Global hardware sales revenue from BMI (Brain Machine Interfaces) will reach $19 billion per annum by 2027, up from an estimated $2.4 billion in 2018.
That’s according to a new study from Juniper Research.
BMIs bridge the gap between technology and the brain, interpreting brain signals for the purpose of interpretation or control.
The study, Brain Machine Interfaces: Impact Assessments, Opportunities & Use Cases 2018-2027, found that medical uses will account for 78 per cent of shipment revenues by 2027. This will be due to development of advanced medical uses, such as artificial vision and prosthetic control.
Juniper’s study examined the emerging market, analysing metrics such as expected user impact, key barriers and ecosystem readiness. It identified three use cases with the highest potential to be:
- Concentration Monitoring;
- Cochlear Implants;
- Sleep Modification Tools.
The research found that the greatest impact of BMIs will be when used for concentration monitoring, where EEG (Electroencephalogram) technology can be leveraged to monitor fatigue. This is crucial for industrial businesses, which strive to improve safety and productivity.
Juniper predicted that heavy industry will use EEG to replace more expensive existing monitoring systems. Research author Nick Maynard said, “EEG is more accurate than current wrist-based optical sensors for concentration monitoring, so adoption where concentration is crucial in high-risk environments is anticipated to be a big driver in the market.”
The research found that while shipments of BMI devices for consumer uses such as guided meditation account for a very low proportion of device shipments presently, of under 1 per cent in 2018, the proportion will climb to over 6 per cent of a much larger market in 2027.
Juniper predicted that technology advancement in tandem with consumer virtual/mixed reality uptake would facilitate new interface paradigms when integrated. This higher proportion will be aided by the lower average sales price of these devices, just $270 in 2027, compared to $11,570 in the medical area.