The theoretical concept of a brain computer interface is to create an output function or task for a user using only the user’s brain and not the kinetic or ocular functions. A brain computer interface commonly performs this by reading the electrical signals it receives from a brain and converts it to appropriate electrical signals. These signals are then transmitted to the machine where the required task is performed.
The top driver augmenting the global brain computer interface market is its introduction as a wearable device. The global market for wearable devices is witnessing a meteoric rise and BCI equipment and services are a highly sought-after part of this. The global brain computer interface market is also providing greater opportunities for end users from healthcare and entertainment sectors.
These diverse set of market trends have allowed the player base to become just as diverse, thereby catering to a greater type of audiences and increasing scope of profiteering. The global brain computer interface market is expected to progress at a CAGR of 14.9% from 2016 to 2024. It was calculated at US$382.2 mn in 2015 and is expected to reach US$1.232 bn by the end of 2024.
Electroencephalography has been the leading technology within the global brain computer interface market in 2015 with a share close to 39.6%. It is the least invasive form of BCI while still providing a significant level of accuracy in output. Noninvasive devices are generally leading in preference in the global brain computer interface market due to the high level of discomfort and complications caused by other types.