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Premium Reductions By Insurance Companies for Vehicles Installed With Biometric Systems



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By : vicky paramguru    29 or more times read
Submitted 2018-08-29 17:43:05
The report "Biometric Vehicle Access System Market by Authentication type (Fingerprint, Voice), Future Technology (Iris Recognition System), Vehicle Type (Passenger Car, Battery Electric Vehicle), and Region - Global Forecast to 2021", 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%. The growing demand for multifactor authentication and increasing legislations for biometric applications are some of the key drivers fueling the growth of biometric vehicle access system market.
Browse 69 market data tables and 54 figures spread through 133 pages and in-depth TOC on “Biometric Vehicle Access System Market by Authentication type (Fingerprint, Voice), Future Technology (Iris Recognition System), Vehicle Type (Passenger Car, Battery Electric Vehicle), and Region - Global Forecast to 2021”
https://www.marketsandmarkets.com/Market-Reports/biometric-vehicle-access-system-market-34162390.html
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Fingerprint recognition system to hold the largest share in the biometric vehicle access system market, by authentication type
The fingerprint recognition system is estimated to account for the largest share in the biometric vehicle access system market. The fingerprint recognition system is more widely present in the market as compared to voice recognition system for vehicle access. Biometric vehicle access systems are still in a growing phase. Additionally, increasing industry-wide standards such as the BioAPI would trigger growth in the biometric vehicle access system market.
Iris recognition systems: A promising market due to increased demand for safety features
Asia-Pacific market is projected to have the largest market share in iris recognition systems by 2025. Growing development in advanced technologies and rising vehicle production is 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.
The biometric vehicle access system market has been segmented on the basis of authentication type, future technology, vehicle type, and region. The biometric vehicle access system market has been segmented on the basis of authentication type fingerprint recognition system and voice recognition system. The fingerprint recognition system is estimated to account for the largest market share, in terms of value, in 2016.
The biometric vehicle access system market has been segmented by future technology into iris recognition system. The Asia-Pacific market is expected to account for the largest market share, by value, in 2025. The main factors driving the biometric vehicle access system market include increased stringent safety regulations in the automotive industry. There are also upcoming advanced safety technologies that will trigger the biometric vehicle access system market.
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Europe: Largest market for biometric vehicle access systems
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 vehicle. The automotive industry in Europe has the most advanced technologies in comparison to Asia-Pacific or North American regions.
The European region is estimated to dominate the biometric vehicle access system market, in terms of value, in 2016, with fingerprint recognition system being a key contributor to the market in the region. The increasing demand for multifactor authentication and rising biometric technology are the key factors driving the growth of the biometric vehicle access system market across all regions.
The report analyzes all major players in the biometric vehicle access system market, including Safran S.A (France), Hitachi Ltd. (Japan), Fujitsu Ltd. (Japan) and Nuance Communications (U.S).
Leading Player in the Biometric Vehicle access system market
Hitachi Ltd is a leading player in the biometric vehicle access system market. The company is focusing on creating sustainable value by integrating several factors, such as safety, affordability, and eco-friendliness, into their products and solutions. Comprehending the commercial potential of biometrics in the automotive industry, the company has begun concentrating on developing new products focused on automotive industry. The finger vein technology has applications in automotive, banking, and insurance industries.
The ecosystem of the biometric vehicle access system industry consists of manufacturers such as Safran S.A (France), Hitachi Ltd. (Japan), and Fujitsu Ltd. (Japan), research institutes such as the Automotive Research Association of India (ARAI), European Automotive Research Partners Association (EARPA), and the United States Council for Automotive Research (USCAR), and regional automobile associations such as China Association of Automobile Manufacturers (CAAM), Japan Automobile Manufacturers Association (JAMA), and the European Automobile Manufacturers Association (ACEA).

Target Audience
• Manufacturers of biometric vehicle access systems
• Dealers and distributors of biometric vehicle access systems
• Investment firms
• Equity research firms
• Private equity firms
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