The study provides an in-depth analysis of the global BCI market along with current and future trends to elucidate the imminent investment pockets.
PORTLAND, PORTLAND, OR, UNITED STATE, October 5, 2023 /EINPresswire.com/: According to the report published by Allied Market Research, the global brain-computer interface market was estimated at $1.48 billion in 2020 and is expected to hit $5.46 billion by 2030, registering a CAGR of 13.9% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers and opportunities, market size and estimations, competitive scenario, and wavering market trends.
Developments in BCI technology and the rising number of gaming industries implementing BCI technologies drive the growth of the global brain-computer interface market.
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COVID-19 scenario:
➢ During the COVID-19 pandemic, organisations that had already deployed brain-computer interfaces earlier were able to quickly adjust to the new variant of the 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 has boosted 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.
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The global brain computer interface market is analysed across component, type, application, and region. 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 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 analysed 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. These market players have incorporated several strategies, including partnerships, expansion, collaboration, joint ventures, and others, to strengthen their standing in the industry.
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