Market Highlights: —
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.
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.
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Major Key Players
• Css/Data intelligence (U.S.)
• Merchant Mechanics (U.S.)
• Cadwell Industries Inc.(U.S.)
• Neural Sense (South Africa)
• Neurospire Inc. (U.S.)
• The Neilsen Company LLC, (U.S.)
• Nviso (Switzerland)
• Olson Zaltman Associates (U.S.)
• Behavior and Brain Lab (Italy)
• Sensomotoric Instruments GMBH (Germany)
• Sr Labs (Italy)
• Synetiq Ltd. (Budapest)
• SR Research ( Canada)
• Compumedics Limited (Australia)
According to MRFR, The global Neuromarketing technology Market is expected to reach USD 100 million by 2023 growing at a 12% CAGR over the forecast period 2017-2023.
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.
EyeSee has developed a software that would record buyer’s expressions and movement of eyes via webcam to understand consumer behavior pattern. This can give the manufacturers an inside knowledge of the consumer preferences and would help in aggravate their sales.
Emotive is software that with the help of EEG can tap into the information stored in the unconscious part of the human psyche and would deliver effective results.
Region-specific segmentation of the market includes namely North America, Asia Pacific (APAC), Europe, and the Rest-of-the-World (RoW).
North America holds the maximum share of the revenue generated worldwide. The U.S. dominates the region with a substantial percentage. Heavy investment has been made in the field of neuroscience by various market influencers, and the presence of a large number of solution providers are expected to boost the market considerably. The APAC and Europe are expected to register significant growth. The U.K. is expected to generate a weighty share owing to which European market can rise.
The global neuromarketing technology research market can be segmented by technology, solution, and end-user.
Based on technology, the market is sub-segmented into functional magnetic resonance imaging (fMRI), electroencephalography (EEG), eye tracking, positron emission tomography (PET), and magnetoencephalography (MEG).
Solution-wise the market can be segmented into customer experience, people engagement, and product development.
On the basis of end user that includes retail, healthcare, food & beverage, and consumer electronics.
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• Research Firms.
• Government Agencies
• Neuromarketing technology manufacturers.
• Wearable smart device and accessories manufacturers.
• Military and security systems and equipment manufacturers.
• Multimedia marketing and gaming industries.
• Cloud services, big data services and internet service providers.
• Multimedia and video content developers.
• Branding, product and services marketing industries
LIST OF TABLES
Table 1 World Population by Major Regions (2017 To 2023)
Table 2 Global Neuromarketing Technology Market: By Region, 2017-2023
Table 3 North America Neuromarketing Technology Market: By Country, 2017-2023
Table 4 Europe Neuromarketing Technology Market: By Country, 2017-2023
Table 5 Asia-Pacific Neuromarketing Technology Market: By Country, 2017-2023
Table 6 Middle East & Africa Neuromarketing Technology Market: By Country, 2017-2023
LIST OF FIGURES
FIGURE 1 Global Neuromarketing Technology Market segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Porter’s Five Forces Analysis of Global Neuromarketing Technology Market
FIGURE 4 Value Chain of Global Neuromarketing Technology Market
FIGURE 5 Share of Global Neuromarketing Technology Market in 2017, by country (in %)
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