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.
Neuromarketing technology is based on cognitive solution for affective response and marketing inducements. The growing awareness about the benefits of neuromarketing technology can prompt the expansion of the market in the near future. The major advantage of accumulation of information regarding response of target customers about new product of neuromarketing technology respond if a new product penetrates the market. Neuroscience is beneficial in interpreting and studying the consumer perceptions and has played a vital role in enhancing behavioral predictions of consumers. Neuromarketing technology aids marketing companies and research firms to avail customize services, which can build brand base and loyalty. This can boost the expansion of the world neuromarketing technology market across the review period.
On the contrary, the high installation expense, mobility concerns, and presence of robust biometric policies by reputed regulatory bodies can hinder the rise of the neuromarketing technology market over the study period.
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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.
In North America, the neuromarketing technology market can rise to its potential across the assessment period. The US, followed by the rest of North America is reputed for its robust technical base. This can support the expansion of the regional neuromarketing in North America across the assessment period. In Europe, the rise in the investment made for working on neuromarketing innovations can favor Europe neuromarketing technology market across the assessment period. The presence reputed developers of neuromarketing solution developers and the rise in the rate of dispatch for such effective solutions to enhance marketing dynamics are some major factors that can promote the expansion of EU neuro marketing technology market in the forecast period. Asia Pacific and Europe are expected to register significant growth rate for the neuromarketing technology market. The U.K can head Europe neuromarketing technology market. The rise in economic development in APAC can prompt the market rise through the review period.
MRFR listed some potential neuromarketing technology developers based on their origin, line of products and innovations, and financial status. These major key players are Behavior and Brain Lab (Italy), Synetiq Ltd. (Budapest), Merchant Mechanics (U.S.), The Neilsen Company LLC, (U.S.), Css/Data intelligence (U.S.), SR Research (Canada), Neurospire Inc. (U.S.), Nviso (Switzerland), Sr Labs (Italy), Neural Sense (South Africa), Olson Zaltman Associates (U.S.), Sensomotoric Instruments GMBH (Germany), Cadwell Industries Inc. (U.S.), and Compumedics Limited (Australia).