous Potential as an Identification Technology
- Hand Geometry: Another Promising Biometric Authentication Technology
- An Introduction to Biometric Vehicle Access Systems
- Advantages of Vehicle Biometrics
- Standard Vehicle Access Systems
- Automotive Biometrics Poised to Inevitably Gain More Relevance for Better Experience
- Recent Market Activity
2. FOCUS ON SELECT PLAYERS (Total 75 Featured)
- Fingerprint Cards Ab
- Fujitsu Ltd
- Hitachi Ltd
- Methode Electronics
- Nuance Communications
- Safran S.A
- Synaptics Incorporated
- Voicebox Technologies
- VOXX International
3. MARKET TRENDS & DRIVERS
- Pandemic Impact on the Automotive Industry
- Several Downsides Marr Outlook for 2022
- Semiconductor Chip Shortages & Its Induced Production Woes Add to Market Nervousness
- Russia-Ukraine War Has the Automotive Industry on Edge
- Automotive Industry Exhibits Inclination towards Use of Biometrics Systems
- Biometrics Emerges to be the Future of Vehicle Access Control Systems
- Technology Trends Influencing the Market Dynamics
- Contactless Fingerprint Systems to Drive Opportunities
- Fingerprint Reader-based Vehicle Access: Makes Perfect Sense over Others for High-Risk Security Areas
- 3D Fingerprint Scanners Evolve as a More Accurate Technology
- Voice Recognition Technology to Drive Gains
- Growing Role of Voice Recognition Technology in Cars
- Key features of Voice Assistance Systems for Automobiles
- With Autonomous Cars Concept Gaining Strength, Role of Voice Recognition to Find Increased Acceptance
- Iris Recognition Gains Marked Adoption across Diverse Verticals
- Select Innovations in Iris Biometrics Technology
- Select Innovations & Advancements
- Biometrics Appears to Bid Adieu to Traditional Vehicle Access Approaches
- Biometrics to Uplift Security & In-Car Experience
- Data Security Concerns
- Automotive Security & Access Control Technology Gets Turbo-Charged with Biometrics
- Biometrics for Automotive Applications
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
For more information about this report visit https://www.researchandmarkets.com/r/f4aw43
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