Market Insight- Global Neuromarketing Solutions Market

Market Overview

Neuromarketing is a commercial field of marketing that uses medical technologies such as functional namely functional Magnetic Resonance Imaging (MRI) 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 is estimated to account for US$ 1,179.4 Mn in 2019 and is expected to grow at a CAGR of 10.2 % over the forecasted period 2019-27.

Market Dynamics- Drivers

  1. Increasing need to analyze consumers’ buying behavior is expected to drive growth of the global neuromarketing solutions market during 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.

  1. Adoption of cutting-edge technology to understand consumers’ purchasing behavior is expected to propel the global neuromarketing solutions market growth over the forecast period

Major neuromarketing solutions providers in the market are focused on adopting cutting-edge technologies including biometrics that measures heart rate, eye tracking & facial coding, functional magnetic resonance imagery (fMRI), and galvanic skin response (GSR), in order to understand and analyze a person’s behavior towards visual and audio stimuli. This, in turn, has led to forming better and effective marketing strategies to endorse a product or service successfully. Therefore, these factors are expected to propel the global neuromarketing solutions market growth over the forecast period.

North America region dominated the global neuromarketing solutions market in 2019, accounting for 40.8% share in terms of value, followed by Europe and Asia Pacific, respectively.

Neuromarketing Solutions  | Coherent Market Insights

Source: Coherent Market Insights

Market Dynamics- Restraints

  1. Challenges regarding regulatory policies with neuromarketing are expected to hinder the global neuromarketing solutions market growth during the forecast period

Although neuromarketing offers various benefits to marketers, the government has imposed regulatory policies regarding the use of neuroscience technologies on a large scale. In the U.S. and Europe, the neuromarketing solutions market is expected to face scrutiny from data-protection authorities and consumer-protection organizations. Moreover, the global neuromarketing solutions market is expected to face tort issues, as incorrect use of the scanning or tracking product may cause physical injury to the subject on whom the test is being conducted. Rising use of neuromarketing research has attracted the attention of regulators who believe these technologies are misleading consumers’ buying behavior since the consumers tend to make conscious or biased decisions since they are monitored while making the decisions. Hence, these factors are expected to hamper the market growth over the forecast period.

  1. High cost associated with neuromarketing is expected to restrain growth of the global neuromarketing solutions market growth over the forecast period

The capital investment and operational costs of scanners such as fMRI and MEG machines are high. As these systems are large in size, they occupy a lot of space and limit the mobility of workspace. The cost, mobility, and scalability of these bulky neuromarketing solutions such as fMRI and MEG scanners are major factors hampering their large-scale adoption. Therefore, high cost and mobility issues are expected to restrain the global neuromarketing solutions market growth over the forecast period.

Market Opportunities

  1. High adoption of eye-tracking solutions in market and advertising research can present lucrative growth opportunities

Eye-tracking solutions are used in gaming and virtual reality. These solutions are now being used in market research to check and track the eye movements of shoppers in a store. The eye tracking solutions segment holds significant potential for opportunities in the field of website design. Moreover, the segment is expected to witness high growth opportunities in the fields of market research and advertising research, in order to conduct online research.

  1. Increasing research and development activities are expected to provide significant business opportunities

Since neuromarketing solutions are expensive and unaffordable for small and medium-sized enterprises, it is crucial to provide cost-effective solutions. Many solutions providers are focused on investing in research and development activities, in order to develop scalable and cost-effective solutions. Market players can focus on R&D activities and expand their presence in the global market.

Neuromarketing Solutions  | Coherent Market Insights

Source: Coherent Market Insights

In global neuromarketing solutions market, by technology segment functional magnetic resonance imaging (fMRI) sub-segment dominated the global neuromarketing solutions market in 2019, accounting for 48.4% share in terms of value, followed by electroencephalography (EEG) and eye tracking.

Neuromarketing Solutions  | Coherent Market Insights

Source: Coherent Market Insights

Market Trends

  1. High growth of neuroscience industry

Rising applications of neuroscience marketing have resulted in growth of the global neuromarketing solutions market. Various neuromarketing techniques help study and analyze the decision-making mechanism of customers. The following are certain examples of neuromarketing used by marketers:

  • In 2009, Microsoft Corporation used EEG to study the level of engagement of gamers using Xbox
  • In 2015, Microsoft Corporation used two methods viz. survey and EEG to study the impact of technology on customers’ attention span
  1. Advent of cutting-edge technology

Eye-tracking is most widely used in conducting research related to pricing, package design, and advertising. Functional magnetic solutions imaging (fMRI) has been capable of attracting the attention of scientists and companies. Following fMRI, EEG is the most widely used technique in neuromarketing. PET and MEG are the less frequently used techniques in research.

