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IN THE NEWSMarch 2019: Brainwave Science announced to change the name of their product “Product Brain Fingerprinting” to “iCognative”. The goal of the company behind this decision is to lead the market in a new direction of a brain-based and cognition-based technology.
The global brain fingerprinting technology market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2022-2030. The advancements in brain fingerprinting technology globally, along with the rising need to counter terrorism and solve complex criminal cases, are expected to fuel the progress of this market. Apart from these, brain fingerprinting technology detects the information stored in a person’s brain by sensing brain wave responses with respect to words, phrases, or pictures presented on a display unit. This information can be utilized by the governments and other public agencies to identify terrorists & criminals, solving difficult criminal cases, prevent fraud voting in elections, and prevent the misuse of various sensitive applications, which in turn is expected to drive market growth in the upcoming years. The growth of the market can also be attributed to factors such as the rising rates of criminal cases and the growth of infrastructure of sensitive data worldwide. According to the data collected from the World Bank, the prevalence of intentional homicides was 5.78 per 100,00 people in 2018, while this number for the United States was 4.95 for the same year. Furthermore, brain fingerprinting technology has enormous potential in significantly reducing the number of pending criminal cases and has many advantages in terms of accuracy and efficiency over traditional crime detection tests such as the lie detector test. These factors are predicted to offer abundant opportunities to the market growth.
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The market is segmented on the basis of equipment into personal computer, data acquisition board, graphics card, sensors, and four-channel electroencephalography amplifier system, out of which, the four-channel electroencephalography amplifier system segment is anticipated to grab the largest share by the end of 2030 on account of its indispensability in the brain fingerprinting process. As electroencephalography (EEG) amplifier system measures and amplifies the brainwaves generated when a stimulus triggers neuron of the brain, it is also projected to contribute to the growth of the segment during the forecast period. Additionally, on the basis of application, the national security segment in the global brain fingerprinting technology market is projected to grow with a significant CAGR over the forecast period, which can be attributed to the growing incidences of individual as well as institutionally sponsored terrorism across the world, which raises the need to safeguard national interests by identification of perpetrators and adoption of appropriate security measures.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. The market in the Asia Pacific is predicted to grow at the highest CAGR over the forecast period owing to the rising technological advancements in the IT sector, and increasing efforts to standardize healthcare and crime detection in the region. Along with this, the developing countries in the region such as China and India are expected to provide a significant contribution to the market growth. Furthermore, the market in North America is evaluated to occupy the largest share in terms of revenue during the forecast period, ascribing to the presence of leading technology providers in the region. Along with this, North America also leads in the early adoption of measures to improve the security infrastructure, which is also expected to contribute to the market growth in the region. Alternatively, the market in Europe is also anticipated to occupy a significant share in the brain fingerprinting technology market on account of high deployment of smart biometrics and artificial intelligence, and significant investments in research associated with brain fingerprinting technology in the region. Along with this, the escalating need to control crime cases in the region is also expected to boost the demand for the growing use of brain fingerprinting technology. As per the Eurostat statistics of the European Union, in 2018, there were 3,993 cases of intentional homicides in EU-27 countries.
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The global brain fingerprinting technology market is further classified on the basis of region as follows:
Our in-depth analysis of the global brain fingerprinting technology market includes the following segments:
The market is dominated by these four major players, who currently have a monopoly over the market. Moreover, there is abundant scope for new market players. The brain fingerprinting technology is still at the conceptual stage, but its application in the detection of features of the crime stored in the suspect’s brain is estimated to attract major information and communication technology market players to invest heavily in the coming years.
FREQUENTLY ASKED QUESTIONS
The advancements in brain fingerprinting technology globally and the rising need to counter terrorism and solve complex criminal cases are the key factors driving market growth.
The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2022-2030.
Apprehensions about the accuracy of the test and high costs associated with the adoption of the technology are estimated to hamper market growth.
The market in Asia Pacific region will provide ample growth opportunities owing to the rising technological advancements in the IT sector, and growing efforts to standardize healthcare and crime detection.
The major players dominating the brain fingerprinting technology market are Brainwave Science, Brain Fingerprinting Laboratories Inc, SPARK Neuro, The Nielsen Company (US), LLC, and others.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by equipment, application, and by region.
With respect to application, the national security segment is anticipated to hold the largest market share owing to the growing incidents of individual as well as institutionally sponsored terrorism across the world.
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