Biometric Identification Market is driven by Rising Concerns for Vehicle Security & Increased Use of Multifactor Authentication


Posted April 5, 2019 by rechaldey

The biometric identification market for automotive is projected to grow at a CAGR of 25.61% from 2017 to 2022 and is estimated to reach USD 21.72 billion by 2022.

 
Biometric Identification Market by Authentication Type (Single-Factor and Multifactor), Functionality Type (Contact, Non-Contact, and Combined), Component (Hardware and Software), Application, and Geography - Global Forecast to 2023. The growth of the biometric identification market can be observed with the increase in demand for premium vehicles. These vehicles are equipped with comfort applications and safety features, resulting in increased demand for biometric system/components. The biometric identification market is projected to have significant growth in the North American region, which can be attributed to the presence of a large number of players with their manufacturing base in the U.S. and increasing demand for luxury vehicles equipped with the biometric features.

The biometric identification market for automotive is projected to grow at a CAGR of 25.61% from 2017 to 2022 and is estimated to reach USD 21.72 billion by 2022.

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With the increase in the application of biometric systems, especially in passenger cars, the demand for an efficient authentication system is expected to rise. The multimodal authentication system, which requires two levels of authentication, is expected to have significant demand in the near future. In the case of commercial vehicles fleet management services, the Federal Motor Carrier Safety Administration (FMCSA) has made a mandate to use the Electronic Logging Device (ELD) by 2019, which will eventually drive the biometric identification market for commercial vehicles.

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The increase in demand for luxury features is expected to boost the demand for in-vehicle health monitoring. The applications such as memory seats and steering are expected to grow at a fast rate during the forecast period. With the adoption of new high-end technology in cars, the North American region is estimated to be the largest market for biometric systems and components. The biometric solutions include features such as vehicle access and in-vehicle features, which are available in premium vehicles as well as a few mid-level cars.

Browse and in-depth TOC on Biometric System Market

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With the increase in demand, car manufacturers are expected to offer these features in the mid-level car segment along with additional features, which will directly influence the biometric identification market. Hence, the biometric system/component manufacturers can focus on formulating strategies to meet the increasing demand for in-vehicle biometric solutions.


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Key market players profiled in the report are Safran (France), NEC (Japan) Thales (France), Fujitsu (Japan), ASSA ABLOY (Sweden), Precise Biometrics (Sweden), Aware (US), Secunet Security Networks (Germany), Cross Match Technologies (US), and Stanley Black & Decker (France).

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Tags biometric identification market
Last Updated April 5, 2019