Press release
Automotive Biometric Market Grow with a CAGR 2020-2024 Focuses On Top Companies Fujitsu Limited, Nuance Communications, Voxx International Corporation, Safran S.A, Synaptics Incorporated, ASSA ABLOY AB
automotive biometric market
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The global automotive biometric market was valued at $476 million in 2017, and is projected to reach at $1,128 million by 2024, growing at a CAGR of 12.0% from 2018 to 2024.
Increase in theft in passenger cars propels the market growth of the automotive biometric market. As passenger cars do not have much of a security, except a central locking system, the inclusion of biometric segment is projected to be of vital importance. The installation of biometric technology in compact cars can help in the reduction of car thefts involved with the incorporation of technologies such as fingerprint scanner. Since, fingerprints are not easily traceable, the chances of hacking the car is less. The authorized driver who are pre-registered with the biometric system will only be able to access the vehicle.
In 2017, Europe dominated the global automotive biometric market. In addition, the demand for luxury vehicle is high in this region enabling the need for biometric technology. Based on technology, the fingerprint scan segment dominated the global automotive biometric market, in terms of revenue in 2017. Further, based on vehicle type, the passenger car segment is projected to lead the global market in the same year.
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The report includes a micro-level study of different regions adopting automotive biometric for various applications. In addition, it discusses the potential opportunities for market players to enter the market. Moreover, it provides an in-depth market analysis of automotive biometric, outlining current trends, key driving factors, and potential areas for product investments.
The need for better security management impacts both the developed and the developing economies to protect themselves from unknown entities such as theft or other disturbing activities. Major players in the biometric technology plan to establish themselves in emerging markets.
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Key Findings of the Automotive Biometric Market:
1 In 2017, based on technology, the fingerprint scan segment dominated the global automotive biometric market, in terms of revenue.
2 Based on vehicle type, the passenger car segment led the global market in 2017.
3 Europe held the largest market share in 2017.
4 Asia-Pacific is anticipated to exhibit the highest CAGR during the forecast period 2018-2024.
Top Impacting Factors Such as -
* Increase in Need for Safety
* Developments in the Emerging Markets
* High Installation Cost
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Allied Market Research (AMR) is a market research and business-consulting firm of Allied Analytics LLP, based in Portland, Oregon. AMR offers market research reports, business solutions, consulting services, and insights on markets across 11 industry verticals. Adopting extensive research methodologies, AMR is instrumental in helping its clients to make strategic business decisions and achieve sustainable growth in their market domains. We are equipped with skilled analysts and experts, and have a wide experience of working with many Fortune 500 companies and small & medium enterprises.
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