5 Key Projections on Biometric Driver Identification System Market for Forecast Period 2017-2022
The market is projected to increase to 23.9% CAGR during the forecast period 2017-2022.
[ClickPress, Fri Oct 05 2018] According to a study by Fact.MR, the global biometric driver identification system market is expected to experience healthy growth. The market is projected to increase to 23.9% CAGR during the forecast period 2017-2022. Owing to the increased safety and comfort features in various car models and increasing awareness towards safety are some of the factors driving the demand for biometric driver identification system. Manufacturers have started developing biometric driver identification system with advanced features that enhance driving experience along with safety.
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Biometric driver identification system is very new technology in vehicle safety. Enhancing vehicle security, biometric driver identification system identifies individual from a set of features. Automotive manufacturers are integrating biometric driver identification system in vehicles to offer multi-level security. The biometric identification system is also being integrated into connected cars. Biometric system is also becoming popular among ride-sharing services, where it can help to identify various drivers sharing the car, same goes for the fleets. Manufacturers are also focusing on providing innovative features such as setting maps, music, and call history based on the preference of driver, as soon as the driver is identified. Manufacturers are also including advanced biometric system technology where it can monitor eye movement of the driver and can also alert them in case of distraction and drowsiness. Biometric driver identification system is also being developed including 3D facial recognition and multi-factor authentication.
North America is expected to emerge as the biggest market in the global biometric driver identification system market. North America is estimated to surpass US$ 9,000 million revenues by the end of 2022. North America biometric driver identification system market will witness an impressive growth. Increasing adoption of advanced technologies, growing awareness towards vehicle safety and presence of individuals with high disposable income are some of the factors driving growth in the region.
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Europe is expected to be the second most lucrative market for biometric driver identification system. Due to the government initiatives towards vehicle safety and road safety is one of the reasons for increasing adoption of advanced vehicle safety technology, thereby boosting the demand for biometric driver identification system in Europe.
Compact passenger cars are likely to be the largest deployer of biometric driver identification system. Experiencing healthy growth, compact passenger cars are estimated to bring in nearly US$ 7,700 million revenue towards 2022 end.
Biometric driver identification system is expected to be largely used for engine start-stop system. Engine start-stop system will account for nearly one-third of the revenue share by the end of 2017. Meanwhile, driver fatigue & drowsiness monitoring system in biometric driver identification system is also estimated to witness impressive growth, creating an incremental opportunity of more than US$ 3,500 million during 2017-2022.
Compared to various technologies in biometric driver identification system, Iris scan technology will likely experience robust growth. Iris scan as biometric driver identification system technology is projected to reach close to US$ 4,000 million revenues by 2022 end.
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