PORTLAND, Oregon, April 22, 2015 /PRNewswire/ --
According to a new report by Allied Market Research entitled, "Global Brain Computer Interface (BCI) Market - Size, Industry Analysis, Trends, Opportunities, Growth and Forecast, 2013-2020", the Global Brain Computer Interface (BCI) market is expected to reach $1.46 billion by 2020, registering a CAGR of 11.5% during 2014-2020. A global rise in the count of brain disorders along with the increasing government funding to improve healthcare systems, would supplement the growth of this market. The non-invasive BCI technology accounted for about 85% of the total BCI market revenue in 2013, and demonstrate a steady growth in future, thus, eliminating the need to perform surgeries and implant BCI devices.
To view the report, visit the website at http://www.alliedmarketresearch.com/brain-computer-interfaces-market
Geographically, North America holds a major share in the BCI technology market due to high penetration of such technologies in this region. APAC is also a major contributor primarily to the vast computer gaming industry. The European region constitutes the third largest market and is expected to grow at a relatively higher CAGR during the forecast period. The European Commission is taking active measures for the population with motor disabilities. In 2012, the EC commissioned EUR 2.3 million in support of a three year project for the well-being of population suffering from motor disabilities. The technology enjoys highest adoption in the healthcare sector followed by the gaming industry. An increase in the number of game developing companies, implementing BCI technologies to improve the overall gaming experience, would further enhance the adoption of BCI technologies. The application of BCI technology is also underway in the smart homes control industry and would witness incremental growth during the forecast period of 2014-2020.
Key findings of the study:
- The Global market for BCI would exhibit a steady growth owing to its increased adoption across key sectors such as healthcare and the gaming industry, during the forecast period (2014 - 2020)
- The Invasive BCI technology market would grow at the fastest CAGR of 15.3% during 2014-2020
- Swift growth is expected in the smart home control applications segment due to high living standards in the North American region, especially across U.S. and Canada
- The Asia-Pacific market would foresee tremendous growth for BCI technology systems
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The growth is also attributed to the stiff competition amongst the prominent market players leading to swift technological advances in the BCI systems. Players such as Emotiv, Inc., Advanced Brain Monitoring Inc. and Nihon Kohden Corporation are adopting a consistent development process of innovative products to penetrate the market and further enhance the overall revenues.
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions". AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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SOURCE Allied Market Research