Market Highlights:
Neuromarketing is defined as the incorporation of neuroscience with day to day market activities. The purpose of neuromarketing is to identify and study the consumer behavior and perception on the basis of cognitive and affective response to marketing inducements. Market Research Future (MRFR) has published a research report on the global neuromarketing technology market that observes increase for this market at 12% CAGR (Compound Annual Growth Rate) between 2017 and 2023. By value, the market has been figured to be worth the US $ 100 mn by the end of the forecast period.
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.
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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.
Segmentation:
The global neuromarketing technology market has been segmented into end-user, solution, technology, and lastly region. Based on the end-user, this market has been segmented into consumer electronics, food & beverage, healthcare, and retail. Regarding the solution, the market has been segmented into customer experience, people engagement, and product development. The technology-based segmentation segments the market into electroencephalography (EEG), eye tracking, functional magnetic resonance imaging (FMRI), magnetoencephalography (MEG), and positron emission tomography (PET).
Regional Analysis:
The regional segmentation of the global neuromarketing technology market segments the market into regional markets known as Europe, North America, Asia Pacific, and the rest of the world (RoW). During the forecast period, North America is expected to dominate the global market due to technological advancement and the leading country-specific market is the USA, followed by Canada. Other factors contributing to market growth in this region are increasing investment in the field of neuroscience and the presence of many key market players.
Europe and the Asia Pacific are also anticipated to witness significant growth during the forecast period. The UK is expected to be a prominent country-specific market due to the rise in economic development. France and Germany are two other important country-specific markets in Europe. Some of the important market players are based in Europe too.
In the Asia Pacific region, the market is growing due to the growing awareness of neurotechnology and increasing demand for neuromarketing solutions. China, India, and Japan are the most important country-specific markets in this region, followed by the remaining countries of the Asia Pacific region. Singapore Press Holdings (SPH) and neuroscience technology company NeuroTrend are set to launch a neuromarketing consumer insights lab.
The RoW segment covers Latin countries and the Middle East & Africa (MEA). In the MEA region, the market is limited due to poor countries, lack of awareness, lack of infrastructure, lack of advanced facilities, lack of skilled professionals, and lack of education. The market comprising of Latin countries is a smaller market because the availability of advanced technology is limited in this region. Argentina and Brazil are two strong economies that have the potential to rise as lucrative markets in the future.
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Intended Audience:
- 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
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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 %)
Continued….
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