Led by a few well-established market players, such as Tobii AB, iMotions, SensoMotoric Instruments GmbH, and LC Technologies, the global market for Neuromarketing solutions is highly consolidated and competitive in nature, finds a new research report by Transparency Market Research (TMR). These four players accounted for a whopping share of 83% in this market in 2016.
With the focus of these companies shifting to product innovation and mergers, acquisitions, and partnerships, the competition within this market is likely to intensify further in the years to come, reports the study.
According to the research report, the worldwide neuromarketing solutions market, which offered an opportunity worth US$0.94 bn in 2016, is expected to rise at a 10.20% CAGR over a period from 2017 to 2025 and touch a value of US$2.20 bn by the end of the period of the forecast. The functional magnetic resonance imaging (fMRI) technique has gained a widespread application across the industry verticals and has acquired the leading position in this market. In spite of the expensiveness of this technique, analysts expect this segment to maintain its dominance throughout the forecast period, notes the research study.
Presence of Large Pool of Players to Ensure North America’s Lead
The report also provides a geographical assessment of the worldwide market for neuromarketing solutions. It has considered Asia Pacific, Europe, the Middle East and Africa, North America, and South America as the prime segments of this market. North America, among these, have led this market in 2016, contributing US$355.6 mn in revenues. Thanks to the presence of a large pool of market players, North America is likely to retain its position as the leading regional market for neuromarketing solutions throughout the forecast period.
Europe, another prominent regional market for neuromarketing solutions across the world, is also projected to register significant growth in its market share over the forthcoming years, thanks to the strengthening economy in the U.K. and the increasing investments by leading players.
Asia Pacific, amongst others, is projected to experience a steady rise in the near future driven by the augmenting demand for neuromarketing solutions in China and other Asian countries. The markets for neuromarketing solutions in the Middle East and Africa and South America are expected to witness sluggish growth in the years to come due to regulatory hurdles, reports the research study.
Increasing Application of Neuromarketing Solutions in Media and Advertising to Boost Market
Neuromarketing solutions have gained a widespread application in telecommunication and media and advertising. Many large enterprises across the world have begun concentrating on various aspects of neuromarketing in order to gain clarity over the response of these solutions on media and, particularly, their own advertising campaigns. This, as a result, has been influencing the global market for neuromarketing solutions significantly. According to an analyst at TMR, “the increasing trend of studying the behavior of consumers is likely to boost this market remarkably in the near future.”
Researchers, although foresee a thriving future of the global neuromarketing solutions market, its growth, however, may be restricted by the regulatory as well as the cost-, mobility-, and scalability-related issues concerning neuromarketing solutions to some extent in the years to come, states the research report.
The study presented here is based on a report by Transparency Market Research (TMR), titled “Neuromarketing Solutions Market (Technology - Functional Magnetic Resonance Imaging (fMRI), Electroencephalography (EEG), Eye Tracking, Positron Emission Tomography (PET), Magnetoencephalography (MEG)) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025.”
The following segmentation of the global neuromarketing solutions market has been provided in the report:
- Functional Magnetic Resonance Imaging (fMRI)
- Electroencephalography (EEG)
- Eye tracking
- Positron Emission Tomography (PET)
- Magnetoencephalography (MEG)
- North America
- The U.S.
- Rest of North America
- The U.K.
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
- South America
- Rest of South America