The neuromarketing solutions market, which was worth US$ 1.6 billion in 2022, is expected to grow at a 7.5% CAGR, reaching US$ 3.2 billion by 2032. Although the future of the neuromarketing solutions market appears bright, regulatory and cost-, mobility-, and scalability-related concerns connected with neuromarketing solutions may limit the neuromarketing solutions market’s growth in the coming years.
The use of neuromarketing in the domains of media, advertising, and telecommunications has gained traction. A lot of prominent corporations are substantially investing in the research of numerous issues linked to neuromarketing in order to better understand their reaction to media and advertising campaigns, which is driving the neuromarketing solutions market. The necessity to research customer behavior is also significantly contributing to the neuromarketing solutions market’s growth.
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The market for neuromarketing solutions is divided into functional magnetic resonance imaging (fMRI), magnetoencephalography (MEG), eye tracking, electroencephalography (EEG), and positron emission tomography (PET) based on technology (PET). The fMRI sector topped the neuromarketing solutions market with a 47.6% share, closely followed by the EEG segment. Although the mobility and expense of fMRI equipment are a worry for end users, the demand for this technology will not be hampered in the next years, assuring the segment’s continuous dominance.
EEG is the second-most often used technology in neuromarketing solutions, and it is projected to stay 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. Companies that provide eye tracking solutions are likely to be actively involved in the process of creating improved remote as well as mobile eye tracking solutions, as a result of which the neuromarketing solutions market is expected to grow at a rapid rate.
Asia Pacific, Europe, the Middle East and Africa, the United States, and South America are the world’s most important regional markets for neuromarketing solutions. Among them, the United States has emerged as the major contributor to the global market for neuromarketing solutions. With the United States as the headquarters of a huge pool of top enterprises operating in this sector. Europe is another important geographical market for neuromarketing solutions globally. Analysts expect that increased investments and economic advancements in the United Kingdom will boost neuromarketing solutions market in the future years.
Key Takeaways:
- In the technology sector, Functional Magnetic Resonance Imaging (fMRI) from the neuromarketing solutions market is anticipated to flourish at the quickest CAGR of 8.2% through 2032.
- The market size for neuromarketing solutions market in the United States is expected to reach US$ 1201.7 Million by 2032, growing at a CAGR of 8.4% during the forecast period.
- United Kingdom is anticipated to reach a market size of US$ 411.9 Million in Neuromarketing solutions by 2032, with a CAGR of 8.1% during the forecast period.
- China’s Neuromarketing solutions market is anticipated to be worth US$ 305.9 Million by 2032, with a CAGR of 9.7% over the forecast period.
- Saudi Arabia is expected to have a market size for Neuromarketing solutions of US$ 75.6 Million by 2032, with a CAGR of 6.1% during the forecast period.
- By 2032, Brazil is expected to reach a market size of US$ 46.9 Million in neuromarketing solutions, with a CAGR of 5.5% during the forecast period.
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Competitive Landscape:
The global market for neuromarketing solutions has a highly consolidated competitive landscape. Some of the top competitors in this market are EB Neuro S.p.A., Cadwell Industries Inc., Compumedics Ltd., ISCAN Inc., SR Research, LC Technologies, SensoMotoric Instruments, iMotions, and Tobii Technology.
Recent Development:
- Uniphore acquires Emotion Research Lab, a video and emotion AI business, in January 2021. Emotion Research Lab is a major software developer that combines AI and machine learning to detect emotion and engagement levels in video-based interactions in real time. Emotion Research Lab’s broad video-focused AI capabilities will enable totally new applications and experiences throughout the business when joined with Uniphore’s CSA technologies, which comprehend, analyse, and automate voice interactions in real-time.
- Neuro-ID, a supplier of behavior-as-a-Service (BaaS) technology, announced a USD 7 million Series-A funding round in December 2020. Fin VC and TTV Capital lead the investment round. Canapi Ventures also took part in the round. Human Analytics from Neuro-ID makes it easier to gain access to an organization’s behavioural data, revealing important insights into an interaction’s intent and the unique mentality of the digital customer experience. Neuro-technologies ID’s enable tracking real-time activities, 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 are not erroneously targeted as false positives.
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