ID: MRFR/ICT/3897-HCR | February 2021 | Region: Global | 100 pages
According to the reports, the worldwide Neuromarketing technology market size is anticipated to reach USD 100 million by 2023, expanding at a CAGR of 12% between 2017 and 2023. Neuromarketing is the use of neuroscience in everyday market operations in order to detect and analyze customer behavior and perception based on cognitive and emotional responses to marketing inducements. The initial stage in neuromarketing is to gather information on how the target market would react if a new product entered the market. Neuroscience is useful in analyzing and researching customer perceptions, and it has played an important role in improving consumer behavioral predictions. Neuroscience enables research and marketing organizations to focus and tailor their services to meet the needs of their customers. Accurate product placement may be created with the aid of neuroscience to access the customer's brain processes.
Most firms use numerous technologies to identify customer purchasing decisions, such as functional magnetic resonance imaging (fMRI), electroencephalography (EEG), eye tracking, positron emission tomography (PET), and magnetoencephalography (MEG). However, major corporations and information technology businesses such as Google Inc. (U.S.), Neilsen Company LLC. (U.S.), CBS, Frito-Lay, and A&E Television have used neuromarketing research methodologies to evaluate customer behavior for their particular goods. The neuromarketing technology industry, on the other hand, is projected to be driven by rising demand for the research of customer behavior. On the other hand, the installation cost, mobility issues, and the regulatory bodies' continual rewriting of biometric regulations are likely to limit the appeal of neuromarketing technology throughout the review period.
This report contains all the information on the global Neuromarketing technology market research report and its strengths. The report also contains the culmination of dynamics, segmentation, key players, regional analysis, and other important factors. And a detailed analysis of the global Neuromarketing technology market analysis forecast for 2023 is also included in the report.
Covid 19 Analysis
In the immediate term, Covid-19 will have a major influence on the neuromarketing sector since accurate analysis requires a large sample of data. However, because individuals are confined to their homes as a result of the worldwide lockdown, data collected in the real world, such as from brick-and-mortar showrooms, will be significantly decreased. In addition, because the global supply chain is disrupted and manufacturing facilities are closed, neuromarketing system manufacture will be hampered.
The growing emphasis on the impact of various marketing efforts is the primary driver of neuromarketing technology market growth. Neuromarketing technology market expansion is being fueled by the rising adoption of novel marketing activities, as well as increased investment in neuromarketing to optimize profitability. Neuromarketing's increasing use in media & marketing, advertising, retail, and telecommunications is fueling industry expansion. The usage of neuroscience for marketing purposes is being pushed further by cutthroat competition leading to an increase in a marketing campaign for sustainability.
With the increasing adoption of smartphones, high-speed internet, and smart devices, businesses are focusing a significant portion of their marketing budgets on digital marketing, which provides data insights into consumer behavior and allows for data analytics, resulting in opportunities for the global Neuromarketing technology Market.
Over the review period, installation costs, mobility issues, and regulatory bodies' continual rewriting of biometric regulations are likely to limit the appeal of neuromarketing technology.
Over the forecast period, fMRI technology is expected to earn a significant market share. Furthermore, the expense of fMRI and mobility issues are expected to be major challenges for the fMRI technique in the neuromarketing technology industry.
Cumulative Growth Analysis
Eye-tracking is a technique for analyzing interaction in both online and offline contexts. The consumer's concentration and attentional bias, distribution, gaze duration, and pupil dilation are all validated by eye movement. This technique is especially valuable for TV commercials, in which a large amount of data is created every millisecond, making it difficult to identify what the viewer truly appreciated, or what drew his attention in a good or negative way. As a result, throughout the projected period, eye-tracking technology is predicted to have a significant market share of neuromarketing technology market trends. End-users can utilize valuable input to strategically place advertisements in areas where potential consumers are most likely to notice them.
According to the Greenbook Directory Survey, eye-tracking is presently in use by around 38 percent of the industry, but it is anticipated to be under-considered by approximately 19 percent in the near future, as compared to alternative techniques.
Value Chain Analysis
According to the reports, the global neuromarketing technology market is segmented on the basis of technology, solutions, end-users, and regions. The neuromarketing technology market is divided into functional magnetic resonance imaging (fMRI), electroencephalography (EEG), eye tracking, positron emission tomography (PET), and magnetoencephalography based on technology (MEG). Furthermore, the solutions category is split into three sub-segments: customer experience, people engagement, and product development. Neuromarketing technology is further classified by end-user, which includes retail, healthcare, food and beverage, and consumer electronics.
The neuromarketing technology market is segmented on the basis of technology, solutions, end-users, and regions. The global neuromarketing technology market is expected to witness decent growth during the forecast period.
Based on the application, the neuromarketing technology market is segmented into functional magnetic resonance imaging (fMRI), electroencephalography (EEG), eye tracking, positron emission tomography (PET), and magnetoencephalography.
Based on the propulsion types, the neuromarketing technology market is segmented into retail, healthcare, food and beverage, and consumer electronics.
According to the reports, North America, Asia Pacific, Europe, and the Rest of the World are the five regions in which neuromarketing technology is split geographically. The neuromarketing technology industry is expected to be dominated by North America. In this area, the United States is the most powerful country. The existence of a large number of solution providers and rising investment in the field of neuroscience are the key driving reasons for the neuromarketing technology market share to expand during the forecast period.
Over the projected period, North America is likely to be a significant area in the neuromarketing technology market. Due to a growth in the number of solution providers of neuroscience technology, the United States is the leading country in the region. The United States, on the other hand, has a highly developed technical infrastructure that has made them early adopters of technology and pushed numerous firms to successfully research customer behavior. As a result of these reasons, the neuromarketing technology market is expected to be driven from 2017 to 2023. Over the next several years, the neuromarketing technology industry in Europe is expected to develop significantly.
There are numerous competitors in the neuromarketing sector, which is relatively competitive. With the increased need for neuromarketing applications and technical advancements throughout emerging nations, many firms are boosting their market presence and therefore expanding their company footprint across new regions.
Neuromarketing Technology Market Top Leaders
The following report comprises of –
Global Neuromarketing Technology Market Segments
Functional Magnetic Resonance Imaging
Food & Beverage
Market by Region
United Arab Emirates
Frequently Asked Questions (FAQ) :
Several companies in the companies are implementing the latest technologies like Eye tracking, Positron emission tomography (PET), electroencephalography (EEG), magnetoencephalography (MEG), functional magnetic resonance imaging (fMRI), among others.
Mounting demand to study the consumer behavior boosts the demand for neuromarketing technology.
Eye tracking technology has been identified as a rising trend, which can gain further traction in the coming years, given the increasing use of eye tracking among media and advertising companies.
The market is anticipated to touch a valuation of USD 100 million by 2023.
Asia Pacific, North America, Europe, and the Rest of the World are the primary markets for neoruomarketing technology.