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.
In order to gain the large customer base and earn a huge market share, many companies invest more than the allocated budget in advertising and promoting their products. Neuromarketing technology allows business organizations to control their heavy investments by offering the prediction techniques of consumer taste and preferences about their products and services. With the increase in market competition, the demand for regular improvements in their advertisement campaigns and the need for studying consumer behavior is expected to drive the market over the forecast period.
The Neuromarketing technology market is bifurcated as technology, solution, and end user. By technology, Neuromarketing technology is divided into functional magnetic resonance imaging (fMRI), electroencephalography (EEG), Eye tracking, Positron emission tomography (PET), and magneto encephalography (MEG). Based on solution, the Neuromarketing technology is further sub categorized into customer experience, people engagement, and product development. Lastly, the end user segment includes retail, healthcare, food & beverage, and consumer electronics.
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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.),
Olson Zaltman Associates (U.S.),
Behavior and Brain Lab (Italy),
Sensomotoric Instruments GMBH (Germany), Sr Labs (Italy), Synetiq Ltd. (Budapest), SR Research ( Canada), and Compumedics Limited (Australia)
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 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.
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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
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