Market Overview

Market Overview:

The global EEG and ECG biometrics market size was significantly robust in 2020 and is expected to register a steady revenue CAGR over the forecast period. Key factors driving market revenue growth are increasing use of EEG and ECG in banking, insurance, transportation, and financial services, and rising investments in R&D by companies to introduce innovative products. EEG biometric technology measures and records electrical activity of the brain. On the other hand, ECG is a diagnostic tool that helps assess electrical activity of an individual's heart. This increases the level of security and individual identification due to its accuracy in identification process.

An electrocardiogram (ECG) is a diagnostic instrument that examines a person's cardiac activity. As every individual's heart muscle action and resulting electrical activity differs, an ECG paired with a biometric solution is utilized for authentication. EEG biometric technology is used to capture and quantify electrical activity in the brain, which is subsequently preserved for authentication reasons. EEG and ECG biometric aid in identification of people based on their behavioral characteristics. As this type of technology cannot yet be imitated, it adds an extra degree of protection to data access. Usefulness of electrical activity of the brain (EEG) and heart (ECG) as trustworthy inputs in cognitive systems has piqued curiosity of researchers concentrating on physiological metrics in recent years. Technological advancements in next-generation biometric are based on increasing focus on improving design of multimodal systems, where dependability of these signals as viable biometric characteristic markers is being researched.

ECG signals have been discovered to be extremely subject-dependent in a number of recent studies. Scientists are attempting to merge EEG and ECG signals in order to create a strong biometric. Utilization of both features at same time poses a number of obstacles, both generic and specific. Unquestionably, a variety of artefact and physiological variables are continually affecting these signals. Furthermore, use of EEG and ECG biometric necessitates a high level of care when interpreting the data. The device must record these signals in a non-invasive manner to make these systems acceptable to a larger populace. Increasing adoption in various industries, including healthcare, government, and banking and financial services, due to the potential of these multimodal biometric in providing correct findings is expected to contribute to market growth going ahead.

Major Factors Driving Growth Of The Global EEG and ECG Biometrics Market:

The global EEG and ECG biometrics market revenue growth is attributed to increasing acceptance of multimodal biometrics in industries, including insurance, banking, healthcare, airports, and others, rapid urbanization, and technological advancements. Multimodal biometrics require use of two or more biometrics to prevent illegal access to mobile device databases or other databases. Biometrics such as EEG and ECG aid in security of online and offline applications, ensuring that corporations receive accurate data.

Factors Restraining Growth Of The Global EEG and ECG Biometrics Market:

The global EEG and ECG biometrics market growth is substantially hampered by several unfavorable factors. High initial costs, a shortage of experienced labor, and a lack of knowledge of EEG and ECG biometrics among people are factors expected to negatively impact market growth.

Opportunities For Players Operating In The Global EEG and ECG Biometrics Market:

Rising demand for sophisticated, easy-to-use gadgets, and enhanced security devices in the government sector are expected to continue to bring up profitable business prospects for both established companies and new entrants. Controlling product costs is also expected to drive market growth during the forecast period.

Global EEG and ECG Biometrics Market Revenue Led By Product Type Segment:

Based on product type, the scanner segment is expected to reach the highest revenue share over the forecast period. This is attributed to easy installation process and affordability of scanner biometrics around the world.

Global EEG and ECG Biometrics Market Leading Application Segment:

During the forecast period, the healthcare segment is expected to dominate all other segments in terms of revenue generation. This is due to improved security of sensitive data such as doctor diagnoses and patient data, and increasing utilization to confirm the identity of patients and employees. Furthermore, rising number of cyber-attacks and terrorist attacks is driving government to adopt more stringent security measures to identify individuals. The use of EEG and ECG biometrics helps to reduce risk of critical data being stolen from government agencies such as law enforcement, defense, and intelligence.

North America Accounts For Largest Revenue Share In Global EEG and ECG Biometrics Market:

Among regional markets, North America emerged as the largest market for EEG and ECG biometrics in 2020, with the highest revenue share. Factors such as presence of large electroencephalogram and electrocardiogram biometrics manufacturers, increasing awareness about biometrics among people, significant technological advancements, and improved healthcare infrastructure are expected to contribute to market growth. In addition, such biometrics are increasingly being employed in a range of areas, including banking, government, and other businesses, which supports market growth.

Asia Pacific Continues To Lead In Terms Of Revenue CAGR:

The Asia Pacific EEG and ECG biometrics market is expected to register the fastest growth in CAGR over the forecast period. This is attributed to rising population and increased need for advanced security and identification devices in countries such as India, China, Japan, and South Korea, as well as increased government spending. Due to increasing incidence of cybercrime and identity theft, the demand for advanced biometrics in emerging economies such as India and China is expected to support market growth.

Major Companies Profiled In The Report:

  • iMotions
  • NeuroKai
  • NeuroSky
  • B Secur
  • Interactive Video Productions
  • Nymi
  • Pinnacle Technology
  • Brain Product
  • Biosemi

Strategies And Objectives Of Major Companies:

To maintain a competitive advantage, major players are focusing on product diversity and aligning their growth strategies with current and forecast trends. During the forecast period, rising demand for advanced medical equipment and increasing focus on improvement of medical facilities are expected to have a direct impact on overall growth of the market.

  • Komodo Technologies announced the release of a compression sleeve. Electrocardiogram (ECG) technology is used in smart clothing item to track heart rate activity, sleep, and workout intensity.

What Our Report Provides And Why Our Offering Is Better:

This report offers historical data points and forecasts and revenue growth at a global, regional, and country level, and provides analysis, industry trends, and consumption pattern details for each region, major country, and segment from 2018 to 2028. The global market report includes industry trends, drivers, restraints, opportunities, threats, market strategies, segment revenue, and market share contribution by each regional and country market. In addition, the report offers industry analysis and competitive landscape, company financial, and impact analysis. The report includes a detailed view of the global market, along with changing dynamics and trends, scenarios, detailed market and regional segmentation, regional landscape, analysis and evaluation, major investments, product offerings, product launches, and details of historical, current, and projected revenues.

Detailed Segmentation In Our Report:

For the purpose of this report, the global EEG and ECG biometrics market is segmented on the basis of product type, application, and region:

Product Type Outlook (Revenue, USD Billion; 2018-2028)

  • EEG
  • ECG
  • Scanners
  • Hardware
  • Software
  • Sensors
  • Integrated Solutions

Application Outlook (Revenue, USD Billion; 2018-2028)

  • Health Care
  • Banking
  • Financial
  • Government
  • Others

Region Outlook (Revenue, USD Billion; 2018-2028)

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Benelux
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Rest of Latin America
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa
    • Rest of Middle East & Africa

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Key questions answered by the report