Neuromarketing Technology Market Review, Future Growth and Global Survey

Posted by Ehtesham Peerzade on January 22nd, 2020

Market Highlights

Neuromarketing refers to the usages of neuroscience to identify and study the consumer’s brain responses to marketing stimuli. Neuromarketing technologies are used to measure changes in activity in parts of the brain to learn the reasons behind the consumer’s decisions and preference.  This knowledge helps marketers to create products and services designed more effectively and to increase the benefits of a marketing campaign.

Neuroscience plays a vital role in enhancing behavioural predictions of consumers by interpreting and analysing them. Neuroscience technologies allow research firms and marketing companies to concentrate and customize their services according to customer expectations and accurate product positioning. Surging demand for technologies to study consumer behaviour is driving the neuromarketing technology market.

According to Market Research Future (MRFR), the global neuromarketing technology market is poised to get evaluated at approximately USD 100 MN by 2023, at a CAGR of 12% throughout the assessment (2017 to 2023). The burgeoning eCommerce sector is a key driving force behind the growth of the market.

To identify the purchase decision of consumers, most of the companies implement futuristic technologies such as fMRI, EEG, Eye tracking, PET, and MEG. Robust IT companies such as Google, Neilsen Company, and CBS have implemented neuromarketing research techniques to measure consumer behavior for their products.

Increasing competition across the industries and emphasis on the adoption of business intelligence fosters the growth of the market. The development of analytical tools is a major driving force escalating the market globally. Additionally, high adoption of futuristic neuroscience technologies in the retail industry and increasing application of it in multi-channel marketing are substantiating the market growth.

On the other hand, concerns associated with the high installation cost, mobility, and constant revisions of biometric policies by the regulatory bodies are impeding the growth of the market. Conversely, the growing popularity of eye-tracking technology is presumed to support market growth. Implementation of eye tracking by media & advertising companies is rising vigorously.

Segmentation:

The report is segmented into four key market dynamics to widen the scope of understanding,

By Technology: Functional Magnetic Resonance Imaging (fMRI), electroencephalography (EEG), Eye Tracking, Positron Emission Tomography (PET), and Magneto Encephalography (MEG), among others.

By Solutions: Customer Experience, People Engagement, Project Management, and Product Development, among others.

By End-user: Retail, Healthcare, Food & Beverage, and Consumer Electronics, among others.

By Regions: Europe, North America, Asia Pacific, and the Rest-of-the-World.

 Regional Analysis:

North America would remain the largest market for neuromarketing technology, globally, throughout the forecast period. The presence of several notable technology providers alongside, the increasing investment in the field of neuroscience drives the regional market. The US, due to the colossal implementation of neuromarketing technologies across the end-user industries, accounts for the leading market in this region.

The neuromarketing technology market in Europe and the Asia Pacific are also anticipated to have significant growth over the review period. In Europe, the presence of major players provides a competitive advantage to the regional market. Increasing deployments of neuromarketing technology platforms are some of the major factors driving the European market. High adoption of neuromarketing technology across the growing number of retailers, agencies, and brands propels the growth of the market in the region.

The Asia Pacific is a rapidly emerging market for neuromarketing technology.  Augmenting demand from the growing number of retailers and businesses is a key driving force behind the growth of this market. Moreover, substantial investments transpired by the market players in the development of these platforms impact the growth of the regional market, positively. China and India are the two prominent markets for neuromarketing technology in the region.

Competitive Dashboard:

The neuromarketing technology market appears to be highly competitive, characterized by the presence of several well-established players. These players adopt strategies such as acquisition, collaboration, expansion, and technology launch to gain a competitive advantage in this market. These strategies support the growth and expansion plans of players adopting them.

Major Players:

Companies that use neuromarketing are Behavior and Brain Lab (Italy), Css/Data intelligence (US), Merchant Mechanics (US), Neurospire Inc.  (US), Neural Sense (South Africa), The Neilsen Company LLC, (US), Olson Zaltman Associates (US), Nviso (Switzerland), Sensomotoric Instruments GMBH (Germany), Synetiq Ltd.  (Budapest), Sr Labs (Italy), Cadwell Industries Inc. (US), Compumedics Limited (Australia), and SR Research (Canada), among others.

Industry/Innovation/Related News:

April 18, 2019 --- Shimmer (Ireland), a global leader in wearable technology for research applications, launched version 2.0 of its biometrics neuromarketing platform - NeuroLynQ. The new version uses scientifically-validated galvanic skin responses (GSR) to monitor an audience’s non-conscious emotional response to stimuli, like a live performance or new advertising material.

Featuring an entirely new analytics module, NeuroLynQ v2.0 measures the audience’s emotional response in real-time and in a real-world setting. It can simultaneously provide results for up to 45 people in a format that is easy to use and interpret.

NeuroLynQ and biometrics have a broad range of research applications, including ranking super bowl ads and many more. In addition to ad testing, NeuroLynQ can also be used for concept testing, product testing, testing students’ responses to teaching materials, and evaluating visitors’ experience in a museum.