Neuromarketing is the inclusion of neuroscience with regular marketing activities, in order to understand and analyze consumer perception and purchasing behavior, which is based on cognitive and affective response to marketing stimuli. Moreover the primary objective behind neuromarketing is to understand the rationale behind how consumers make a decision for purchasing. Neuromarketing offers numerous benefits including effective and efficient marketing strategies and campaigns, fewer campaign and product failures, and ultimate control over the needs and wants of people to suit the needs and wants of marketing interest.
The global Neuromarketing Solutions Market was valued for US$ 1634.7 Mn in 2021.
Rising investments in the field of neuroscience is the major factor driving the growth of global neuromarketing solution market. As many companies across the globe, are focusing on investing into neuroscience. For instance, in October 2018, Pfizer Inc., a U.S.-based pharmaceutical company, entered into an investment agreement with Bain Capital, a U.S.-based private investment firm, to form its neuroscience portfolio into a jointly-led company. Bain Capital has invested US$ 350 million in this new company, which will focus on neuroscience and neuropsychiatry. Therefore, rising investment in the field of neuroscience is expected to boost the global neuromarketing solutions market growth over the forecast period. Neuromarketing has evolved into an effective technology to study and analyze the consumers’ buying behavior and make better marketing decisions. Marketers employ neuromarketing, in order to understand factors influencing the consumers’ buying behavior. Understanding this behavior is crucial, in order to make decisions related to product design, product advertising, product branding, product advertising. Hence, rising needs to understand and study consumers’ buying behavior and make effective and efficient marketing decisions are expected to support growth of the market during the forecast period.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.
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