The neuromarketing solutions market is anticipated to have a steady CAGR of 7.5% from 2022 to 2032. The neuromarketing solutions market share is predicted to grow from USD 1.6 Billion in 2022 to USD 3.2 Billion in 2032. Previously, the market was thriving at a higher CAGR of 8.1% (2016 to 2021), resulting in a market size of USD 1.4 Billion in 2021.
The use of neuromarketing in media, advertising, and telecommunication has exploded in popularity in recent years. Several prominent corporations are spending extensively on the study of various aspects of neuromarketing in order to better understand their responses to media and advertising campaigns, which is having a significant impact on the market for neuromarketing solutions around the world. The desire to understand consumer behavior is propelling the neuromarketing solutions market size forward significantly.
| Attributes | Details |
|---|---|
| Neuromarketing Solutions Market CAGR (2022 to 2032) | 7.5% |
| Neuromarketing Solutions Market Size (2022) | USD 1.6 Billion |
| Neuromarketing Solutions Market Size (2032) | USD 3.2 Billion |
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The neuromarketing solutions market analysis indicates that during the projected period, the global neuromarketing solutions market is expected to develop due to an increasing requirement to monitor consumers' purchasing behavior.
As per the new market research report on neuromarketing solutions, the market has progressed into a useful tool for studying and analyzing customer purchasing behavior and making better marketing selections. Marketers use neuromarketing to understand better the aspects that influence consumers' purchasing decisions. Understanding this behavior is critical for product design, product advertising, product branding, and product advertising decisions.
As a result, the increased need for understanding and studying customer buying behavior in order to make effective and efficient marketing decisions is likely to drive neuromarketing solutions market growth throughout the forecast period.
Over the forecast period, the worldwide neuromarketing solutions market is expected to develop due to the adoption of cutting-edge technologies to understand customer purchasing behavior. To understand and analyze a person's behavior toward visual and audio stimuli, major neuromarketing solutions providers in the market are focusing on adopting cutting-edge technologies such as biometrics that measure heart rate, eye tracking & facial coding, functional magnetic resonance imaging (fMRI), and galvanic skin response (GSR).
Better and more effective marketing tactics have been developed to successfully advocate a product or service. Over the forecast period, these factors are expected to boost the global neuromarketing solutions market adoption trends.
Over the projected period, the high cost of neuromarketing is expected to limit the growth of the global neuromarketing solutions market. Scanners like fMRI and MEG equipment have a significant initial investment and ongoing operating costs. Because these systems are so huge, they take up a lot of room and restrict workspace mobility.
The cost, mobility, and scalability of bulky neuromarketing technologies like fMRI and MEG scanners are important roadblocks to their widespread use. As a result, over the forecast period, high costs and mobility concerns are projected to limit the demand for neuromarketing solutions.
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Eye-tracking systems are becoming increasingly popular in the neuromarketing solutions market and advertising research, which could lead to profitable growth prospects. In gaming and virtual reality, eye-tracking systems are used.
These methods are increasingly being utilized in market research to monitor and track shopper eye movements in stores. In the sphere of website design, the eye-tracking solutions market has a lot of room for growth. Furthermore, the area is predicted to see significant expansion in the fields of market research and advertising research, as well as the ability to perform online research.
Significant business opportunities are projected to arise as research and development activity increase in the neuromarketing solutions market. Because neuromarketing solutions are too expensive for small and medium-sized businesses, it is critical to supply cost-effective alternatives.
Many solution providers are concentrating their efforts on research and development in order to create scalable and cost-effective solutions. Market participants might concentrate on Research and Development operations and grow their global footprint and fully utilize the available neuromarketing solutions market key trends & opportunities.
Functional magnetic resonance imaging (fMRI), magnetoencephalography (MEG), eye tracking, electroencephalography (EEG), and positron emission tomography (PET) are the many types of technology used in the global market for neuromarketing solutions.
With a neuromarketing solutions market share of 47.6%, the fMRI section led the way, closely followed by the EEG segment. Although end users are concerned about the mobility and expense of fMRI equipment, demand for this technology is not likely to be hampered in the coming years, assuring the segment's continuous dominance.
EEG is the second most popular neuromarketing technique, and it is projected to remain so in the next years. In the near future, eye tracking is predicted to pique the interest of experts working in the field of advertising research.