Value Chain Analysis

  • Prominent players in the neuromarketing solutions market value chain are component manufacturers, OEMs (original equipment manufacturers), distribution channel partners, and end-users
  • OEMs procure different parts from component manufacturers. In a majority of cases, an OEM manufacturer ties up with more than one component supplier.
  • In the backward integration scenario, an OEM may also be involved in the in-house manufacture of critical components, without relying on the component manufacturer

Neuromarketing Solutions  | Coherent Market Insights

Competitive Sections

Key players operating in the global neuromarketing solutions market 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.

Key Developments

  1. Key players in the market are focused on product launches, in order to enhance product portfolio. For instance, in October 2019, Tobii Pro AB, a subsidiary of Tobii Technology, introduced Tobii Pro Fusion, a portable and powerful eye tracker for scientific research.
  2. Major companies in the market are involved in contracts and agreements, in order to gain a competitive edge in the market. For instance, in July 2016, Compumedics Limited entered into a US$ 3 million contract with Bestmed for distribution of Compumedics’ neurodiagnostic and monitoring systems.

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.

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.

Market Taxonomy

This report segments the global neuromarketing solutions market on the basis of technology, Functional Magnetic Resonance Imaging (fMRI), Electroencephalography (EEG), Eye tracking, Positron Emission Tomography (PET) and Magnetoencephalography (MEG) and by Geography North America, Europe, Asia Pacific, and Latin America, Middle East & Africa.

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 (2019 – 2027), considering 2018 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 Technology:
    • 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
      • Future Plans
    • Shimmer Sensing
    • Tobii Technology
    • EB Neuro S.p.A.,
    • iMotions
    • Cadwell Industries, Inc.
    • SensoMotoric Instruments
    • Compumedics Limited
    • LC Technologies
    • ISCAN, Inc.

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Table of Contents

  1. Research Objective and Assumption
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, By Technology
      • Market Snippet, By Region
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
      • Regulatory Scenario
      • Industry Trend
      • Merger and Acquisitions
      • New system Launch/Approvals
      • Value Chain Analysis
      • Porter’s Analysis
      • PEST Analysis
  4. Global Neuromarketing Solution Market, By Technology, 2017-2027  (US$ Million)
    • Introduction
      • Market Share Analysis, 2017 and 2027 (%)
      • Segment Trends
    • Functional Magnetic Resonance Imaging (fMRI)
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million)
    • Electroencephalography (EEG)
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million)
    • Eye tracking
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million)
    • Positron Emission Tomography (PET)
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million)
    • Magnetoencephalography (MEG)
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million)
  5. Global Neuromarketing Solution Market, By Region, 2017-2027  (US$ Million)
    • Introduction
      • Market Share Analysis, By Region, 2017 and 2027 (%)
    • North America
      • Regional Trends
      • Market Size and Forecast, By Technology, 2019–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • U.S.
        • Canada
    • Europe
      • Regional Trends
      • Market Size and Forecast, By Technology, 2019–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • U.K.
        • Germany
        • Italy
        • France
        • Russia
        • Rest of Europe
    • Asia Pacific
      • Regional Trends
      • Market Size and Forecast, By Technology, 2019–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • China
        • India
        • Japan
        • ASEAN
        • Australia
        • South Korea
        • Rest of Asia Pacific
    • Latin America
      • Regional Trends
      • Market Size and Forecast, By Technology, 2019–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • Brazil
        • Argentina
        • Mexico
        • Rest of Latin America
    • Middle East and Africa
      • Regional Trends
      • Market Size and Forecast, By Technology, 2019–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • Israel
        • GCC Countries
        • South Africa
        • Rest of the Middle East and Africa
  6. Competitive Landscape
    • Company Profiles
      • SR Research
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Shimmer Sensing
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Tobii Technology
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • EB Neuro S.p.A.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • iMotions
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Cadwell Industries, Inc
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • SensoMotoric Instruments
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Compumedics Limited
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • LC Technologies
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • ISCAN, Inc
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
    • Analyst Views
  7. Section
    • References
    • Research Methodology
    • About us and Sales Contact

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