Use of technology in virtual gaming, home control systems and military communication enhance the applicability of the market fueling its growth.
PORTLAND, PORTLAND, OR, UNITED STATE, November 17, 2023 /EINPresswire.com/ — Allied Market Research published a new report, titled, ” The USD 5.46 Billion Brain Computer Interface Market Reach by 2030, Growing at a CAGR of 13.9% from 2021 to 2030.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global brain computer interface market size was valued at USD 1,488.00 million in 2020, and is projected to reach USD 5,463.00 million by 2030, growing at a CAGR of 13.9% from 2021 to 2030.
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Developments in BCI technology and the rising number of gaming industries implementing BCI technologies drive the growth of the global brain computer interface market. On the other hand, lack of expertise in implementing the BCI systems, several cyber security threats arising with BCI systems, and ethical issues ensuing due to the implementation of BCI technologies impede the growth to some extent. Nevertheless, increasing adoption of sensor technologies and emerging opportunities in the healthcare sector are expected to create lucrative opportunities in the industry.
The market is segmented on the basis of component, type, application and region. The component segment is bifurcated into, Hardware and software segment, The type segment includes invasive BCI, non-invasive BCI and partially invasive BCI. According to application, the BCI market is segmented into communication & control, healthcare, smart home control, entertainment & gaming, and others. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Based on application, the healthcare segment held the highest share in 2020, garnering more than half of the global market. The smart home control segment, on the other hand, would manifest the fastest CAGR of 19.0% from 2021 to 2030.
Based on type, the non-invasive segment accounted for more than three-fourths of the total market revenue in 2020 and is expected to retain its dominance by 2030. The invasive segment, however, would register the fastest CAGR of 18.1% throughout the forecast period.
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Based on region, North America contributed to nearly two-fifths of the total market share in 2020 and is expected to dominate by 2030. The marker across Asia-Pacific, on the other hand, would cite the fastest CAGR of 16.1% during the forecast period. The other provinces studied in the report include Europe and LAMEA.
The key market players analyzed in the global brain computer interface market report include Nihon Kohden Corporation, Cadwell Laboratories Inc., Integra LifeSciences, OpenBCI, Advanced Brain Monitoring, Inc., Cortech Solutions, Inc., NeuroSky, Inc., Emotiv, Inc., and Guger Technologies Natus Medical Incorporated.
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● During the COVID-19 pandemic, organizations that already deployed brain computer interface earlier have been able to quickly adjust to the new variant of virus. The lesser contact between humans and machines has helped them achieve their business goals irrespective of the unprecedented circumstances.
● Also, people have started investing more money and time in personal technology such as smart wearables, which in turn boosted the global brain computer interface market.
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