The global EEG & ECG Biometrics market is anticipated to grow at a considerable CAGR during the forecast period (2022-2028). EEG and ECG biometrics are the identity authentication systems. This system records the electrical signals from the brain and heart of a human to match them with the pre-registered data of the person. The electrocardiogram (ECG) system analyses the bioelectrical signals coming from the heart and the electroencephalogram (EEG) system analyses the bioelectrical signals from the brain resulting in accurate identity verification. The major factor attributing to the growth of the global EEG and ECG biometrics market includes the increasing identity theft complaints across the globe. According to the Federal Trade Commission (FTC), around 2.18 million identity theft complaints were reported and around 1.37 million fraud complaints were reported in the US alone in 2020. Thus, increasing the demand for EEG & ECG biometric systems.
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The demand for EEG & ECG biometric systems is also increasing for saving data from fraudsters due to large data breaches occurring often across the globe. For instance, in October 2019, one of the worst data breaches was the Adobe Creative Cloud breach that gave personal data access to around 7 million users. Furthermore, in July 2019, another data breach happened with Capital One Financial Corp. that exposed data of around 100 million records of the company.
Furthermore, the demand for EEG & ECG biometrics is also increasing for identity authentication in various sectors, including banking, financial, healthcare, government, and other sectors due to several benefits offered by EEG & ECG biometrics, including unique advantages in terms of stability, data enhancement, user-friendly, better security, and many others. Thus, propelling the growth of the EEG & ECG biometrics market.
The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market. For instance, in July 2021, B Secure Protection & Guarding Pvt. Ltd. collaborated with Texas Instruments. This collaboration is aimed at developing powerful and medical-grade ECG monitoring sensors for next-generation consumer wearable devices.
Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- By Application
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- iMotions, NeuroSky Inc., B Secure Protection & Guarding Pvt. Ltd., Nymi Inc., and Pinnacle Technology, among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global EEG & ECG Biometrics Market Report by Segment
By Type
- Scanners
- Sensors
- Hardware
- Software
By Application
- Healthcare
- Banking
- Financials
- Government
- Others
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