Brain training apps are mobile applications designed to mentally stimulate users and enhance cognitive skills ranging from memory, attention, problem-solving to language skills. These apps incorporate puzzles, games, assessments, and activities developed in consultation with neuroscientists. Some of the prominent benefits of using brain training apps include enhancing cognitive performance, reducing chances of cognitive decline associated with aging, and enabling the brain to work efficiently. With the growing prevalence of technologically driven lifestyles globally, brain training apps are emerging as a convenient platform for people to keep their cognitive skills sharp anytime, anywhere.
The global Brain Training Apps Market is estimated to be valued at US$ 10,962.74 million in 2023 and is expected to exhibit a CAGR of 14% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Growing adoption of online cognitive skills training is expected to offer lucrative growth opportunities for brain training apps market. With the increasing awareness about maintaining brain health as we age, there is rising adoption of brain training activities through digital means. Brain training apps facilitate online delivery of cognitive exercises and evaluation of performance progress to the users at their convenience. As people spend more time on their digital devices, brain training apps are emerging as an accessible and engaging option for cognitive stimulation on mobile phones and tablets. The ability of brain training apps to reach a wider demographic through online platform and personalize training as per user needs and skills is driving their demand.
Porter’s Analysis
Threat of new entrants: Low capital requirements for developing brain training apps make threat of entry high. However, established players have strong brand names and customer base which make entry difficult.
Bargaining power of buyers: Buyers have high bargaining power as there are many app developers providing similar brain training apps. Buyers canswitch between apps at low cost.
Bargaining power of suppliers: Power of suppliers is low as app development can be outsourced to independent developers and designers.
Threat of new substitutes: Threat of substitutes is high as other entertainment apps, games, and services can substitute brain training apps.
Competitive rivalry: Strong competition due to large number of players and low product differentiation. Players compete on basis of engaging content and frequent updates.
SWOT Analysis
Strength: Large customer base, engagement in R&D, innovative content. Weakness: Rising customer acquisition costs, dependency on app stores, data privacy issues.
Opportunity: Growing health and wellness sector, increasing digitization. Threats: Regulatory issues, preference for other entertainment apps.
Key Takeaways
The Global Brain Training Apps Market Demand is expected to witness high growth. The global Brain Training Apps Market is estimated to be valued at US$ 10,962.74 million in 2023 and is expected to exhibit a CAGR of 14% over the forecast period 2023 to 2030.
The fastest growing regional market is anticipated to be Asia Pacific due to rising health awareness and increasing smartphone users in major countries like India and China.
Key players operating in the brain training apps market are BSP International Foundations, MAIT S.p.A., Soilmec S.p.A., Changsha Tianwei Engineering Machinery Manufacturing Co., Ltd., Casagrande Group, DELMAG GmbH & Co. KG, Bauer Group, Junttan Oy, International Construction Equipment, and Liebherr. Players compete on capabilities like personalized feedback, multiplayer options, constant updates, and in-app purchase options.
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