The global report dealing with the changes in the automotive biometric market is set to cross a valuation worth USD 1,128 million by 2025 while moving forward with a 12% CAGR for the forecast period of 2019 to 2025. Market Research Future (MRFR) includes details and discusses possibilities of the market by analyzing factors like the impact of stringent safety protocols, growing inclusion of methods to lessen the contact, development of the automotive infrastructure in emerging countries, growing consumption capacity, and others. Increasing investment to back research and development and collaboration between brands are expected to provide thrust to the global market as well.
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Automotive Biometric 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 system, vehicle security system, 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.
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.
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Synaptics Incorporated (US), Fujitsu Ltd (Japan), VOXX International (US), Methode Electronics (US), Hitachi Ltd (Japan), Voicebox Technologies (US), Nuance Communications (US), Safran S.A (France), Fingerprint Cards AB (Sweden), Hid-Global (US), and others are companies that have been included for a comprehensive study of the automotive biometric market.
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 a substantial growth due to this upgradation 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.
Table Of Contents:
- Executive Summary
- Scope Of The Report
2.1. Market Definition
2.2. Scope Of The Study
2.2.2. Research Objective
2.3. Research Process
2.3.1. Primary Research
2.3.2. Secondary Research
2.4. Market Size Estimation
2.5. Forecast Model
- Market Landscape
3.1. Porter’s Five Forces Analysis
3.1.1. Threat Of New Entrants
3.1.2. Bargaining Power Of Buyers
3.1.3. Threat Of Substitutes
3.1.4. Segment Rivalry
3.1.5. Bargaining Power Of Buyers
3.2. Value Chain/Supply Chain Analysis
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About Market Research Future:
Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR’s methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
Our rapidly expanding market research company is assisted by a competent team of research analysts who provide useful analytics and data on technological and economic developments. Our deemed analysts make industrial visits and collect valuable information from influential market players. Our main goal is to keep our clients informed of new opportunities and challenges in various markets. We offer step-by-step assistance to our valued clients through strategic and consulting services to reach managerial and actionable decisions.
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