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.
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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)
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.
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.
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.
The neuromarketing technology has been categorized into technology, solutions and end user.
Based on the technology, the neuromarketing technology is sub divided into functional magnetic resonance imaging (fMRI), electroencephalography (EEG), Eye tracking, Positron emission tomography (PET), and magneto encephalography (MEG). Additionally, solutions segment is subcategorized into customer experience, people engagement, and product development. Furthermore, Neuromarketing technology is further divided on the basis of end user that includes retail, healthcare, food & beverage, and consumer electronics.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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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
Table1 World Population by Major Regions (2017 To 2023)
Table2 Global Neuromarketing Technology Market: By Region, 2017-2023
Table3 North America Neuromarketing Technology Market: By Country, 2017-2023
Table4 Europe 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
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