According to Technavio market research predictions, the global biometric market is set to grow in the automotive sector. It is expected to grow enormously at a compound annual growth rate (CAGR) of 19.27% during the period 2017-2021. Based on an in-depth market analysis, industry experts prepared the report, Global Biometric Market in Automotive Sector 2017-2021, which covers the outlook and growth prospects that are likely to shape the next few years.
Both the manual keys and the electronic keyless entry system had certain loopholes that left vehicles vulnerable to theft. Existing vulnerabilities fueled the growth of biometrics in the industry and the biometric vehicle access system will see a significant increase in the coming years. Due to the economic slowdown, recent years saw a transitory demand for cars in developed countries. However, emerging markets experienced massive growth due to high consumer purchasing power and strong economic growth. Especially in the BRIC countries, that is, Brazil, Russia, India and China, business practices have been vigorous and several OEMs entered the market to take advantage of the potential.
Major original equipment manufacturers (OEMs) and keyless entry system manufacturers are expected to invest in advanced automotive biometrics for vehicle access. Another factor triggering its growth is the need for easy-to-use infotainment systems. Increasing customer demands for smart innovations are also driving the growth of global automotive biometric systems. Biometric voice systems can be used to troubleshoot automotive issues associated with infotainment systems, i.e. vehicle navigation, communication and audio functions, thus facilitating better user interaction with the vehicle system. Smartphone-enabled biometric recognition would also aid in vehicle access and ignition.
Geographical segmentation:
At the end of 2015, EMEA had about 51% of the total market share. It is expected to grow and lead other regions and become the main revenue contributor in the coming years. Furthermore, the presence of global automotive giants such as Mercedes-Benz, Audi, BMW and Volkswagen makes it one of the largest markets for biometric vehicle access system.
The report identifies the prominent biometric vendors in the market as:
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BioEnable
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Techshino
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Nymi
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Miaxis
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Synaptics
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Sonovation
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BIODIT
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DENSE
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EyeLock
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Shadow
The automotive biometrics market is still booming and smooth adoption of biometrics is not as easy as it sounds. In a cost-sensitive industry that requires high quality and is characterized by the presence of a large number of biometric manufacturers, prominent vendors are looking for ways to provide a more personalized experience that results in increased demand for biometric access systems.