Global Brain Computer Interface Market: Overview
The theoretical concept of a brain computer interface is to create an output function or task for a user using only the user’s brain and not the kinetic or ocular functions. A brain computer interface commonly performs this by reading the electrical signals it receives from a brain and converts it to appropriate electrical signals. These signals are then transmitted to the machine where the required task is performed. From an engineering perspective, the global brain computer interface market is developing solutions to figure out different ways that can be used. The simplest and the non-invasive method to achieve this is to use the electroencephalograph.
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The report is a collective of facts and figures that are associated with the global brain computer interface market in a chronological order. Past data and current market events and trends allow research analysts to arrive to a satisfactory conclusion regarding the market’s future. The report’s users therefore receives a projection of the global brain computer interface market that can be used to devise a successful business strategy for the future. The report presents valuable market insights through the use of analytical tools such as Porter’s Five Forces analysis and a SWOT analysis based on the market’s competitive landscape.
Global Brain Computer Interface Market: Trends and Opportunities:
The top driver augmenting the global brain computer interface market is its introduction as a wearable device. The global market for wearable devices is witnessing a meteoric rise and BCI equipment and services are a highly sought-after part of this. The global brain computer interface market is also providing greater opportunities for end users from healthcare and entertainment sectors. These diverse set of market trends have allowed the player base to become just as diverse, thereby catering to a greater type of audiences and increasing scope of profiteering. The global brain computer interface market is expected to progress at a CAGR of 14.9% from 2016 to 2024. It was calculated at US$382.2 mn in 2015 and is expected to reach US$1.232 bn by the end of 2024.
Electroencephalography has been the leading technology within the global brain computer interface market in 2015 with a share close to 39.6%. It is the least invasive form of BCI while still providing a significant level of accuracy in output. Noninvasive devices are generally leading in preference in the global brain computer interface market due to the high level of discomfort and complications caused by other types. EEG, due to its painless usage, can easily find its way into commercial use in the entertainment industry. In 2015, healthcare was the greater end user for the global brain computer interface market owing to its massive scope of use in surgery.
Global Brain Computer Interface Market: Region-wise Outlook:
North America and Europe have been the leaders in the global brain computer interface market in terms of product development and demand. North America especially has shown a tremendous growth rate in research and development efforts in brain computer interfaces owing to several critical tie-ups between academic institutions and government bodies, thereby generating a smooth channel for investments and product developments. North America was the leading regional segment in the global brain computer interface market in 2015, owning up to 43.3% of the market at the time.
Companies Mentioned in the Research Report:
The key players operating within the global brain computer interface market currently, include Cadwell Industries, Inc., Nerusky, Inc., Advanced Brain Monitoring, Inc., ANT Neuro B.V., Nihon Kohden Corporation, Emotiv Systems, Inc., NeuroPace Inc., Blackrock Microsystems LLC, OpenBCI, Artinis Medical Systems B.V., Elekta AB, and Mindmaze SA.