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Neuromarketing Solutions is a commercial field of marketing that uses medical technologies such as functional namely functional Magnetic Resonance Imaging (fMRI) to analyze the brain’s response to marketing stimuli. In other words, it is a marketing communication sector that uses neuropsychology to study consumers’ cognitive, sensorimotor, and affective response to marketing stimuli. 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 most commonly used technologies for neuromarketing are electroencephalography (EEG), eye tracking, functional magnetic resonance imaging (fMRI), magnetoencephalography (MEG), and positron emission tomography (PET).

The global Neuromarketing Solutions market was valued at US$ 1634.7 Mn in 2021.

Recent Developments:

  • In January 14 2022, Compumedics Limited, a manufacturer of diagnostic technologies, announced its first magnetoencephalography (MEG) contract in Asia with Tianjin Normal University (TJNU) in China. Through this contract TJNU established MEG product in their research-oriented neuroscience lab. This research lab examines the intellectual growth of school-age children in the fields of reading, learning, brain processes, and cognition with a concentration on high efficiency learning, mental health, and cognition.
  • In December 20 2021, Smart Eye AB, a Swedish technology company introduced Smart Eye Pro 9.3 solution with the 120 Hz eye tracking. This solution gives people the better eyelid detection without losing the high resolution of the dx camera. 120 Hz eye tracking system having the smaller Dx camera which is more accurate gaze tracking with greater video recording performance.

Restraint:

  • Challenges regarding regulatory policies with neuromarketing are expected to hinder the global neuromarketing solutions market growth during the forecast period
  • High cost associated with neuromarketing is expected to restrain growth of the global neuromarketing solutions market growth over the forecast period

Global Neuromarketing Solutions Market - Impact of Coronavirus (Covid-19) Pandemic:

Due to the Pandemic people were isolated in their homes, so the data acquired from the actual world, such as brick-and-mortar showrooms, was substantially reduced. As a result, the global neuromarketing solution market has suffered. Additionally, COVID-19 has impacted on physical application of many types of neuroscience research such as Brainwave measurement (EEG), Brain scanning (fMRI) and Autonomic arousal techniques. These techniques rely on an in-person physical setting.  Due to lockdown as there was no physical contact between buyer and seller it was very difficult to estimate the results of activities related to neuromarketing.

North America held a dominant position in the global neuromarketing solutions market in 2021

Statistics:

North America region dominated the global neuromarketing solutions market in 2021, accounting for a 40.8% share in terms of value, followed by Europe, Asia Pacific and Latin America, respectively

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Neuromarketing Solutions Market Report Coverage

Report Coverage Details
Base Year: 2021 Market Size in 2021: US$ 1634.7 Mn
Historical Data for: 2017 to 2020 Forecast Period: 2022 to 2030
Forecast Period 2022 to 2030 CAGR: 8.15% 2030 Value Projection: US$ 3197.4 Mn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East and Africa: GCC Countries, South Africa, and Rest of Middle East and Africa
Segments covered:
  • By Technology: Functional Magnetic Resonance Imaging (fMRI), Electroencephalography (EEG), Eye tracking, Positron Emission Tomography (PET)  and Magnetoencephalography (MEG)
Companies covered:

SR Research, Shimmer Sensing, Tobii Technology, EB Neuro S.p.A., Lab, iMotions, Cadwell Industries, Inc., SensoMotoric Instruments, Compumedics Limited, LC Technologies, and ISCAN, Inc.

Growth Drivers:
  • Increasing need to analyze consumers’ buying behavior is expected to drive growth of the global neuromarketing solutions market during the forecast period
  • Adoption of cutting-edge technology to understand consumers’ purchasing behavior is expected to propel the global neuromarketing solutions market growth over the forecast period.
Restraints & Challenges:
  • Challenges regarding regulatory policies with neuromarketing are expected to hinder the global neuromarketing solutions market growth during the forecast period
  • High cost associated with neuromarketing is expected to restrain growth of the global neuromarketing solutions market growth over the forecast period.

Figure 1: Global Neuromarketing Solutions Market Share (%), By Region, 2021

Neuromarketing Solutions  | Coherent Market Insights

North America and Europe were two leading markets in terms of revenue in 2021, and are expected to hold their dominant position over the forecast period. The market growth in these regions is attributed to the growing marketing communication sector that uses neuropsychology to study consumers’ cognitive, sensorimotor, and affective response to marketing stimuli. For instance, Neuromarketing Solutions are majorly used in commercial field of marketing that uses medical technologies such as functional namely functional Magnetic Resonance Imaging (fMRI) to analyze the brain’s response to marketing stimuli, which is expected to drive demand for Neuromarketing Solutions over the forecast period. Moreover, increasing demand for functional Magnetic Resonance Imaging (MRI) in the Neuromarketing Solutions is expected to facilitate growth of the Global Neuromarketing Solutions Market in North America.

