Biometric Vehicle Access Market Projections and Future Opportunities
Increasing demand for authentication and high security are the major factors driving growth of the global biometric vehicle access market
Privacy is the major concern regarding biometric solution resulting in the increasing demand for authentication. Vehicle theft is one of the major problems faced by the consumers due to lack of security systems in the vehicles. For instance, according to the Federal Bureau of Investigation (FBI), the global vehicle theft, which accounted to 3.8% in 2015 increased to 7.4 % in 2016. Therefore, increasing threat of vehicle stealing is resulting in increasing demand for biometric authentication solutions in vehicles, which is a safer security solution. This factor is expected to positively influence the market growth over the forecast period.
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The fingerprint recognition segment is projected to hold the largest market share in the market
The fingerprint recognition segment witnessed largest market share in 2016 and is projected to retain its dominance over the forecast period. Owing to its high reliability and uniqueness, the fingerprint recognition system is expected to account for the major share of biometric vehicle access system market. Fingerprints are unique for every individual person, as they can be distinguished. Therefore, the probabilities of fraudulence in the fingerprint recognition system is less than that in the conventional recognition, which is expected to significantly increase the use of finger print recognition systems in the biometric vehicles.
Global Biometric Vehicle Access Market: Regional Insights
On the basis of region, the global biometric vehicle access market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. The market in Asia Pacific region is expected to witness highest growth rate in the biometric vehicle access market over the forecast period. China is a major contributor to the growth of biometric vehicle access market in Asia Pacific region. China is the leading country in global electric vehicle industry, which is expected to increase the growth of the market. For instance, according to the International Energy Agency (IEA), in 2016, China held the largest share in the electric car market accounting for over 40% of the global electric cars sold in the country. Increasing sales of electric vehicles is expected to increase the demand for advanced security solutions. Therefore, increasing demand for electric vehicles is projected to further boost the demand for biometric solutions in vehicles.
Global Biometric Vehicle Access Market: Competitive Background
The major players in the global biometric vehicle access market include Safran S.A, Hitachi Ltd., Fujitsu Ltd., Nuance Communications, Synaptics Incorporated BIODIT, Denso Corporation, EyeLock, FPC, HID Global, IriTech, KeyLemon, NEC, Olea Sensor Networks, and VOXX International Corporation.
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