Goode Intelligence has released a new report that suggests that the demand for biometric systems in the automotive industry will skyrocket in the next few years. In that regard, the second edition of the firm’s Market Analyst Report on Automotive Biometrics predicts that the revenue opportunity for biometric systems will climb beyond $560 million by 2026.
The new report builds on Goode’s previous 2017 report, which indicated that a Tier 1 automobile manufacture would release a top-line vehicle with biometric capabilities by 2020. That prediction ultimately came true with the July debut of the Mercedes-Benz S-Class luxury vehicle, which can authenticate drivers with face and fingerprint recognition.
According to Goode, there are three primary factors motivating the automotive biometric trend. Specifically, biometric technology allows manufacturers to provide drivers and passengers with personalized in-car experiences, and it can also be used to enable in-car payments and health monitoring systems that protect the safety of people in the vehicle.
The report finds that face and fingerprint recognition are the two preferred biometric modalities. However, voice recognition is gaining steam as an intuitive way for drivers to interact with smart vehicles.
The Automotive Biometrics report covers the time period between 2021 and 2026. Goode Intelligence has elsewhere predicted that the mobile payments industry will be processing $1.67 trillion in annual transactions by 2023.