BANGALORE, India, May 13, 2020 /PRNewswire/ -- A brain computer interface is a computer-based program that acquires, analyzes, and converts brain signals into commands transmitted to an output device to perform the desired action. Any type of brain signal can, in principle, be used to monitor a BCI device.
The global brain computer interface (BCI) market size was estimated at USD 1.36 Billion in 2019 and is expected to reach USD3.85 Billion by 2027, rising at a 14.3% CAGR from 2020 to 2027.
Some of the major factors driving the BCI market are numerous technological advances in the field of human-machine sensing, application of BCI technology in entertainment, gaming and communication & control, increased use of BCI technology in the healthcare sector.
Based on global revenue, the report lists the major players in the regions and their market share, respectively. This study also analyses the effect of the COVID-19 (coronavirus) on the Brain Computer Interface (BCI) Market.
TENDS INFLUENCING THE BRAIN COMPUTER INTERFACE MARKET SIZE
The growing prevalence of neurodegenerative disorders such as Alzheimer's and Parkinson's disease and epilepsy are expected to boost the brain computer interface market size during the forecast period. According to a study from the WHO, by 2030, about 82 million people would be affected by dementia, and it will reach 152 million by 2050. This indicates the potential demand for BCI in the years to come.
Brain computer interface technology is increasingly being used in both the smartphone and virtual gaming industries by incorporating BCI into headsets for virtual reality ( VR). Digital gaming has opened a range of new possibilities for mind-controlled headsets and accessories, further pushing brain-controlled interface technology to be adopted.
Clinical studies, research institutes, and government agencies have expanded their assistance through acquisitions, funds, and grants that have encouraged research efforts to improve the use of brain computer interfaces. The need for biocompatible materials would also expand the use of brain computer interface. The lack of skilled technicians to manage these complex devices is, however, a factor limiting this market 's growth.
With its high precision and reliability, Brain user interface systems are optimally suited for operating smart home applications. Home control systems include the application of a P300-based technology-an event-related potential aspect that helps in decision-making-for the purpose of performing various activities such as opening and closing doors, turning on and off the lights, controlling the TV set and music system etc.,. The aforementioned factors are expected to increase the brain computer interface market size during the forecast period.
North America's market accounted for the largest brain computer interface market share in 2019, which was about 42.3 percent. The largest share is due to the increasing incidence of neurodegenerative disorders coupled with the increasing prevalence of virtual gaming.
The Asia Pacific will have the highest growth rate over the forecast period. Increasing disposable revenue and low-cost production sites are expected to drive the Asia Pacific market share during the forecast period.
Healthcare was the biggest revenue-generating category in 2019 based on demand. The use of BCI technology to treat sleeping disorders, Alzheimer's disease, and Parkinson's disease is a key factor contributing to the growth of Brain computer interface market share in the healthcare segment.
Based on the global Brain Computer Interface Devices Market, the study lists the major producers in the regions and their respective market share. It also outlines their strategic developments in recent years, investments in product innovation and leadership changes to remain ahead in the market. The major regions covered in the study are North America, Europe, China, the rest of Asia Pacific, Central & South America, Middle East & Africa, etc.
A Human-Machine Interface (HMI) is a dashboard or user interface that connects a person to a computer, program, or device. While the term can be applied theoretically to any screen which allows a user to interact with a computer, HMI is most commonly used in an industrial process.
Developments in HMI programming tools to incorporate the ability to handle a multi-vendor environment are expected to drive the Human Machine Interface Devices market size during the forecast period.
The growing trend of protocol conversion for data sharing between all connected devices is anticipated to further catalyze the growth of the HMI devices market size. Additionally, technical developments such as open platform architecture or OPA, resulting in migration process improvement, is expected to fuel the market growth.
● Covid-19 Impact on Global Brain Computer Interface Technology Market
The COVID -19 pandemic has spread to nearly 100 countries across the globe since the outbreak in December 2019. The global impacts of the 2019 coronavirus disease (COVID-19) are already starting to be felt and will affect the Global Brain Computer Interface Technology Market.
The study covers the size of the market for the period 2015-2026. It also includes the market size and forecast in terms of revenue for the period 2015-2026 by each application segment.
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