LOS ANGELES, May 12, 2020 (GLOBE NEWSWIRE) -- Acumen Research and Consulting, a global provider of market research studies, in a latest published report titled “Automotive Biometric Identification Market (By Technology: Voice recognition, Facial recognition, Fingerprint recognition, Iris recognition, Multimodal identification, Gesture recognition, Others; By Sensor: Image sensors, Fingerprint\palm sensors, Iris/retinal recognition sensors, Voice sensors, Keystrokes sensors; By Component: Processing units, Embedded micro-computers, Micro-chipsets; By Application: Engine start-stop system, Biometric vehicle access system, Memory steering, Infotainment system, Memory seats, Driver fatigue & drowsiness monitoring system; By Vehicle Type: Passenger Vehicle, Commercial Vehicle) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 – 2027”.
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Biometric identification is gaining importance in automotive sector with the changing consumer demand for high safety and reliable vehicles manufactures are focused on using sensor for various vehicles operations.
The market in North America is expected to account for major revenue share due to presence of major players operating in the country. In addition, business development activities through strategic merger and acquisitions and innovative product offerings are factors expected to support the growth target market in this region.
Manufactures are focused on development of smart vehicles that are safe and reliable. With the high penetration of AI in automotive sector players are focused on providing better driving experience. The conceptual shift towards biometric identification opens various opportunities for the players operating in this region.
Manufactures are investing high for the development of autonomous vehicles with various advanced safety features. Increasing demand for luxury vehicle with advanced features and inclination towards implementing biometric identification to access the vehicle in order to lower the vehicle theft ratio is supporting the market growth.
Asia Pacific market is expected to witness faster growth over the forecast period, due to high passenger vehicles sale in emerging economies. In addition, presence of major automotive manufacturers operating in the country, coupled with high investment for product development that is reliable and safe for consumers is another factors expected to support the growth of target market in this region.
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Moreover, major players inclination towards developing countries in order to increase the business presence is another factor expected to support the growth of target market in this region. Due to easy availability of raw material low cost labor producers are shifting the manufacturing unit to developing countries. In addition, introduction of advanced product at low price is expected to help in attracting new customers.
Rising technological advancements in automotive sector, with the arrival of AI in the industry, manufacturer are focused on providing enhanced privacy controls and more secure and personalized in-vehicle experience to consumers which is major factor driving the growth of global automotive biometric identification market. Internet of things is changing the automotive outlook across the globe, customer demand for smart vehicles with enhanced safety and reliability is increasing. Manufactures are focused on using interior cameras and vehicle sensors in order to provide better driving experience to the driver and passenger.
Auto manufacturers are focused on using sensors for various operations such as opening/closing doors, engine start/stop, etc. rising disposable income and increasing demand for luxury vehicle with enhanced safety is another factors expected to support the growth of the global market
Increasing focus on collaborative work for product development and introduction product offerings is among other factors expected to support the growth of target market.
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However, factors such as rising concern related to data security and unavailability of advanced automotive infrastructure in developing countries to support easy adoption of advanced devices are expected to hamper the growth of the global market. In addition, high cost of these devices and technological glitch are among other factors expected to challenge the growth of the global market.
High investment by the major players for R&D activities and development of advanced cost effective products are factor expected to create new opportunities over the forecast period. In addition, business development activities through strategic partnerships and agreements are expected to further revenue support the target market growth.
The global market is segmented into technology, sensors, component, vehicle type, and application. The vehicle type segment is bifurcated in to passenger vehicles and commercial vehicles. Among the vehicle type the passenger vehicle segment is expected to account for major revenue share over the forecast period.
Players operating in the global automotive biometric identification market are Hitachi, Ltd., Fingerprint Cards AB, FUJITSU, Safran, Synaptics Incorporated, Nuance Communications, Inc., Methode Electronics, HID Global Corporation/Assa ABLOY AB, Continental AG, VOXX International Corp., Voicebox Technologies Corporation, Robert Bosch GmbH, and Valeo. The competitive scenario is high due to presence of large number of players operating on global level.
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