Market Research Future (MRFR) shed light on governing causes of the global brain computer interface market size 2020, in its latest report. The brain-computer interface market is expected to rise at a 15.1% CAGR in the forecast period, 2019–2024. A complete assessment of the brain-computer interface (BCI) market performance in the COVID 19 outbreak is registered. The growing popularity of the brain-machine interface as a direct communication interface between any external device and the human brain is observed as an important factor that can bolster the market. As per MRFR evaluation, the Global Brain-Computer Interface Market value can rise from USD 1,129.9 million to USD 5.48 Billion by 2018 to 2024. The brain-computer interface market can expand at 14.72% CAGR by 2030.
The rising application of BCIs in assisting, augmenting, and repairing human cognitive capabilities is observed to add momentum to the expansion of the brain-computer interface market across the analysis period. The significant development in BCIs for brain mapping solutions can prompt the rise of the market. The introduction of effective imaging technology, such as electroencephalography and magnetic resonance imaging can promote the market in the years to come. In addition, the growing medical applications of brain-computer interface to diagnose and sometimes cure disorders, such as hearing impairment, vision impairment, cerebral palsy, Alzheimer's, paralysis, and dementia can impel the expansion of the market in the near future.
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EMOTIV, Brain Products GmbH, NIHON KOHDEN CORPORATION, NeuroSky. Inc, Compumedics Limited, g.tec, BrainCo, Inc., Advanced Brain Monitoring, Inc, Natus Medical Incorporated, MindMaze, and Neuroelectrics are some reputed players in the worldwide market of Brain-computer interface market as listed by MRFR.
Trends of the brain computer interface market is studied across North America, APAC, EU, and the rest of the world. In North America, the expansion of the brain computer interface market can rise at 14.3% CAGR through the analysis period. North America brain computer interface market can thrive at USD 525.3 million on the conclusion of the analysis period. Europe brain computer interface market can value at USD 265.4 million by the end of the review period. The market in Europe can expand at 15.6% CAGR by 2024. Asia Pacific brain computer interface market can expand at 17.3% CAGR in the analysis period. The growing adoption of brain-computer interfaces across SMEs can escalate the regional market valuation. In addition, the increase in the number of start-ups dealing in BCIs and the presence of key investors in the region can impel the rise of the region. Other regional factors that are observed to contribute to the growth of the brain computer interface market are elaborated in the report. A SWOT study of the impact of geographic forces on the worldwide market of brain computer interface is elaborated in the report.
The segment assessment of the brain-computer interface global market are type, component, end-user, application, and technology.
The component based segments of the brain computer interface market are software and hardware. The type based segment of the brain computer interface market are invasive, non-invasive, and partially invasive. The application based segment of the brain computer interface market are gaming & virtual reality, medical, communication & control, and smart home control. The technology based segment of the brain computer interface global market are magnetoencephalography (MEG), electroencephalography (EEG), functional magnetic resonance imaging (fMRI), electrocorticography (ECoG), intracortical neuronal recording, and near-infrared spectroscopy (NIRS). The end-user based segment of the brain-computer interface global market are defense & aerospace, healthcare, and education & research.
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