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Global Biometric Vehicle Access Systems Market to Reach $2.2 Billion by 2026SAN FRANCISCO , June 17, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Biometric Vehicle Access Systems - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 9; Released: June 2022 Complimentary Project Preview - This is an ongoing global program. Preview our research program before you make a purchase decision. We are offering a complimentary access to qualified executives driving strategy, business development, sales & marketing, and product management roles at featured companies. Previews provide deep insider access to business trends; competitive brands; domain expert profiles; and market data templates and much more. You may also build your own bespoke report using our MarketGlass™ Platform which offers thousands of data bytes without an obligation to purchase our report. Preview Registry ABSTRACT- Amid the COVID-19 crisis, the global market for Biometric Vehicle Access Systems estimated at US$1.5 Billion in the year 2022, is projected to reach a revised size of US$2.2 Billion by 2026, growing at a CAGR of 8.7% over the analysis period. Fingerprint Scan, one of the segments analyzed in the report, is projected to grow at a 9.1% CAGR, while growth in the Voice Recognition segment is readjusted to a revised 8.4% CAGR. The global market is mainly being fueled by the rising focus on security and authentication. Biometric systems are increasingly being used in security systems of automobiles, given their exceptional accuracy. As these systems rely on iris scan, voice recognition, or fingerprints, the likelihood of error is low and security is high. Also, the lower insurance premiums for cars that are equipped with biometric vehicle access systems is driving their adoption in vehicles. These systems also enable insurance companies to have a record and perform real-time monitoring of the drivers. The market is also gaining from the more favorable regulatory environment for the use of biometric identification systems. Governments worldwide are encouraging the trend of connected or automated vehicles. In China, autonomous driving and ADAS have been standardized. The growing customer interest in smart technology is also boosting the use of these systems. Smartphone-based applications leverage biometric pattern recognition and communicate with cars to provide acess to the vehicle's ignition and other critical functions. The growing use of in-vehicle biometric systems is expected to augur well for the market. The rising focus on offering a highly personalized experience to vehicle owners is propelling the use of biometric vehicle access systems. The growing demand for driverless and electric cars and rising use of sensor-based technology is boding for the market. The growing preference among customers for automated security functions in vehicles is likely to drive gains in the market. The emerging iris recognition system that is expected to facilitate improved authentication in vehicles is likely to stimulate market growth. Further, the advancements in voice recognition and fingerprint recognition technologies are expected to benefit the market. Currently, biometric vehicle access systems are mainly used in luxury cars and in commercial vehicles (retrofitted) for fleet monitoring and security. But their adoption is gradually expanding to other car and vehicle categories. The market is also gaining from the rising connected vehicles demand and the increasing implementation of V2I (vehicle-to-infrastructure) and V2V (vehicle-to-vehicle) technologies for better mobility communication. Market growth is also said to be supported by the growing use of latest technology such as window touch screens and HMI (human-machine interface). But the market is expected to be restricted by the growing connected devices usage in vehicles, which can lead to greater risk of cyberattacks and compromise security. Also, the use of fingerprint recognition in a vehicle does not offer complete assurance against theft. The significant cost of installation of biometric vehicle access systems is also hampering market growth. Further, given the highly secure nature of the system, the use of vehicle by other people (family/friends) can be restricted, which can discourage its adoption. Also, the possible breakdown of the electronic components of biometric vehicle access systems that can make the security system of a vehicle vulnerable and require considerable replacements can negatively impact the market. Severe weather conditions can also impact the proper working of biometric systems, as they are generally not designed to work in these conditions. Biometric authentication is an additional security feature that is provided with several mobile phones. Using face or fingerprint recognition offers convenience to the users unlocking a phone. Biometrics will also be increasingly used in automobiles on account of the ease of use. While 'keyless entry' is already in use, harnessing biometric technology will offer convenience in unlocking the vehicle. But it carries inherent risks to car cybersecurity and privacy. Automobiles have their unique environment within the vehicle and the driver must not be distracted at any cost. While biometrics can enhance the safety and user experience, it has to be cautiously adopted. Biometrics affect the way a vehicle reacts to an individual, from allowing access to the vehicle to other driving experiences. By harnessing biometrics, the vehicle can remember the seat and mirror settings. Based on the user's face recognition, the vehicle settings can be personalized. The Spotify account can be automatically selected to play the songs of your choice. The driver need not adjust any settings manually. Based on the passengers in the car, the appropriate Spotify list will be selected. Personalized music streaming is just one of the settings that are adjusted according to biometric recognition. Other devices such as phones and personal assistants can also be integrated. This infotainment feature will also generate a new source of revenue for the automotive industry. But adequate security precautions need to be set in place to prevent any loss of data. While biometrics might not replace physical or digital car keys, it will serve as two-factor authentication (2FA) to access the automobile. The biometric can be used to re-authenticate a chip or pin. This feature would significantly reduce the instances of car thefts. But keyless vehicle entry could also throw up the additional risks of thieves attacking the system to gain entry. Autonomous vehicles will soon become a reality on the roads. A critical factor is deciding when to hand the reins of control to the driver. The driver must be alert to resume the cognitive load of vehicle control. DMS (Driver Monitoring Systems) harness biometrics to gauge the skill of a driver and even identify if the driver is drunk and not in a state to drive. Sensors to check pupil dilation can detect tiredness levels. Biometrics can enhance the driving experience. Personalization and safety features can be incorporated. But there are concerns about the abuse and misuse of personal data. High standards of security must be applied to protect customer data. A TEE (Trusted Execution Environment) must be used to store data and biometric controls. This can work as a bridge between the convenience of keyless entry and security. More MarketGlass™ Platform Our platform is free for qualified executives and is accessible from our website www.StrategyR.com or via our just released mobile application on iOS or Android About Global Industry Analysts, Inc. & StrategyR™ CONTACTS: LINKS Connect With Us on LinkedIn Follow Us on Twitter Journalists & Media
SOURCE Global Industry Analysts, Inc. 
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