Global Brain Machine Interface Market: Overview
Besides futuristic technologies including AI, autonomous vehicles, and brain-machine interface (BMI), is evolving day by day. The brain machine interface is literally able to tap into the brains of operators or drivers for detecting when the loss of concentration and assist them to safeguard people around them. Brain machine interface is unidirectional communication systems that control devices by controlling brain signal. Thus, the system is considered as a communication channel and connecting the human brain and the computer system.
Global Brain Machine Interface Market: Notable Developments
Some of the key players in the global brain machine interface market are Nihon Kohden Corporation, ANT Neuro, Advanced Brain Monitoring, Inc, Compumedics Limited, and Cadwell Industries, Inc. Brain machine interface market is witnessing intense competition owing to the well diversified international, local, and regional players. However, by knowing its potential, the big international players are entering the market with newer products. This is estimated to benefit market growth in the coming years.
In 2017, Elon Musk one of the successful entrepreneurs announced the launch of another company, having a link with the human brain to machines; recently, in April 2019, he announced that the product is likely to be in the market very soon. These kind of product launches and the entrance of new players in the market are benefiting growth of the global brain machine interface market.
Additionally, recently in 2019, Facebook announced that the company is developing its brain- machine interface systems and it is in testing procedures. The company is developing this product by collaborating with researchers from the University of California, San Francisco. This device will probably be used for brain reading or in communication. Launch of these products will likely to benefit the market growth in the coming years.
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Global Brain Machine Interface Market: Drivers and Restrains
The rising uptake of brain machine interfaces for controlling the internet of things (IoT) devices and other smart home applications at home is boosting growth of the market. Additionally, the rising penetration of the virtual reality applications is accelerating growth of the global market for brain machine interface. Further, technological advancements and emergence of nanotechnology and bio-sensing in several end use industries are boosting uptake of the brain machine interface and in turn, benefit the growth of its market. The real-life applications based on the brain machine interface is driving growth of the global brain machine interface market.
However, the factors such as poorly informed to brain machine interface and lack of awareness are restraining growth of the global brain machine interface market. In addition, the technological challenges related to compatibility and integration with other technologies, the market is facing backslash in terms of growth.
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Global Brain Machine Interface Market: Geographical Analysis
Based on the region, the brain machine interface market is segmented into five parts such as North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Of these, the North America region is estimated to dominate the brain machine interface market owing to an increase in investment for improvement in the healthcare solutions and expanding research laboratories based on the brain machine interface market. However, the Asia Pacific is estimated to witness robust growth opportunities for key players due to increased demand and robust adoption of the newer and advanced products in the region.
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