Neuromarketing Solutions Market: Global Industry Analysis and Forecast (2021-2029)

Neuromarketing Solutions Market was valued at US$ 1,234.7 Mn. in 2021 and is expected to grow at US$ 2,298.4 Mn. in 2029. Neuromarketing Solutions Market size is expected to grow at a CAGR of 9.28 % through the forecast period.
Neuromarketing Solutions Market Overview:
Neuromarketing Solution is a commercial marketing communication field that applies neuropsychology to market research, studying consumers' sensorimotor, cognitive, and affective responses to marketing stimuli. Neuromarketing is a flexible method to determine customer preferences and brand loyalty, because it can apply to nearly anyone who has developed an opinion about a product or company. No matter what form it takes, marketing focuses on creating positive and memorable impact in the minds of customers. These neuromarketing techniques are used to study the brain to predict consumer decision-making behavior. It's also possible to use neuromarketing to try to manipulate consumer behavior.



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Neuromarketing Solutions gather empirical data using neuroscientific techniques to better understand consumer behavior and develop more effective marketing campaigns and products. Neuromarketing researchers apply biometrics to the traditional focus group through such technology as Electroencephalography (EEG), tracking participants’ neural responses to elements of a particular brand. A variety of neuromarketing methods are employed to obtain and decipher brain data to reveal subconscious consumer decision-making processes.

The report explores the Global Neuromarketing Solutions Market segments (Technology, End-User and Region). Data has been provided by market participants, and regions (North America, Asia Pacific, Europe, Middle East & Africa, and South America). The MMR market report provides a thorough analysis of the rapid advances that are currently taking place across all industry sectors. Facts and figures, illustrations, and presentations are used to provide key data analysis for the historical period from 2017 to 2020. The report investigates the Global Neuromarketing Solutions Market drivers, limitations, prospects, and barriers. This MMR report includes investor recommendations based on a thorough examination of the Global Neuromarketing Solutions Market contemporary competitive scenario.

2021 is considered as a base year to forecast the market from 2022 to 2029. 2020’s market size is estimated on real numbers and outputs of the key players and major players across the globe. Past five years' trends are considered while forecasting the market through 2029. 2020 is a year of exception and analysis especially with the impact of lockdown by region.

COVID-19 Impact on Global Neuromarketing Solutions Market:

Due to the worldwide lockdown and the consequent confinement of people to their homes, Covid-19 has had a substantial impact on the market for neuromarketing solutions. As a result, less data was produced at brick-and-mortar showrooms and other physical locations. The disruption of the global supply chain and the closure of manufacturing facilities are expected to have a negative impact on the production of neuromarketing systems as well. The prevalence of market prospects for neuromarketing solutions in the sector has been impacted by the pandemic.
Neuromarketing Solutions Market Dynamics:
Drivers:

The increasing requirement to monitor consumers' purchasing behaviour led to the growth of the Global Neuromarketing Solutions Market. the increased need for understanding and studying customer buying behaviour in order to make effective and efficient marketing decisions is likely to drive neuromarketing solutions market growth throughout the forecast period. The ability to better understand the decision-making process of consumers with less influence on those decisions from their predispositions of a brand, style, product, market, genre, etc. Better and more effective marketing tactics have been developed to successfully advocate a product or service. Over the forecast period, these factors are expected to boost the global neuromarketing solutions market adoption trends. the adoption of cutting-edge technologies to understand customer purchasing behavior leads to the growth of the Global Neuromarketing Solutions Market. The increasing need for advanced marketing tools is one of the major market drivers for neuromarketing market growth.

Restrains:

The high cost of neuromarketing is expected to limit the growth of the global neuromarketing solutions market. Scanners like fMRI and MEG equipment have a significant initial investment and ongoing operating costs. Because these systems are so huge, they take up a lot of room and restrict workspace mobility. The cost, mobility, and scalability of bulky neuromarketing technologies like fMRI and MEG scanners are important roadblocks to their widespread use. As a result, over the forecast period, high costs and mobility concerns are projected to limit the demand for neuromarketing solutions.

Opportunities:

Significant business opportunities are projected to arise as research and development activity increase in the neuromarketing solutions market. Because neuromarketing solutions are too expensive for small and medium-sized businesses, it is critical to supply cost-effective alternatives. With the growing penetration of smartphones, high-speed internet, and smart devices, enterprises are focusing on spending a significant share of their marketing spending on digital marketing as it offers data insights into consumer behavior and enables data analytics. Media, advertising, and telecommunication industry is involved largely in exploring neuromarketing solutions to conduct research. Investments in advertising research promotes the growth of neuromarketing to a large extent. Neuromarketing offers benefits to fields of advertising, product packaging, new product development, and product pricing.

