NEUROMARKETING SOLUTIONS MARKET ANALYSIS

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

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

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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

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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.