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07 April, 2021, New York, USA – The global biometric in the automotive market reached a promising valuation of over USD210 million in 2020. The market is expected to rise at robust CAGR of 21.03% during the 2021-2028 period to reach over USD750 million in valuation by end of 2028 period. The rising demand for adoption of digital technology in automotive, and resounding success of carmakers like Tesla, and promise of complete electrification of all vehicles by 2030, promises a tremendous growth in the market. The biometric devices will be essential for security of digital technology in vehicles, as it offers more security from fallibility of digitalization. It has been documented in recent times that electric vehicles are more prone to risks of hacking, and thefts due to their digital nature. Furthermore, the additional security measures like biometrics also add a premium feature, which are highly in demand among consumers, and increase the ‘oomph’ factor associated with next-gen vehicles. The growing demand for electric vehicles, rising demand for biometric-based safety, and growing introduction of premium electric vehicle brands will drive tremendous growth for the biometric in automotive market during the 2021-2028 period.
Access and Personalization Remain Key Drivers to Future Growth
Digitalization has opened up device personalization on a whole new level for consumers. With technologies like cloud, automation, and machine learning, devices today can record data for millions of consumers, and provide a personalized experience including playlists for music, entertainment, among others. Furthermore, these services are highly in demand in premium electric vehicle models like Tesla. Various automotive manufacturers are also experimenting with full-automated driving technology, which will free up the consumer to listen to podcasts, radio, entertainment of their choice. Moreover, technology giants like Amazon, Apple, among others are experimenting with technologies like Alexa speakers, which can guide navigation in the future to provide guided tours of shopping centres, malls, among others. The growing demand to access mobile devices, access entertainment on-board, and commercial appeal for coupling shopping trips with automated vehicles promise a bright forecast for players in the biometric in the automotive market.
ECG Technology Promises New Horizons for Growth with Key Features
Among various technologies, ECG remains a promising feature driven promise for consumers globally. The technology registered highest total revenues during 2018, as demand for heartrate biometric, and flexibility for automakers to deploy the technology with support for handicapped individuals remained a promising aspect for its growth in the near future. The number of disabled individuals, or obese individuals at higher risks of diseases like heart disease are on the rise globally. In the US, about a quarter of young population is deemed unfit to enlist in national defence service, by agencies like Centre for Disease Control and Prevention. Furthermore, risk factors associated with conditions like heart disease like obesity, consumption of junk food, and inactive physical state are on the rise. Worsening environmental conditions, and added work stress in urban setting also leads to growing risk of heart disease. Hence, feature laden cars with additional support for individuals with high-net worth can be an appealing supporting feature for growth for players in the biometric in the automotive market. The technology is already flexing its wing with rising collaborations in the industry. For example, Analog Devices, Inc, a key player in the market announced its collaboration with B-secur in 2020 to develop a complete biometric authentication solution. The solution will rely on ECG biometric algorithms, and provide detection for driver’s readiness, and wellness by monitoring driver’s vital signs.
Facial Recognition Technology to Open New Avenues for Growth
Facial recognition technology along with ECG is quickly gaining grounds in the biometric in the automotive market. The system embeds LED technology along with combination of advanced camera-based sensors, which can monitor signs of sleeping in drivers, and offer a warning to fellow passengers or surveillance systems, if required. According to the National Highway Safety Administration (NHTSA), annually over 1500 deaths in the US, with 100,000 crashes are caused due to sleepiness. Furthermore, the implication of this technology can be promising for commercial trucking. The growing demand for monitoring surveillance systems, and increased efficacy of facial recognition technology with increased investments from giants like Facebook, Google, among others will drive tremendous growth for the biometric in the automotive market. The limitations of anti-theft features in technologies like facial recognition remains a restraint for growth in the biometric in the automotive market.
Impact of Covid-19 in the Biometric in the Automotive Market
The covid-19 impact like most markets has resulted in sharp slowdown in sales of automotive vehicles. According to the European Automobile Manufacturers Association, the production halts during the pandemic resulted in losses of 2,446,344 vehicles in the European region. However, the slowdown has not remained similar across the board. For example, key targets of biometric technology, the electric vehicle witnessed sharp increase in demand despite slowdown across the board. Furthermore, agencies like International Energy Agency estimated that many consumers are waiting for the best and the latest model of electric vehicle as competition intensifies, which will boost growth as global economy comes back to normal levels. The growth of the automotive industry, and rising demand for premium electric vehicles will remain a promising driver of growth for players in the biometric in the automotive market in the near future. Some key players in the biometric in the automotive market are Fujitsu Limited, Hitachi, Ltd. Nuance Communications, Safran S.A, Voxx International Corporation.
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