The biometric automotive market is will grow at a CAGR of over 19 percent between this year and 2021, according to a new report from Technavio.
The market research firm highlights three major drivers of the growth: Growing demand in the BRIC countries, the security vulnerabilities of traditional key-based vehicle entry, and evolving government regulations for which biometric technology will offer auto makers appealing solutions. Commenting in a statement announcing the report findings, Technavio IT security research lead analyst Amrita Choudhury asserted that “[s]everal 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.”
Biometric technology is already emerging in the latest designs from major auto makers, with Honda, Chrysler, and Continental having shown off new biometric features for smart cars at the recent Consumer Electronics Show. Meanwhile, major biometrics companies like Fingerprint Cards are actively trying to move into the automotive sector, which should help to further push the market forward as they promote their solutions to car makers.
With growth consultancy firm Frost & Sullivan having also predicted a biometrics boom in the automotive industry, Technavio is not alone in heralding the rise of the vehicular biometrics market.
February 10, 2017 – by Alex Perala