As stated in a research report recently released by Transparency Market Research, the level of competition in the global neuromarketing solutions market is likely to intensify over the coming years, owing to an increasing expansion effort taken by the leading players in the form of partnerships, or mergers and acquisitions. In 2016, a massive 83% of the global neuromarketing solutions market was already taken up by the likes of LC Technologies, SensoMotoric Instruments GmbH, iMotions, and Tobii AB, pointing to a highly consolidated market.
The TMR report reveals that the global neuromarketing solutions market was valued at US$0.94 bn in 2016. This market is forecast to rise at a CAGR of 10.20% over a period from 2017 to 2025 and reach US$2.20 bn by the end of 2025.
fMRIs to Garner Greater Preference
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. EEG is another common technology used in neuromarketing solutions and is likely to remain in consistent use over the next few years, along with eye tracking. Eye tracking solutions are largely used in research efforts in advertising and media. Eye tracking solutions providers are extremely likely to be actively involved in the process of developing advanced remote and/or mobile eye tracking solutions, creating favorable opportunities in the coming years.
From a regional perspective, North America, has led the global neuromarketing solutions market in 2016, generating US$355.6 mn in revenue. North America is also very likely to retain its lead in the market for the report’s given forecast period, thanks to the presence of a large pool of prominent players. Europe is also proposed to register a significant growth in this over the coming years, owing to the strengthening U.K. economy and the growth in investments by leading players. Meanwhile, Asia Pacific is projected to experience a steady rise over the coming years, energized by the improving demand for neuromarketing solutions in China and other key APAC nations.
Increasing Application of Neuromarketing Solutions in Media and Advertising to Boost Market
“Neuromarketing solutions have gained increasing levels of importance in application in telecommunication, media, and advertising. A lot of the global larger enterprises have begun focusing 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,” states an analyst at TMR. The cumulative requirement of studying consumers’ behavior and patterns is likely to stimulate this market significantly over the coming years.
While researchers do foresee a positive scope of opportunities in the future of the global neuromarketing solutions market, the overall growth rate may be stifled by regulatory pressure as well as complications related to cost, mobility, and scalability of neuromarketing solutions.
Neuromarketing Investments Spurred in Light of Growing Need
A growing number of companies and investors are being attracted towards the global neuromarketing solutions market, based primarily on the study of various subjects related to neuromarketing to understand their response to the media and their advertising campaigns, which consequently, is influencing the market for neuromarketing solutions remarkably across the world.
The information presented in this review is based on a Transparency Market Research report, 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.”
Key segments of the Global Neuromarketing Solutions Market
- 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
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