The majority of eye-tracking technologies are used in advertising and media studies. Because companies that provide eye-tracking solutions are likely to be actively involved in the process of developing improved remote as well as mobile eye-tracking solutions, the neuromarketing solutions market size is expected to grow at a rapid rate in the coming years.
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Functional Magnetic Resonance Imaging (fMRI), one of the neuromarketing solutions sectors, is expected to grow at an annual rate of 8.2% and reach USD 1 billion by the end of the forecast year.
After an early assessment of the pandemic's commercial ramifications and the resulting economic crisis, the electroencephalography (EEG) segment's growth is corrected to a revised 9.3% CAGR over the next seven years.
In the year 2032, the neuromarketing solutions market in the USA is expected to be worth USD 1201.7 Million. China, the world's second-largest economy, is expected to reach a market size of USD 305.9 Million by 2032, representing a 9.7% CAGR throughout the analyzed period. Japan and Canada are two more important geographic markets, with forecasted growth rates of 8.1 percent and 7.2 percent, respectively, from 2020 to 2027. Germany is expected to expand at a CAGR of around 7.2 percent in Europe.
The demand for neuromarketing solutions is rising steadily on a global level.
| Regions | CAGR (2022 to 2032) |
|---|---|
| United States of America | 8.4% |
| United Kingdom | 8.1% |
| China | 9.7% |
| Saudi Arabia | 6.1% |
| Brazil | 5.5% |
There are multiple companies in the neuromarketing sector, which is moderately competitive. With the rising need for neuromarketing applications and technical improvement throughout emerging economies, few firms are now leading in terms of market share; numerous companies are strengthening their market presence, consequently expanding their company footprint across new markets.
Product launches are a priority for market leaders in order to expand the demand for neuromarketing solutions. Major market players are involved in contracts and agreements in order to get a competitive advantage in the marketplace.
Some of the recent developments in the Neuromarketing solutions market are:
Uniphore acquires Emotion Research Lab, a video and emotion AI business, in January 2021. Emotion Research Lab's broad video-focused AI capabilities will enable totally new applications and experiences across the enterprise when joined with Uniphore's CSA technologies, which understand, analyze, and automate voice interactions in real-time.
Neuro-ID, a behavior-as-a-Service (BaaS) technology provider, revealed that it has raised a USD 7 million Series-A round of funding in December 2020. Fin VC and TTV Capital led a fundraising round. Canapi Ventures was also a part of the round. Human Analytics from Neuro-ID makes access to an organization's behavioral data simple, revealing important insights into an interaction's intent and the digital customer experience's distinct mindset. Neuro-technologies IDs allow for real-time activity tracking, increasing traditional fraud screening by capturing complex kinds of fraud, such as bots, that might defy historical or static data, while also guaranteeing that the best candidates aren't mistakenly targeted as false positives.
The neuromarketing solutions market share is projected to have a CAGR of 7.5% through 2032.
North America is the leading neuromarketing solutions market region, with an anticipated CAGR of 8.4% by 2032.
Functional Magnetic Resonance Imaging (fMRI) segment is expected to lead the neuromarketing solutions market with the projected CAGR of 8.2% through 2032.
The neuromarketing solutions market is predicted to grow USD 1.7 Billion by 2032.
1. Preface 2. Assumptions and Research Methodology 3. Executive Summary: Global Market 4. Market Overview 5. Global Market Analysis and Forecasts, by Technology 5.1. Functional Magnetic Resonance Imaging (fMRI) 5.2. Electroencephalography (EEG) 5.3. Eye-tracking 5.4. Positron Emission Tomography (PET) 5.5. Magnetoencephalography (MEG) 6. Global Market Analysis and Forecasts, by Region 6.1. North America 6.2. Europe 6.3. Asia Pacific 6.4. Middle East and Africa 6.5. South America 7. North America Market Analysis and Forecast 8. Europe Market Analysis and Forecast 9. Asia Pacific Market Analysis and Forecast 10. Middle East and Africa (MEA) Market Analysis and Forecast 11. South America Market Analysis and Forecast 12. Competition Landscape 12.1. Tobii Technology 12.2. iMotions 12.3. SR Research 12.4. ISCAN, Inc. 12.5. Compumedics Limited 12.6. Cadwell Industries, Inc. 12.7. EB Neuro S.p.A. 13. Key Takeaways
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Neuromarketing Solutions Market
