Global Neuromarketing Market 2023-2030

Description

List of Tables

Global Neuromarketing Market Size, Share & Trends Analysis Report by Technology (Functional Magnetic Resonance Imaging (FMRI), Electroencephalography (EEG), Eye Tracking, Positron Emission Tomography (PET), and Magneto Encephalography (MEG)), and by End-User (BFSI, Retail/Consumer Brands, Market Research, Scientific Institutions, and Others) Forecast Period (2023-2030)

The global neuromarketing market is anticipated to grow at a considerable CAGR of 8.5% during the forecast period. The growing awareness about the potential benefits offered by neuromarketing techniques in achieving sales target is driving the adoption of various neuromarketing solutions at a rapid pace. , The Weather Channel, eBay, and Daimler are some of the key multinational organizations that have implemented neuromarketing research techniques to conduct market research, run focus groups, and design marketing campaigns. To meet the growing demand for neuromarketing solutions key vendors are developing new technological approaches (software, applications, and user interfaces) to enable companies to understand their customers and deliver a highly personalized marketing approach. Studies have revealed that customers react differently to packaging, with color, text, and imagery influencing their purchase decisions. Therefore, major brands such as Campbell's and Frito-Lay have adopted neuroimaging to reimagine their packaging strategy.

Privacy and data security can emerge as major concerns in many neuromarketing techniques, as all the data derived after scanning the brain can get leaked and lead to vulnerable situations. This acts as a major hindrance to the market growth. High cost of neuromarketing is another major restraint for the market growth.

Segmental Outlook

The global neuromarketing market is segmented based on technology and end-user. Based on technology, the market is segmented into FMRI, EEG, eye tracking, PET, and MEG. Based on end-user, the market is segmented into BFSI, retail/consumer brands, market research, scientific institutions, and other end-user.

BFSI Sub-Segment is Anticipated to Exhibit the Fastest Growth Over the Forecast Period

Banking providers can use behavioral science to increase products per household, grow wallet share, and reduce attrition rates by engendering feelings of loyalty. Numerous banks have developed online and mobile applications that are not tailored to the users. In addition to the typical flaws of shoddy integration with the bank's other services, glitchy apps, or apps that crash without warning, even a well-functioning app may fail to consider the needs of its consumers. By analyzing online user journeys and comprehending the emotional experience a person gets when visiting a website or app, neuro marketers seek to minimize this as much as feasible. By cultivating sentiments of loyalty, banking providers can employ behavioral science to boost products per home, expand wallet share, and lower attrition rates.

Regional Outlook

The global neuromarketing market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa and Latin America). Among these, Asia-Pacific is estimated to be the fastest-growing region. The factor contributing to the market growth includes the growing vendor investments in consumer behavior and marketing. Countries including China, India, Japan, Singapore, Australia, and other are developing as significant marketing and advertising nations; where neuromarketing demand is expected to grow. For example, the Zhejiang University in China established the notion of "neuro management", Japan-based NTT Data has launched its neuroscience service for advertising.

The North America Region to Hold a Considerable Share in the Global Neuromarketing Market

The growing marketing communication sector that uses neuropsychology to study consumers' cognitive, sensorimotor, and affective response to marketing stimuli is a key contributor to the regional market growth. Neuromarketing solutions are majorly used in commercial field of marketing that uses medical technologies such as FMRI to analyze the brain's response to marketing stimuli. Owing to which, the region is experiencing an increase in demand for FMRI-based neuromarketing solutions, in turn bolstering the launch of new FMRI products. For instance, in September 2023, researchers at UB (University at Buffalo) launched a new MRI scanner, which is capable of new techniques such as FMRI and diffusion tensor imaging. Through this launch, the company aims to bring a new era of biomedical imaging. Additionally, a source of lab-based audience research, MediaScience is situated in the US and uses a variety of neuro-measures, such as biometrics, facial expression analysis, eye-tracking, response-latency testing, and EEG. The increasing usage of neuroscience application in different sectors is further promoting the growth of the regional market.

Market Players Outlook

The major companies serving the global neuromarketing market include Immersion Neuroscience, Buyology Inc., Merchant Mechanics Inc., Emotion Research LAB, and The Nielsen Company LLC (Nielsen Consumer Neuroscience), among others. The market players are considerably contributing to the market growth by the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in December 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.

The Report Covers:

Market value data analysis of 2022 and forecast to 2030.
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global neuromarketing market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market-entry and market expansion strategies.
Competitive strategies by identifying 'who-stands-where' in the market.

Product Code: OMR2027950

1. Report Summary

Current Industry Analysis and Growth Potential Outlook
1.1. Research Methods and Tools
1.2. Market Breakdown
- 1.2.1. By Segments
- 1.2.2. By Region

2. Market Overview and Insights

2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
- 2.2.1. Key Findings
- 2.2.2. Recommendations
- 2.2.3. Conclusion

3. Competitive Landscape

3.1. Key Company Analysis
3.2. Buyology Inc.
- 3.2.1. Overview
- 3.2.2. Financial Analysis
- 3.2.3. SWOT Analysis
- 3.2.4. Recent Developments
3.3. Emotion Research LAB
- 3.3.1. Overview
- 3.3.2. Financial Analysis
- 3.3.3. SWOT Analysis
- 3.3.4. Recent Developments
3.4. Immersion Neuroscience
- 3.4.1. Overview
- 3.4.2. Financial Analysis
- 3.4.3. SWOT Analysis
- 3.4.4. Recent Developments
3.5. Merchant Mechanics Inc.
- 3.5.1. Overview
- 3.5.2. Financial Analysis
- 3.5.3. SWOT Analysis
- 3.5.4. Recent Developments
3.6. The Nielsen Company LLC (Nielsen Consumer Neuroscience)
- 3.6.1. Overview
- 3.6.2. Financial Analysis
- 3.6.3. SWOT Analysis
- 3.6.4. Recent Developments
3.7. Key Strategy Analysis

4. Market Segmentation

4.1. Global Neuromarketing Market by Technology
- 4.1.1. Functional Magnetic Resonance Imaging (FMRI)
- 4.1.2. Electroencephalography (EEG)
- 4.1.3. Eye Tracking
- 4.1.4. Positron Emission Tomography (PET)
- 4.1.5. Magneto Encephalography (MEG)
4.2. Global Neuromarketing Market by End-User
- 4.2.1. BFSI
- 4.2.2. Retail/Consumer Brands
- 4.2.3. Market Research
- 4.2.4. Scientific Institutions
- 4.2.5. Others

5. Regional Analysis

5.1. North America
- 5.1.1. United States
- 5.1.2. Canada
5.2. Europe
- 5.2.1. UK
- 5.2.2. Germany
- 5.2.3. Italy
- 5.2.4. Spain
- 5.2.5. France
- 5.2.6. Rest of Europe
5.3. Asia-Pacific
- 5.3.1. China
- 5.3.2. India
- 5.3.3. Japan
- 5.3.4. South Korea
- 5.3.5. Rest of Asia-Pacific
5.4. Rest of the World

6. Company Profiles

6.1. Cadwell Industries Inc.
6.2. Compumedics LTD.
6.3. Eb Neuro S.P.A.
6.4. IMotions
6.5. ISCAN Inc.
6.6. MindMetriks
6.7. Mindspeller
6.8. Neural Sense (Pty) Ltd.
6.9. NVISO SA
6.10. Shimmer Sensing
6.11. SR Labs SRL
6.12. Synetiq Ltd.
6.13. Tobii Technology
6.14. Uniphore