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.
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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.
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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.
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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.
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