The global market has always been consumer-driven. Just staying afloat or being one of the super league players depends on the knowledge of consumer pulse and making decisions accordingly. Neuromarketing technology is the answer. It is a detailed analysis of the consumer behavior pattern that gives a comprehensive understanding of how the market is going to react in coming days. The technology incorporates scientific methods where cognitive and affective response plays pivotal roles. The market is so lucrative that major companies are investing a significant share in such researches to understand consumer patterns and devise products accordingly.
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.
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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.
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.
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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.
- 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
TABLE OF CONTENTS
1 Executive Summary
2 Scope of the Report
2.1 Market Definition
2.2 Scope of the Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
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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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