ALBANY, New York, May 16, 2018 /PRNewswire/ --
The global brain computer interface market is projected in a report by Transparency Market Research (TMR) to find companies focusing on bringing out novel and nascent technologies with a view to secure a solid share. Companies could also concentrate on catering to the needs of end users by analyzing human preferences, inclinations, and behaviors to a detailed degree. They are expected to hold an inclination toward manufacturing products that could be coordinated with a broad range of applications. Presence of ruling competitors such as NeuroPace Inc., MindMaze SA, and Emotiv Systems could be marked in the market.
TMR prognosticates the global brain computer interface market to post a 14.9% CAGR for the forecast tenure 2016-2024. The market could reach to a US$1.2 bn valuation by the final forecast year. With respect to segmentation by type, non-invasive BCI is foreseen to grab a colossal share of the market in the coming years. In terms of region, North America could be a higher revenue getter followed by Europe anticipated to register a 14.0% CAGR.
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Awareness Programs Inform Consumers about Utility of BCI Technology
Consumers are prophesied to adopt brain computer interface technology due to increasing awareness about its utility through various advertisements and programs. Companies dealing with BCI could look to make their products compatible, sound, and innovative while being involved in extensive research and development activities. Demand for brain computer interface is forecasted to gain a strong boost in the near future because of rising incidence of depression, stroke, and Parkinson's disease among geriatrics. Geriatric population could be vulnerable to brain-related disorders that lead to severe disabilities. Over the years, brain computer interface devices have attained the trust of older people with disabilities.
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Developed regions such as Europe are envisioned to support market growth of brain computer interface on the back of certain factors such as large-scale acceptance of the technology and robust technological development. Asia Pacific could also contribute while riding on growing disposable income of consumers and tall population rise.
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Expensive Cost of BCI Devices Discourages their Use in Research Organizations
The review of the global BCI market referred TMR's report titled, "Brain Computer Interface Market (Type - Invasive BCI, Partially Invasive BCI, and Non-invasive BCI; Technology - Electroencephalography, Electrocorticography, Near Infrared Spectroscopy, Functional Magnetic Resonance Imaging, and Magnetoencephalography; Application - Healthcare, Gaming and Entertainment, Communication, and Defense and Aerospace and Home Automation) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024."
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The market is segmented into the following categories for better comprehension:
Global Brain Computer Interface Market: Type
- Invasive BCI
- Partially Invasive BCI
- Non-invasive BCI
Global Brain Computer Interface Market: Application
- Gaming and Entertainment
- Defense and Aerospace and Home Automation
Global Brain Computer Interface Market: Technology
- Electroencephalography (EEG)
- Electrocorticography (ECOG)
- Near Infrared Spectroscopy (NIRS)
- Functional Magnetic Resonance Imaging (fMRI)
- Magnetoencephalography (MEG)
Global Brain Computer Interface Market: Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Asia
- Rest of Asia Pacific
- Middle East and Africa (MEA)
- GCC Countries
- South Africa
- Rest of MEA
- Latin America
- Rest of Latin America
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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SOURCE Transparency Market Research