Challenges:

One of the biggest challenges of neuromarketing are the costs. The scalability is one of the most issues in Neuromarketing. Large mainstream buyers indicate that classic Neuromarketing studies using lab-based EEG and fMRI methodologies are too labor-intensive, too slow, and too expensive to scale to meet their global research needs. Until Neuromarketing can meet the challenge of scalability along all three dimensions – greater standardization, faster turnaround times, and lower cost – it will remain a niche specialty nibbling at the edges of market research budgets.
Global Neuromarketing Solutions Market Segment Analysis:
Based on Type, The Functional Magnetic Resonance Imaging (fMRI) segment holds the largest market share in 2021. Although end users are concerned about the mobility and expense of fMRI equipment, demand for this technology is not likely to be hampered in the coming years, assuring the segment's continuous dominance. An fMRI scan is a functional magnetic resonance imaging scan that measures and maps the brain’s activity. An fMRI scan uses the same technology as an MRI scan. An MRI is a noninvasive test that uses a strong magnetic field and radio waves to create an image of the brain. It can help identify areas of the brain responsible for speech, language, vision and body movement by using magnetic fields to measure small changes in the oxygen levels of the blood that occur due to activity in your brain.

EEG is the second most popular neuromarketing technique, and it is projected to remain so in the next years. In the near future, eye tracking is predicted to pique the interest of experts working in the field of advertising research. 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.


Neuromarketing Solutions Market Regional Insights:
The North America region is expected to witness significant growth at a CAGR of XX% through the forecast period due to the growing number of US-based market vendors and high investment in digital marketing by North American end-user industries. Furthermore, the US is also a pioneer in the studied market and is also playing a significant role in bringing technological advancement to the global market. In addition, the region is home to globally renowned market research companies, like Nielson, IQVIA, Kantar, Information Resources Inc., and Ipsos, which are also playing a significant role in the market development. Europe is another emerging regional market for Neuromarketing solutions across the world. The increasing investments and the economic developments in the U.K. are responsible for driving the market growth in this region

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 objective of the report is to present a comprehensive analysis of the Global Neuromarketing Solutions Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Global Neuromarketing Solutions Market dynamic, structure by analyzing the market segments and projecting the Global Neuromarketing Solutions Market size. Clear representation of competitive analysis of key players by Vehicle type, price, financial position, product portfolio, growth strategies, and regional presence in the Global Neuromarketing Solutions Market make the report investor’s guide.
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Global Neuromarketing Solutions Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US$ 1,234.7 Mn.


Forecast Period 2022 to 2029 CAGR:
9.28%
Market Size in 2029:
US$ 2,298.4 Mn.


 Segments Covered:
by Technology
• Functional Magnetic Resonance Imaging (fMRI)
• Electroencephalography (EEG)
• Eye tracking
• Positron Emission Tomography (PET)
• Magnetoencephalography (MEG)


by End-User
• Banking, Financial Services, and Insurance (BFSI)
• Retail / Consumer Brands
• Market Research
• Scientific Institutions
• Other End-Users



Neuromarketing Solutions Market by Region
• North America
• Europe
• Asia Pacific
• South America
• Middle East and Africa
Neuromarketing Solutions Market Key Players
• Tobii Technology
• iMotions, SensoMotoric Instruments
• LC Technologies
• SR Research
• ISCAN, Inc.
• Compumedics Limited
• Cadwell Industries Inc.
• EB Neuro S.p.A
• Shimmer Sensing
• SensoMotoric Instruments
• SensoMotoric Instruments GmbH
• Behavior and Brain Lab
• Css/Data intelligence
• Merchant Mechanics
• Neural Sense
• Neurospire Inc.
• Nviso
• Olson Zaltman Associates

Frequently Asked Questions:

1] What segments are covered in the Global Neuromarketing Solutions Market report?
Ans. The segments covered in the Global Neuromarketing Solutions Market report are based on Technology and End-Users.

2] Which region is expected to hold the highest share in the Global Neuromarketing Solutions Market?
Ans. North America region is expected to hold the highest share in the Global Neuromarketing Solutions Market.

3] What is the market size of the Global Neuromarketing Solutions Market by 2029?
Ans. The market size of the Global Neuromarketing Solutions Market by 2029 is expected to reach US$ 2,298.4 Mn.

4] What is the forecast period for the Global Neuromarketing Solutions Market?
Ans. The forecast period for the Global Neuromarketing Solutions Market is 2022-2029.

5] What was the market size of the Global Neuromarketing Solutions Market in 2021?
Ans. The market size of the Global Neuromarketing Solutions Market in 2021 was valued at US$ 1,234.7 Mn.