The global market for automotive biometric identification is forecast to reach US$303 million by 2024, according to a report from TechSchi Research.
The report segments the market into five types of biometric data captures (fingerprint, facial, iris, voice and multimodal) and values the 2019 market at US$138 million. Of all these, facial recognition technology dominates the market.
TechSchi attributes the 119.5% growth to rising demand for vehicle safety and security, and increased adoption of advanced technology, such as artificial intelligence (AI) and cloud connectivity. The growth will be steady, the report concludes, with a compound annual growth rate of 17%.
The automotive biometric market as identified by TechShi is found in Europe, North America and the Asia Pacific region. While the market share is split relatively evenly across the three, in 2019 Europe is found to have the largest share of the market, but by 2024 this is forecast to have shifted to the Asia Pacific region.
Technology in connected cars has been on the rise, but biometric-specific tech is still relatively new and only started to make the headlines this year.
Elsewhere, a report by KD Market Insights has identified the increased need for driver and passenger safety as the trigger for developments in biometric technology in the automotive sector.
But beyond passenger safety lies the need for security and increased protection as this technology advances. As data is shared between the infrastructure and the cars, it must be done securely, with the correct procedures in place to monitor this transfer in real-time and therefore ensure that, should a cyber security attack take place, it is dealt with immediately.