The Asia Pacific region is expected to gain traction during the forecast period. The countries in the Asia Pacific regions are constantly investing in the medical technologies. New business units are initiated to meet the medical requirement of countries such as India, Bangladesh, Taiwan, and others. The construction of new business unit will increase the demand for Neuromarketing Solutions in the medical technologies which are used to analyze the brain’s response to marketing stimuli. In other words, it is a marketing communication sector that uses neuropsychology to study consumers’ cognitive, sensorimotor, and affective response to marketing stimuli. Hence, the global Neuromarketing Solutions market is expected to gain traction in the Asia Pacific region in the forecast period.

Functional Magnetic Resonance Imaging (FMRI) segment is expected to drive the global Neuromarketing Solutions market growth during the forecast period.

Functional Magnetic Resonance Imaging (fMRI) is widely used in study of consumers’ cognitive, sensorimotor, and affective response to marketing stimuli under Neuromarketing Solutions. Neuromarketing Solutions of neuroscience with regular marketing activities, in order to understand and analyze consumer perception and purchasing behavior. Due to all these advantages, Neuromarketing Solutions is developed to understand the rationale behind how consumers make a decision for purchasing. Hence, the demand for Neuromarketing Solutions is expected to drive the growth of the global neuromarketing solutions market.

Figure 2: Global Neuromarketing Solutions Market (US$ Mn) Analysis and Forecast, 2022 - 2030

Neuromarketing Solutions  | Coherent Market Insights

The global neuromarketing solutions market was valued at US$ 1634.7 Mn in 2021 and is expected to reach US$ 3197.4 Mn by 2030, growing at a CAGR of 8.15% between 2022 and 2030.

Major players operating in the global chemical sensor market include SR Research, Shimmer Sensing, Tobii Technology, EB Neuro S.p.A., Lab, iMotions, Cadwell Industries, Inc., SensoMotoric Instruments, Compumedics Limited, LC Technologies, and ISCAN, Inc.

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.

Market Dynamics

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:

  • This report provides an in-depth analysis of the global neuromarketing solutions market and provides market size (US$ Million) and Compound Annual Growth Rate (CAGR %) for the forecast period (2022 – 2030), considering 2021 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrix for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategy adopted by leading players
  • It profiles leading players in the global neuromarketing solutions market based on the following parameters – regulatory landscape, company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
  • Key players operating in the global neuromarketing solutions market are SR Research, Shimmer Sensing, Tobii Technology, EB Neuro S.p.A., iMotions, Cadwell Industries, Inc., SensoMotoric Instruments, Compumedics Limited, LC Technologies, and ISCAN, Inc.
  • Insights from this report would allow marketers and management authorities of companies to make informed decision regarding future product launches, technology up-gradation, market expansion, and marketing tactics
  • The global neuromarketing solutions market report caters to various stakeholders in this industry including investors, suppliers, distributors, new entrants, and financial analysts.
  • Stakeholders would have ease in decision-making through the various strategy matrices used in analyzing the global Neuromarketing Solution market.

Detailed Segmentation

  • Global Neuromarketing Solution Market, By Application:
    • Functional Magnetic Resonance Imaging (fMRI)
    • Electroencephalography (EEG)
    • Eye tracking
    • Positron Emission Tomography (PET)
    • Magnetoencephalography (MEG)
  • Global Neuromarketing Solution Market, By Region:
    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East and Africa
  • Company Profiles
    • SR Research*
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments
    • Shimmer Sensing
    • Tobii Technology
    • EB Neuro S.p.A.,
    • iMotions
    • Cadwell Industries, Inc.
    • SensoMotoric Instruments
    • Compumedics Limited
    • LC Technologies
    • ISCAN, Inc.

“*” marked represents similar segmentation in other categories in the respective section.

Frequently Asked Questions

The global neuromarketing solution market is expected to reach US$ 3197.4 million by 2030.
The market is expected to witness a CAGR of 8.15% during the forecast period (2022-2030).
Growing application of neuromarketing solution in technological devices like functional magnetic resonance imaging (fMRI) is expected to drive the growth of the market. 
functional magnetic resonance imaging (fMRI) in segment held the largest market share among the application in 2021.
North America held the largest share in the market in 2021
Key players operating in the global distributed acoustic sensing (DAS) are SR Research, Shimmer Sensing, Tobii Technology, EB Neuro S.p.A., Lab, iMotions, Cadwell Industries, Inc., SensoMotoric Instruments, Compumedics Limited, LC Technologies, and ISCAN, Inc.

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