Increasing incidences of brain disorders affecting the movements of body, Government funding setting off the use of BCI technologies, adding growth of market.
PORTLAND, OREGON, UNITED STATES, October 28, 2020 /EINPresswire.com/ — Rising incidences of brain disorders affecting the movements of body, Government funding triggering the use of BCI technologies, miniaturization of components adding to the growth of BCI technology market, and increasing number of gaming industries implementing BCI technologies fuel the growth of the global brain computer interface market. On the other hand, lack of expertise in implementing the BCI systems, security issues associated with BCI systems, and ethical issues related to BCI technologies restrain the growth to some extent. However, developing economies and swift use of sensor technologies are expected to create lucrative opportunities for the key players in the industry.
The global brain computer interface market was estimated at $762 million in 2014, and is expected to reach $1.46 billion by 2020, growing at a CAGR of 11.5% from 2014 to 2020. The report offers an in-depth analysis of the drivers & opportunities, top investment pockets, top winning strategies, market size & estimations, competitive scenario, and changing market trends.
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The key players of BCI market analyzed in the report include Advanced Brain Monitoring Inc., Nihon Kohden, and Corporation Emotiv, Inc. These players have incorporated different strategies including expansions, mergers & acquisitions, partnerships, joint ventures, collaborations, and others to heighten their stand in the market.
Based on geography, the North-America region held the highest share in 2014, contributing to more than one-third of the total market. Simultaneously, the LAMEA region is predicted to showcase the fastest CAGR of 14.9% throughout the study period.
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Based on the application, the healthcare segment accounted for one-third of the total market share in 2014 and is predicted to rule the roost during 2014–2020. At the same time, the segment of the smart home would register the fastest CAGR of 12.5% till 2020.
Based on type, the non-invasive segment contributed to 85% of the total market revenue in 2014 and is expected to dominate throughout the forecast period. The invasive segment, on the other hand, is projected to grow at the fastest CAGR of 15.3% by 2020.
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