Neuromarketing Solutions Market
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
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Neuromarketing Solutions Market
Neuromarketing solutions refer to a commercial segment of marketing that makes use of various medical technologies, such as functional Magnetic Resonance Imaging (MRI) for the purpose of analysis of response generated by brain to marketing stimuli. It is a part of the marketing communication segment making use of neuropsychology to examine affective, sensorimotor, and cognitive response of consumers to marketing stimuli. Growing prominence of these solutions is anticipated to development of the global neuromarketing solutions market in the forthcoming years.
The main purpose of neuromarketing is to comprehend the rationale behind as to how consumers decide on what to purchase and when to purchase. Neuromarketing solutions come with several benefits comprising efficient and effective strategies of marketing campaigns. In addition, it also provides ultimate control over the wants and needs of consumers and fewer product failures and campaigns. Such marketing benefits are estimated to fuel development of the global neuromarketing solutions market in the years to come. Positron emission tomography (PET), magnetoencephalography (MEG), functional magnetic resonance imaging (fMRI), eye tracking, and electroencephalography (EEG) are some of the popular technologies of neuromarketing.
Benefits of Neuromarketing to Influence Marketing Decisions and Foster Market Growth
Neuromarketing has developed into an efficacious technology in the study and analysis of consumers’ buying behavior, thereby leading to much informed and marketing decisions. It is essential to gain understanding of consumer behavior so as to make informed decisions regarding product advertising, product design, product branding, and product advertising. As such, increasing requirement to study and comprehend buying behavior of consumers so as to make efficacious and effective marketing decisions. These factors are estimated to propel growth of the global neuromarketing solutions market in the years to come.
With the ongoing global pandemic, Covid-19, the global neuromarketing solutions market has suffered a setback, and it is likely to continue until life returns to normalcy. Nationwide lockdowns imposed by governments of several countries has adversely impacted the production activities, supply chain of global neuromarketing solutions sector across the globe.
Global Neuromarketing Solutions Market: Snapshot
In the recent times, the application of neuromarketing in the fields of media, advertising, telecommunication has gained significant momentum. A number of large companies are investing heavily 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 need to study the behavior of the consumer is also adding to the growth of this market substantially.
The market, which stood at US$0.94 bn in 2016, is likely to expand at a 10.20% CAGR between 2017 and 2025 and reach US$2.20 bn by the end of 2025. Although the future of this market looks thriving, the regulatory and the cost-, mobility-, and scalability-related issues associated with neuromarketing solutions may hamper the growth of this market to some extent over the forthcoming years.
Functional Magnetic Resonance Imaging to Remain Most Preferred Technology
Based on the technology, the global market for neuromarketing solutions is classified into functional magnetic resonance imaging (fMRI), magnetoencephalography (MEG), eye tracking, electroencephalography (EEG), and positron emission tomography (PET). The fMRI segment led this market with a share of 47.6% in 2016 and was closely followed by the EEG segment. Although the mobility and the cost of fMRI devices is a concern for the end users but the demand for this technology would not be affected in the coming years, ensuring the continued dominance of this segment.
EEG is second-most common technology utilized in neuromarketing solutions and is expected to remain so over the next few years. Eye tracking is also expected to attract the attention of researchers working in the field of advertising research in the near future. Eye tracking solutions are predominately utilized in advertising and media research. The companies providing eye tracking solutions, are likely to involve actively in the process of developing advanced remote as well as mobile eye tracking solutions, owing to which this segment is anticipated to report a high-paced growth in the years to come.
North America to Lead Global Neuromarketing Solutions Market
Asia Pacific, Europe, the Middle East and Africa, North America, and South America are the prime regional markets for neuromarketing solutions across the world. Among these, North America emerged as the leading contributor to the worldwide market for neuromarketing solutions in 2016, generating US$355.6 mn in revenues. With the U.S. being headquarter of a large pool of leading companies functioning in this market, the region is likely to remain dominant over the next few years. Europe is another prominent regional market for neuromarketing solutions across the world. Analysts predict this regional market to be driven by the rising investments and the economic developments in the U.K. over the forthcoming years.
