The biometric vehicle access system market is estimated to be USD 442.7 Million in 2016, and is projected to grow to USD 854.8 Million by 2021, at a CAGR of 14.06%. According to research analysts at Marketsandmarkets the growing demand for multifactor authentication and increasing legislation for biometric applications are some of the key drivers fueling the growth of biometric vehicle access system market.
Fingerprint recognition systems are estimated to account for the largest share in the biometric vehicle access system market. The fingerprint recognition system is more widely utilised in the market as compared to voice recognition systems for vehicle access. Biometric vehicle access systems are still experiencing a growth phasem and increasing interest in creating industry-wide standards such as the BioAPI would trigger growth in the biometric vehicle access system market.
Iris recognition systems are predicted to offer a promising market prospect due to the increasing demand for safety features. The Asia-Pacific market in particular is projected to have the largest market share in iris recognition systems by 2025. Growing development in advanced technologies and rising vehicle production is also a contributing factor for this growth. The growing demand for safety features as a result of government regulations has triggered the market for biometric vehicle access systems.
Researchers found that Europe is estimated to account for the largest share, in terms of value, of the biometric vehicle access system market in 2016. Major OEM’s like Mercedes-Benz, BMW, Ford, and Volkswagen are developing these range of technologies and innovating in different ways to strengthen the security of a vehicle. The automotive industry in Europe has the most advanced technologies in comparison to Asia-Pacific or North American regions according to the analysts.
