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By Tyson Greer, Chief Executive Officer
Seattle, WA - September 15, 2009 - According to a new report by Ambient Insight, the US consumer demand for technology-based Cognitive Learning products is growing by a five-year compound annual growth rate (CAGR) of 32.4%. Annual consumer expenditures on these products will reach $61.1 million in 2009.
The report, called “The US Consumer Market for Technology-based Cognitive Learning Products: 2009-2014 Forecast and Analysis,” forecasts revenues for four types of Cognitive Learning products: cognitive assessments, cognitive and intelligent tutors, mobile brain trainer edugames, and brain fitness games and applications.
The demand for cognitive assessments is growing by 28.5%, the demand for cognitive and intelligent tutors is growing by 36.4%, the demand for mobile brain training edugames is growing by 22.4%, and the demand for brain fitness games and applications is growing by 51.2%.
A free Executive Overview is available at:
http://www.ambientinsight.com/Reports/CognitiveLearning.aspx
What is Cognitive Learning? Cognitive Learning is based on cognitive science, neuropsychology, and brain-based learning theories emerging from a new field of study known as educational neuroscience. It is an instructional method that targets the neuro-physiological processes involved in learning and has little in common with traditional instructional design principles.
The most significant catalyst is the interest in brain fitness coming from the aging population. As of 2009, there are 62 million people over 55 in the US representing 21% of the total population. This demographic is growing by over 2.1 million people a year and will reach almost 73 million by 2014. The suppliers are now successfully (and aggressively) marketing to this demographic.
"The emergence of a rapidly growing retail reseller channel is a new development we have been tracking,” adds CEO Tyson Greer. “The channel is a fast and low-risk way into the market and represents significant revenue opportunities for new suppliers that lack the expertise or capital to develop their own products,” adds CEO Tyson Greer. “The rapid growth of the retail reseller channel is a primary market catalyst and creates the foundation of the current wide adoption phase."
The confusion surrounding brain trainers and brain fitness that was prevalent in the early adoption phase of the market has now abated and customers are relatively savvy buyers. Buyers are now more aware of brands and are better informed about the types of products on the market.
"The hype and the healthy sales of the products have sparked an increase in private investment," says Adkins. “There was $53.6 million invested in brain fitness companies in 2007 and 2008 with 53% of the funding going to consumer-facing suppliers. Obviously, investors believe these companies will be successful."
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