Among others, Asia Pacific is anticipated to witness a massive rise in its neuromarketing solutions market in the near future and China is projected to lead the Asia Pacific market for neuromarketing solutions. The market in the Middle East and Africa is expected to experience a sluggish rise while the growth of South America market will be restricted by the regulatory hurdles in the years to come.
The global neuromarketing solutions market demonstrates a highly consolidated competitive landscape. EB Neuro S.p.A., Cadwell Industries Inc., Compumedics Ltd., ISCAN Inc., SR Research, LC Technologies, SensoMotoric Instruments, iMotions, and Tobii Technology are some of the leading players operating in this market.
Global Neuromarketing Solutions Market: Overview
There has been a substantial increase in the adoption of neuromarketing solutions in the fields of marketing and market research. Evolution of technology has resulted in the introduction of new state of art devices to the neuromarketing solutions market. Neuromarketing helps study and analyze customer’s response to marketing stimuli using techniques of neuroscience.
Media, advertising, and telecommunication industry is involved largely in exploring neuromarketing solutions to conduct research. Investments in advertising research promotes the growth of neuromarketing to a large extent. Neuromarketing offers benefits to fields of advertising, product packaging, new product development, and product pricing. Major companies have started to invest in carrying out in house research using neuromarketing for their advertisements and products in order to analyze the response of the subjects on the test conducted.
Neuromarketing helps marketers understand the key factors which persuade a customer to make a purchase. It helps the marketer to gain insights on the consumers buying behavior which in turn helps the company to formulate effective and efficient marketing strategies.
Global Neuromarketing Solutions Market: Segmentation
Functional Magnetic Resonance Imaging (fMRI), Electroencephalography (EEG), Eye tracking, Positron Emission Tomography (PET), and Magnetoencephalography (MEG) are the most commonly used techniques of neuromarketing. The market for eye tracking solutions is fragmented with a large number of players. Positron Emission Tomography (PET) and Magnetoencephalography (MEG) are less frequently used for the purpose of market research. High cost and mobility issues are the key concerns of the buyers of neuromarketing solutions.
Based on geographical regions, the report segments the global neuromarketing solutions market into North America, Europe, Asia Pacific, Middle East & Africa (MEA), and South America, which are analyzed in terms of revenue generation. The report provides country level revenue for neuromarketing solutions market. The U.S., the U.K., China, Saudi Arabia, Africa, and Brazil, are the countries for which country level estimates have been are provided in the report.
Manufacturers of neuromarketing solutions focus on designing and developing scalable and easy to use. Effective product cost management plays a vital role in designing state of art neuromarketing solutions which are cost effective to its end users. Incorrect application and usage of these solutions can cause harm to the subject on whom the test is being performed. Therefore the manufacturers of neuromarketing solutions have to meet the equipment standards and certification and abide by the regulatory policies laid down by the national and international governing bodies.
Global Neuromarketing Solutions Market: Scope of the Study
This research report provides an in-depth analysis of the global neuromarketing solutions market based on technology and geography. The global neuromarketing solutions market is categorized based on technology Functional Magnetic Resonance Imaging (fMRI), Electroencephalography (EEG), Eye tracking, Positron Emission Tomography (PET), and Magnetoencephalography (MEG). The report analyzes each of these segments for the various geographies considered under the scope of the study.
The report also provides value chain for the global neuromarketing solutions market. The report includes analysis of the factors that drive and restrain the growth of the neuromarketing solutions market. It discusses the prevailing market trends and prospective growth opportunities in the global neuromarketing solutions market. It further offers an overview of neuromarketing solutions in various fields of marketing. It also encompasses the key developments by country in the neuromarketing solutions market. It provides market estimates and forecasts for all the segments in terms of revenue (in US$ Mn). Also provided in the report is the competitive landscape of the major players in the neuromarketing solutions market.
Major business strategies adopted by key players, their SWOT analysis, and competition matrix has also been identified in the research report. The key market players profiled in this study include Tobii Technology, iMotions, SensoMotoric Instruments, LC Technologies, SR Research, ISCAN, Inc., Compumedics Limited, Cadwell Industries Inc., and EB Neuro S.p.A
The following segmentation of the global neuromarketing solutions market has been provided in the report: