PORTLAND, PORTLAND, OR , UNITED STATES, August 25, 2021 /EINPresswire.com/ -- The use of brain-computer interface technology in virtual gaming, home control systems, and military communication enhances the applicability of brain computer interface systems, thereby fueling its growth.

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.

Based on 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 smart homes segment would register the fastest CAGR of 12.5% till 2020.

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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.

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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Profiling Key Players: Brain Monitoring, Inc., Nihon Kohden Corporation, Guger Technologies, Natus Medical Incorporated, Cadwell Laboratories Inc., OpenBCI, Cortech Solutions, Inc., NeuroSky, Inc., Emotiv, Inc. and Integra LifeSciences.

Lastly, this report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights on the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

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