Neuro-Gaming Technology Market Size Opportunities, Size, Share, Emerging Trends, Technological Innovation And Forecasts 2023-2033
The Neuro-Gaming Technology Market is expected to register a CAGR of 12% during the forecast period. The emergence of neuro-gaming technology has enabled various game developers, primarily to design advanced games that can help people in improving physiological factors such as brainpower, health, and skills. Developers are primarily using the latest technologies for creating advanced gaming hardware and software.
– The surge in the demand for more advanced technologies that can add multiple functionalities and features to the games is expected to drive the demand for neuro-gaming technology worldwide during the forecast.
– In the current market scenario, a limited number of neurogames are available in the market and the actions that are included in the game are still limited. However, with the rapid ongoing improvement of the software and technologies, these neurogames are expected to become much more challenging with multiple actions.
– Moreover, the entertainment front is not the only feature of neurogaming. A lot of focus of neurogaming has been put on the healthcare and the well-being of the society. The medical researchers are also putting efforts in a hope to find solutions that can assist the patients with diseases such as Alzheimer’s disease or ADHD (attention deficit hyperactivity disorder).
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Key Market Trends
Education Segment to Witness Significant Growth
– Psychologists and game developers have been working together, primarily to create games that can help in boosting the brain’s function and also provide therapeutic benefits to all those people that are suffering from depression and other mental health disorders.
– Vendors in the market are putting efforts to make games for the healthcare industry. For instance, Akili Interactive has built a standard iPad game that can measure the differences in brain activity between a normal child and the one with ADHD or autism. The company has also mentioned that the game measures 65 different pieces of data every second through the gameplay itself. Moreover, the company also says that the game collects clear signatures that come out of the game which can tell exactly the cognitive deficits of the user.
– Furthermore, the vendors in the market are also making games for the educational industry. For instance, Qneuro presented a game at the NeuroGaming Expo. It’s an educational game called “Axon Infinity: Space Academy” which comes with a futuristic, outer space theme in which users can learn math skills and apply them while playing missions when fighting aliens. Also, with the usage of an EEG, the game can adapt and gets more difficult based on the users brain readings.
North America is Expected to Hold Significant Market Share
– The increased adoption of video streaming apps on mobile devices and television to watch movies, TV shows, and live events, on-demand, has aided the Gaming industry in the country. As per ESA 2019 study, more than 164 million adults in the US play video games and three-quarters of all Americans have one gamer in their household.
– The neuro-gaming technology in the North American region is anticipated to expand at a significant rate during the forecast period. The region has witnessed one of the early adoptions of the neuro-gaming technology primarily owing to the presence of a large number of technological advancements related to the human-machine front. Moreover, the continuous growth of the gaming industry in the region is driving the market in the region.
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– Additionally, Canada’s gaming enterprises, technologies, and products are witnessing an increasing demand. The expansion of the Canadian gaming industry has been driven by multiple key factors such as technological innovations, consumer preferences for new products, shifts in public perception, and innovations. This has also attracted interest from international companies wanting to make a strong foothold in Canada.
Competitive Landscape
The Neuro-Gaming Technology Market appears to be moderately concentrated owing to the presence of multiple players. The players in the market are adopting strategies like product innovation, mergers, and acquisitions in order to expand their product portfolio and expand their geographic reach and primarily to stay competitive in the market. Some of the vendors in the market are Emotiv Inc., iMotions A/S, Qneuro Inc. among others.
1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Development of Brain Computer Interfaces (BCIs)
4.2.2 Increasing Adoption of Smart Devices
4.3 Market Restraints
4.3.1 Lack of Awareness and Limited Actions Included in the Games
4.4 Porters 5 Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
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