The global Neuromarketing Solution Market was valued at US$ 1634.7 Million in 2021 and is expected to surpass US$ 3197.4 Million by 2030, registering a CAGR of 8.15% during the forecast period (2022-2030), according to the Global Neuromarketing Solution Market, By Technology (Functional Magnetic Resonance Imaging (fMRI), Electroencephalography (EEG), Eye tracking, Positron Emission Tomography (PET) and Magnetoencephalography (MEG)) by Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa), published by Coherent Market Insights.
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. The fundamental step of neuromarketing includes accumulating information about how the target market would react if a product penetrates the market. Neuroscience is key in interpreting and analyzing consumer perceptions, which has played a crucial role in augmenting behavioral predictions of consumers. It enables companies to customer products and services as per customer expectations. Moreover, precise product positioning can be formulated with the help of neuroscience. The most commonly used technologies for neuromarketing are electroencephalography (EEG), eye tracking, functional magnetic resonance imaging (fMRI), magnetoencephalography (MEG), and positron emission tomography (PET).
Many companies around the globe, especially from developed regions such as North America, are focused on investing heavily in neuroscience. Moreover, there is the presence of a large number of solution providers across this region. 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.
Eye-tracking solutions are used in gaming and virtual reality. Their application has been extended to the sectors of marketing and market research in order to check and track the eye movements of shoppers in a store. The eye-tracking segment of the neuromarketing solutions market has potential growth opportunities in the field of website design. The segment witnessed high growth opportunities also in the fields of market research and advertising research to conduct online research. In the online research, subjects from across the world can be tested, without the need for them to be physically present at the site.
Key Developments
- In June 25 2021, Shimmer released the first validation paper of its Verisense wearable sensor platform for clinical trials. Shimmer’s paper focuses on the Verisense IMU (Inertial Measurement Unit) and follows the comprehensive three-component framework of validation, analytical validation, and clinical validation (V3)1 generalized by DiMe (Development Impact Evaluation).
- Major market players are involved in Expansions, in order to expand their product portfolios. For instance, In August 2021, Tobii AB acquired Phasya, a Belgium-based physiological monitoring software providing company. Through this acquisitions, Tobii AB expanded its Neuromarketing Solution portfolio in Europe.
Global Neuromarketing Solutions Market - Impact of Coronavirus (Covid-19) Pandemic:
COVID-19 has significantly disrupted almost all industries including infrastructure, retail, manufacturing, power and utility, and others. To combat the COVID-19 pandemic, most countries have implemented lockdowns and are now easing it phase-wise and industry wise. The COVID-19 pandemic has shut down the manufacturing plants of neuromarketing system products in the industry globally, owing to the prolonged lockdown in major countries such as India this has created a major supply imbalance between different countries of the world. Similarly, the COVID-19 pandemic had impacted the neuromarketing solution market in 2020, as demand for neuromarketing systems decreased. As there is huge production and supply imbalance has been created between them.
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Key Trends and Analysis of the Global Chemical Sensor Market:
- Among regions, North America is expected to witness significant growth in the global neuromarketing solutions market during the forecast period. This is owing to the presence of a large number of solution providers and increasing investments in the field of neuroscience in the region. Many major players in the region have made a significant investment in the study of various subjects related to neuromarketing, in order to understand the consumers’ response to their advertising campaigns. Moreover, rising need to understand consumer purchase behavior is expected to drive the regional market growth in the near future.
- Western Europe is expected to register a lucrative growth rate in the global neuromarketing solutions market over the forecast period. This is owing to a significant improvement in economic development in the recent past. The U.K. is expected to the major contributor to the regional growth of the market.
- Major players operating in the global chemical sensors market include SR Research, Shimmer Sensing, Tobii Technology, EB Neuro S.p.A., iMotions, Cadwell Industries, Inc., SensoMotoric Instruments, Compumedics Limited, LC Technologies, and ISCAN, Inc.
