ID: MRFR/ICT/3897-HCR | February 2021 | Region: Global | 100 pages
Market Synopsis of Global Neuromarketing Technology Market:
Neuromarketing is the incorporation of neuroscience with day to day market activities in order to identify and study consumer behavior and perception, based on cognitive and affective response to marketing inducements. The first step of neuromarketing includes the accumulation of information about how the target market would respond if a new product penetrates the market.
Neuroscience is beneficial in interpreting and studying the consumer perceptions and has played a vital role in enhancing behavioral predictions of consumers. Neuroscience allows research firms and marketing companies to concentrate and customize their services according to customer expectations. Accurate product positioning can be devised with the help of neuroscience to access the brain functions of the customer.
To identify the purchase decision of the consumer, most of the companies implement various technologies such as functional magnetic resonance imaging (fMRI), electroencephalography (EEG), Eye tracking, Positron emission tomography (PET), and magnetoencephalography (MEG). However, heavyweight corporates and IT firms such as Google Inc. (U.S.), Neilsen Company LLC.,(U.S.), CBS, Frito-lay and A & E television have implemented neuromarketing research techniques to measure consumer behavior for their respective products. However, surging demand for the study of consumer behavior is expected to drive the neuromarketing technology market.
On the other hand, the installation cost, mobility concerns and constant revision of biometric policies by the regulatory bodies, are expected to hinder the popularity of neuromarketing technology over the review period.
The fMRI technology is anticipated to gain a large market share over forecast period. Moreover, the cost of fMRI and mobility concerns regarding the same are supposed to be major challenges for the fMRI technique in the neuromarketing technology market. Additionally, Eye tracking technology is an emerging trend and is presumed to gain a significant market share due to increase in implementation of eye tracking by media and advertising companies. Therefore, eye tracking technology is expected to have a substantial market share of neuromarketing technology over the forecast period.
The Global Neuromarketing Technology Market, 2017-2023 (USD Million)
Source: MRFR Analysis
The global Neuromarketing technology is expected to reach USD 100 million by 2023 growing at a 12% CAGR over the forecast period 2017-2023.
Some of the key players of neuromarketing technology market include, Css/Data intelligence (U.S.), Behavior and Brain Lab (Italy), Merchant Mechanics (U.S.), Neural Sense (South Africa), Neurospire Inc. (U.S.), The Neilsen Company LLC, (U.S.), Nviso (Switzerland), Olson Zaltman Associates (U.S.), Sensomotoric Instruments GMBH (Germany), Sr Labs (Italy), Synetiq Ltd. (Budapest), Cadwell Industries Inc.(U.S.), SR Research ( Canada), and Compumedics Limited (Australia).
The neuromarketing technology is differentiated by technology, solutions, and end user.
Based on technology, the neuromarketing technology market is sub-segmented into functional magnetic resonance imaging (fMRI), electroencephalography (EEG), Eye tracking, Positron emission tomography (PET), and magneto encephalography (MEG). Furthermore, the solutions segment is sub divided into customer experience, people engagement, and product development.
Neuromarketing technology is further divided on the basis of end user that includes retail, healthcare, food & beverage, and consumer electronics.
Geographically, the neuromarketing technology is segmented into five different regions namely North America, Asia Pacific, Europe, and the Rest of the World.
North America is presumed to be the dominating region in neuromarketing technology market. The U.S. is the leading country in this region. However, increasing investment in the field of neuro science and presence of a large number of solution providers are the major driving factors for the neuro marketing technology market to grow over the forecast period. Europe and Asia Pacific are also anticipated to have a significant growth in neuromarketing technology. The U.K is expected to be a prominent country in the European region owing to rise in economic development over the review period.
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.