At 13.1 % CAGR, Automotive Biometric Market Size Worth $1,650 Million by 2026: IndustryARC

Market Research Reports, Business Consulting Services & Analytics

Automotive Biometric Market Drivers Growing Demand for Connected Vehicles

HYDERABAD, TELANGANA, INDIA, February 14, 2023 /EINPresswire.com/ -- IndustryARC, in its latest report, predicts that Automotive Biometric Market size is forecast to reach $1,650 million by 2026, estimated to grow at a CAGR of 13.1% during 2021-2026. The changing automotive industry is leading to the major automakers to bring innovative technology and provide high personalized vehicle experience. The demand for electric and driverless cars, and increased applications of sensor-based technology are highly enhancing the Automotive Biometrics. The rising usage of text to speech and Natural language processing based technology in addition to biometrics will drive the market growth. Moreover, the upcoming IRIS recognition and facial recognition system will highly boost the authentication system in the vehicles which will provide growth opportunities for the Automotive Biometric market. In addition, the growing development in the fingerprint recognition technology, Facial recognition and voice recognition technology will lead to surge the growth of the market during the forecast period 2021-2026. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.

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https://www.industryarc.com/Research/Automotive-Biometric-Market-Research-502034

Key takeaways:

1. In 2020, the Automotive Biometric market was dominated by Europe owing presence of major automakers such as Ford, Mercedes and so on leading to the development of efficient connected vehicles enhancing the demand for latest authentication technology.

2. The growing use of fingerprint recognition system for authentication in order to reduce the risk of vehicle theft and improve vehicle safety are surging the growth of the Automotive Biometric market.

3. The increasing demand for connected vehicles and the deployment of information technology such as human machine interface and passenger window touchscreens are highly accelerating the growth of the market.

4. The increasing use of connected devices in the vehicles will lead to raise the risk of cyber-attacks which will thus hamper the Automotive Biometric market.

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Segmental Analysis:

1. Fingerprint Recognition System held the largest market share in the Biometric Vehicles Access System market in 2020 accounting for 28.2% share. The adoption of fingerprint and facial recognition technology will lead to provide low cost authentication system which allows drivers to unlock and start cars without any hassle.

2. Passenger Vehicles dominate the market in 2020 with a share of 61.2% in 2020 as a result of growing adoption in luxury vehicles. Vehicle access control remains the major market for fingerprint and facial recognition in passenger vehicles.

3. In 2020, Europe dominated the Automotive Biometric market with a share of more than 47.8%, followed by North America and Asia Pacific. The increasing sales of passenger cars in this region are highly escalating the growth of the market.

Competitive Landscape:

The top 5 players in the Automotive Biometric industry are -

1. Fingerprint Cards Ab

2. Fujitsu Ltd.

3. Hitachi Ltd

4. Methode Electronics

5. Nuance Communication

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