The market for neuromarketing solutions, which had a value of US$ 1.6 billion in 2022, is anticipated to rise at a CAGR of 7.5% and reach US$ 3.2 billion by 2032. Although the industry for neuromarketing solutions appears to have a promising future, regulatory, financial, technological, and scalability challenges may restrict the sector’s expansion in the years to come.
In the fields of media, advertising, and telecommunications, neuromarketing has become more popular. The market for neuromarketing solutions is being driven by various well-known corporations that are heavily funding research into a variety of topics related to neuromarketing in an effort to better understand consumers’ responses to media and marketing efforts. The demand for neuromarketing solutions is mostly being driven by the requirement to study consumer behaviour.
The impact of Covid-19 on the market for neuromarketing solutions is noticeably positive in the immediate term because a proper analysis necessitates a big sample of data. However, data collected from the actual world, such as brick-and-mortar shops, will be greatly reduced because people are being confined to their homes as a result of the global lockdown.
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Due to the disruption of the global supply chain and the closure of manufacturing facilities as a result of regulations being implemented by various nations across the world, the creation of neuromarketing solutions was slightly hindered.
Functional magnetic resonance imaging (fMRI), magnetoencephalography (MEG), eye tracking, electroencephalography (EEG), and positron emission tomography (PET) based on technology are the segments of the market for neuromarketing solutions.
With a 47.6% market share, the fMRI sector came out on top for neuromarketing solutions, followed closely by the EEG sector. Although end users are concerned about the mobility and cost of fMRI equipment, demand for this technology will not be affected in the next years, ensuring the segment’s continued dominance.
The second most often employed technology in neuromarketing solutions is EEG, and that trend is expected to continue in the next years. Eye tracking is anticipated to catch the attention of professionals working in the field of advertising research in the near future. Most eye tracking technology is employed in media studies and advertising.
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.
Table of Content
1. Preface | Neuromarketing Solutions Market
1.1. Market Definition and Scope
1.2. Market Segmentation
1.3. Key Research Objectives
1.4. Research Highlights
2. Assumptions and Research Methodology
3. Executive Summary: Global Market
4. Market Overview
4.1. Introduction
4.2. Market Dynamics
4.2.1. Drivers
4.2.2. Restraints
4.2.3. Opportunities
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