The “Global Neuromarketing Solution Market, By Technology (Functional Magnetic Resonance Imaging (fMRI), Electroencephalography (EEG), Eye tracking, Positron Emission Tomography (PET) and Magnetoencephalography (MEG)) and by Region (North America, Europe, Asia Pacific, and Latin America, Middle East & Africa) - Global Forecast 2019-2027”, is expected to be valued at US$ 2677.9 Million by 2027, witnessing a CAGR of 10.2% during the forecast period (2019-2027), as highlighted in a report 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).
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.
Rising investments in the field of neuroscience are expected to drive growth of the global neuromarketing solutions market during the forecast period
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.
Increasing implementation of eye-tracking solutions can present major growth opportunities
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.
Regulatory challenges related to neuromarketing are expected to hinder the global neuromarketing solutions market growth over the forecast period
Regardless of the advantages of neuromarketing, the market faces certain restraints from regulatory policies imposed by the government and governing bodies regarding the use of neuroscience technologies on a large scale. Europe and the U.S. are expected to face major criticism from data-protection authorities and consumer-protection organizations. Moreover, global regulatory authorities have turned their attention towards neuromarketing, owing to increasing use of the same. These authorities believe that these techniques have been vital in misleading the consumers’ buying behavior, as the consumers tend to make conscious or biased decisions since they are monitored while making the decisions. Therefore, stringent regulatory policy issues are expected to hamper the global neuromarketing solutions market over the forecast period.
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.
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.