Neuromarketing Technology Market Size, Share, Growth, and Industry Growth by Type (Functional Magnetic Resonance Imaging (FMRI), Electroencephalography (EEG), Eye Tracking, Positron Emission Tomography (PET), Magnetoencephalography (MEG) and, Others) By Application (Retail, Healthcare, Food & Beverage, Consumer Electronics, and Others) Regional Forecast To 2031

Updated On: 03 June 2024

Neuromarketing Technology Market REPORT OVERVIEW

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The neuromarketing technology market size is expected to be USD 35 million in 2022 and the market is projected to touch USD 76.51 million by 2030, exhibiting a Compound annual growth rate (CAGR) of 10.2% during the forecast period. The sudden rise in CAGR was brought on by the market's expansion and the demand levelling down after the pandemic is over.

To detect and analyze consumer behavior and perception based on cognitive and emotional responses to marketing inducements, neuromarketing is the application of neuroscience to routine market operations. In order to understand how the target market would respond if a new product was introduced, neuromarketing must first gather data on this topic. The study of consumer perceptions is a useful area for neuroscience, which has also been instrumental in improving predictions of consumer behavior. By focusing on and customizing their services to the needs of their clients, research and marketing organizations can now do so thanks to neuroscience. With the help of neuroscience, it is possible to access the customer's brain functions and create accurate product placement.

COVID-19 Impact: Disruption of Global Supply Chain Hindered the Market Demands

Since accurate analysis needs a huge sample of data, Covid-19 had a significant impact on the neuromarketing technology market. The data gathered in the actual world, such as from physical showrooms, will be much reduced, however, as a consequence of people being confined to their homes as a result of the global lockdown. Additionally, due of the disruption to the global supply chain and the closure of manufacturing sites, the production of neuromarketing systems got hindered.

LATEST TRENDS

"Increased Interest in Studying Customer Behavior to Augment the Market"

Most businesses employ a variety of technologies, including functional magnetic resonance imaging (fMRI), electroencephalography (EEG), eye tracking, positron emission tomography (PET), and magnetoencephalography, to determine the purchasing decisions of their clients.

Major organizations and IT firms have employed neuromarketing research approaches to analyze consumer behavior for their specific products, including Google Inc. (U.S.), Neilsen Company LLC (U.S.), CBS, Frito-Lay, and A&E Television. On the other hand, the market for neuromarketing technology is anticipated to grow due to the increased interest in studying consumer behavior. On the other hand, it's anticipated that the attraction of neuromarketing technology will be constrained during the review period due to the installation cost, mobility concerns, and the regulatory bodies' ongoing revision of biometric legislation.

Neuromarketing Technology Market Segmentation

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• By Type Analysis

By type, market is segmented into functional magnetic resonance imaging (FMRI), electroencephalography (EEG), eye tracking, positron emission tomography (PET), magnetoencephalography (MEG) and Others. The functional magnetic resonance imaging (FMRI) segment will dominate the market in the coming years.

• By Application Analysis

Based on applications, the market is classified into retail, healthcare, food & beverage, consumer electronics and others. The retail segment will lead the global share through 2028.

DRIVING FACTORS

"Rising Popularity of Smartphones, High-Speed Internet and Smart Devices to Propel the Market"

Businesses are allocating a sizable portion of their marketing budgets to digital marketing as a result of the rising popularity of smartphones, high-speed internet, and smart devices. Digital marketing offers data insights into consumer behavior and enables data analytics, creating opportunities for the global Neuromarketing technology Market.

"Increasing Focus on the Key Effects of Various Marketing Initiatives to Boost the Market Demand"

The key factor boosting the market for neuromarketing technology is the increasing focus on the effects of various marketing initiatives. A growing number of unique marketing strategies are being used, and more money is being invested in neuromarketing to boost profitability, which is driving the market expansion for this technology. The application of neuromarketing in media & marketing, advertising, retail, and telecommunications is spurring industry growth. Due to fierce competition, marketing campaigns for sustainability are becoming more prevalent, which is pushing the use of neuroscience for marketing further.

RESTRAINING FACTORS

"Installation Costs and Mobility Concerns to Hinder the Market"

Installation costs, mobility concerns, and regulatory bodies' ongoing rewriting of biometric rules are expected to limit the attraction of neuromarketing technology during the course of the review period.

The market share of fMRI technology is anticipated to grow significantly throughout the forecasted period. Additionally, the cost of fMRI and mobility problems are anticipated to be two main obstacles for the fMRI approach in the neuromarketing technology sector.

Neuromarketing Technology Market REGIONAL INSIGHTS

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"North America to Hold the Largest Neuromarketing Technology Market Share"

The five geographical divisions of neuromarketing technology are North America, Asia Pacific, Europe, and the Rest of the World. The North American region is anticipated to lead the neuromarketing technology market. The United States is the most powerful nation in this region. The main factors causing the neuromarketing technology market share to increase during the forecast period are the existence of a large number of solution providers and rising investment in the field of neuroscience.

The neuromarketing technology market is expected to be dominated by North America over the anticipated time period. The United States is the leading nation in the region due to an increase in the number of companies offering solutions for neuroscience technology. On the other hand, the United States has a highly developed technical infrastructure that has made them early adopters of technology and encouraged numerous businesses to successfully research consumer behavior. The neuromarketing technology market is anticipated to be fueled by these factors.

The neuromarketing technology sector is anticipated to grow significantly in Europe over the coming years.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• Merchant Mechanics (U.S.)
• CSS/Datatelligence (U.S.)
• Neural Sense (U.S.)
• NeuroSpire (U.S.)
• Nielsen (U.S.)
• Nviso (Switzerland)
• Olson Zaltman Associates (U.S.)
• SensoMotoric Instruments (SMI) (Germany)
• SRLabs (U.S.)
• Synetiq (UK.)
• Behavior and Brain Lab (Germany)
• SR Research (Canada)

REPORT COVERAGE

The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.