LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global biometric market in the automotive sector to grow at a CAGR of more than 19% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global biometric market in the automotive sector for 2017-2021. The report also lists consumer vehicles and commercial vehicles as the two major end-user segments, of which consumer vehicles accounted for over 85% of the market share in 2016.
According to Amrita Choudhury, a lead analyst at Technavio for IT security research, “Several research institutes, automakers, and component suppliers are aggressively exploring several potential applications of the biometrics technology to enhance the security, safety, and comfort in vehicles.”
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Technavio ICT analysts highlight the following three market drivers that are contributing to the growth of the global biometric market in the automotive sector:
- Emerging markets driving the automotive sector
- Vulnerability in existing keyless entry system
- Impact of regulatory bodies in the adoption of biometrics in the automotive sector
Emerging markets driving the automotive sector
The economic growth in the BRIC countries has fueled rapid growth rates for the auto industry in the recent years. With intense vendor competition and saturated markets, most global vehicle manufacturers have shifted their focus to these countries to explore new growth avenues and increase their market shares. Many global automakers have partnered with automakers of emerging countries to gain access to their markets. For example, Ford has partnered with Changan Automobile, and BMW sells its cars in China through Brilliance China Automotive.
Vulnerability in existing keyless entry system
The adoption of keyless entry systems drastically reduced vehicle thefts. Although keyless entry system offers more security than mechanical keys, simple hacking devices enable theft of vehicles by interfering with the communication between the vehicle and keyless entry systems.
“Currently, the mechanism of keyless entry systems revolves around communication between the vehicle and the key fob. Such communication is processed and transmitted through radio frequency signals, which can be easily hacked,” says Amrita.
Technavio expects OEMs, Tier I/ II suppliers, and keyless entry system manufacturers to collaborate and invest in solutions that are impervious to hacking. Therefore, these vulnerabilities may result in greater acceptance of biometric security systems for vehicle access.
Impact of regulatory bodies in the adoption of biometrics in the automotive sector
One company alone does not completely make automotive electronic components, i.e., different companies across the value chain are involved in the manufacture of hardware and software components, development tools, product assembly, and testing. Therefore, government regulations have imposed quality requirements across the value chain to improve vehicle security. All players across the automotive security industry are expected to follow ISO 26262 standards. In addition to this, government across the globe have introduced legislation to strengthen vehicle security, which augurs well for the growth of biometric authentication market.
Browse Related Reports:
- Global Automotive Remote Keyless Entry System Market 2017-2021
- Global Automotive Biometric Vehicle Access System Market 2016-2020
- Global Automotive Voice and Speech Recognition System Market 2016-2020
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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