by Brain training apps consist of digital programs and games that aim to improve cognitive skills such as problem solving, memory, attention, and processing speed. Some key application areas of brain training apps include memory enhancement, brain speed, focus and concentration, management skills, and problem solving. Rising prevalence of neurological disorders and increasing focus on prevention of cognitive decline is driving demand for brain training apps. Furthermore, increasing consumer awareness about brain health and fitness is another key factor augmenting the growth of the global brain training apps market. The global brain training apps are designed to make brain fit and sharpen through fun and engaging activities ranging from brain games to meditation and puzzles. The apps evaluate user’s performance and track progress over time.
The global Brain Training Apps Market is estimated to be valued at US$ 10962.74 Mn 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 key trends:
One of the major trends in the brain training apps market is growing preference for scientifically validated brain training programs. Some key brain training apps backed by scientific studies include Lumosity, Elevate, CogniFit, Simple Happy Brain, and Peak. Scientific validation helps in establishing positive cognitive effects of brain training apps on users. Furthermore, growing availability of brain training apps integrated with technologies such as virtual reality and augmented reality is another key trend witnessed in the market. VR/AR-based brain training enhances user experience through immersive and gamified activities. Rise in neurogaming is also augmenting the growth of brain training apps market. Neurogaming combines elements of video games and brain training to create entertaining and engaging environments that can positively impact cognitive functions.
Porter’s Analysis
Threat of new entrants: Low upfront cost is required to launch a basic brain training app but high competition is present already from established players.
Bargaining power of buyers: Buyers can switch between many app options easily as most apps are available on free trial basis or with low subscription costs.
Bargaining power of suppliers: Branding, content and technology are important suppliers which app developers depend on but individual suppliers hold low bargaining power.
Threat of new substitutes: Other online learning and game formats like websites, desktop programs pose some threat but mobile apps are highly convenient substitutes.
Competitive rivalry: Market dominated by major players like Lumosity, Elevate, CogniFit with differentiated offerings creating high competition.
Key Takeaways
The Global Brain Training Apps Market Demand is estimated to be valued at US$ 10962.74 Mn in 2023 and is expected to exhibit a CAGR of 14% over the forecast period 2023 to 2030.
North America region dominated the Brain Training Apps market in 2023 with a share of around 35% owing to high awareness and adoption of brain training amongst individuals. Asia Pacific is expected to be the fastest growing region during the forecast period due to rising internet penetration and healthcare expenditure in countries like China and India.
Key players
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. Companies are focusing on developing novel features for maintaining user engagement on their platforms.
