Brain Fingerprinting Technology market is expected to grow at a CAGR of 17% during the forecast period 2021-2031. 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. 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.
With the rising population and the constant struggle for control over limited resources, the need for upgrading security has been continuously rising. Additionally, the increasing requirement for controlling high crime rates and terrorist attacks is also expected to boost the market growth in upcoming years.
However, doubts related to the accuracy of the test and the high deployment cost of the technology are some of the factors that are estimated to restrain market growth in the near future.
Brain fingerprinting utilizes intellectual brain reactions, brain finger printing does not rely upon the feelings of the subject, nor is it influenced by emotional reactions. It allows to recognize individuals who have training or knowledge about communications, finance, or banking, and who are related with anti-terrorist group or activities.
The technology satisfies a critical requirement for governments, law implementation offices, investigators, partnerships, falsely accused, crime victims, and innocent suspects.
North America is evaluated to lead the global brain fingerprinting technology market in the forthcoming years. In the U.S., different biometric methods are being developed in various divisions, for example, commerce, homeland security, justice, and defense. Brain fingerprinting is expected to hold an important part in justice and defense, adding to the growth of regional market.
The East Asia market is projected to witness high CAGR growth on account of the government organizations in countries including South Korea, China, and Japan supporting the usage of biometrics to ensure national security through accurate citizen identification.
In April 2021, the Chinese government released draft standards targeting domestic firms to secure facial identification data. The draft pushes recommendations on collecting, storing, using, sharing, and public disclosure of facial identification data.
Similarly, in December 2020, the South Korean government announced that it will deploy technologies, such as an Artificial Intelligence (AI) based identification system and a QR code pass card, to improve access control in public buildings in the region. Government organizations are supporting the development and implementation of biometrics to improve public safety, which will augment the industry progression.
Some of the leading providers of brain fingerprinting technology include
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.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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