Neuromarketing Market - Growth, Trends, and Forecast (2022 - 2030)
Market Overview
The neuromarketing market is expected to grow at a CAGR of 15.6%, during the forecast period (2019 - 2024). Neuroscience is beneficial in interpreting and studying consumer perceptions and has played a major role in enhancing the behavioral predictions of consumers. Neuroscience allows research firms and marketing companies to concentrate and customize their services according to customer expectations.
- The neuromarketing solutions assisting the process of consumer data in a marketing environment in an extremely effective manner due to the usage of neuroscience techniques.
- The growing applications of neuromarketing solutions across a number of industries, majorly as the awareness pertaining to the immense potential benefits of these techniques is growing at a rapid pace.
- Major companies have implemented neuromarketing research techniques to measure consumer behavior for their respective products to identify the purchase decision of the consumer, by the help of various technologies such as functional magnetic resonance imaging (FMRI), electroencephalography (EEG), eye tracking.
Scope of the Report
Neuromarketing is the field of marketing which uses medical technologies such as functional Magnetic Resonance Imaging (fMRI) to study the brain’s responses to marketing stimuli. It is a formal study of the brain's responses to advertising and branding, and the adjustment of those messages based on feedback to elicit even better responses. Researchers use different types of technologies to measure specific types of brain activity in response to advertising messages. With this information, companies get to know about the consumers' decisions making skill as well as the driving force towards their persona.
Key Market Trends
Eye-Tracking Technology is a Key Driving Factor for Media and Entertainment Market Share
- Eye Tracking technology is emerging as a major trend and is presumed to gain a significant market share due to an increase in the implementation of eye tracking by media, entertainment, and advertising companies.
- This technology is of precious value, especially for TV advertisements, in which lots of information is generated every millisecond, thereby hindering the identification of what the viewer really liked, that actually called his attention in a positive or negative way. Therefore, eye tracking technology is expected to have a substantial market share of neuromarketing technology over the forecast period. Valuable feedback allows the end-users to strategically place the advertisement at location mostly seen by the potential customers.
- According to the Greenbook Directory Survey, currently, the eye-tracking approach is approximately 38% in-use application across the industry whereas it is expected to be approximately 19% under-consideration in near future as compared to other approaches.
North America is Expected to Hold Largest Market Share
- North America region find an ample amount of application for neuromarketing technology across its emerging market, the US being the leading country of the region. The increasing investment in the field of neuroscience along with the presence of a large number of solution providers across the region are driving the neuromarketing technology market to grow over the forecast period.
- Some of the prominent companies across the region have made a heavy investment on the study of various subjects that are related to neuromarketing in a bid to understand their response to their advertising campaigns and media, which consequently, is impacting the world market for neuromarketing solutions remarkably across the globe. The need to study consumer behavior is also adding to further growth to the market.
Competitive Landscape
The neuromarketing market is moderately competitive and consists of several players. In terms of market share, few of the players currently dominating with the rising demand for neuromarketing application along with technological advancement across the emerging economies, Many companies are increasing their market presence thereby expanding their business footprint across the new markets.
- April 2019 - Neural Sense partnered with Pieter Walser, a Cape winemaker from the BLANKBottle label, and using neuroscience and biometric technologies, tested 21 different white wine and 20 different red wine varietals from a number of different vineyards across the country. They assessed Walser’s emotional and cognitive responses to each taste testing experience to create the world’s first NeuroWine (one bottle of red and one white).
- May 2019 - Conroy Media, Ltd. entered into a multi-year agreement with Nielsen for local TV and audio electronic ratings services in multiple markets across the country. Conroy Media, a long-time Nielsen Scarborough subscriber, has expanded its relationship with Nielsen, citing a number of reasons, notably accuracy and accountability.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
The neuromarketing market is expected to grow at a CAGR of 15.6%, during the forecast period (2019 - 2024). Neuroscience is beneficial in interpreting and studying consumer perceptions and has played a major role in enhancing the behavioral predictions of consumers. Neuroscience allows research firms and marketing companies to concentrate and customize their services according to customer expectations.
- The neuromarketing solutions assisting the process of consumer data in a marketing environment in an extremely effective manner due to the usage of neuroscience techniques.
- The growing applications of neuromarketing solutions across a number of industries, majorly as the awareness pertaining to the immense potential benefits of these techniques is growing at a rapid pace.
- Major companies have implemented neuromarketing research techniques to measure consumer behavior for their respective products to identify the purchase decision of the consumer, by the help of various technologies such as functional magnetic resonance imaging (FMRI), electroencephalography (EEG), eye tracking.
Scope of the Report
Neuromarketing is the field of marketing which uses medical technologies such as functional Magnetic Resonance Imaging (fMRI) to study the brain’s responses to marketing stimuli. It is a formal study of the brain's responses to advertising and branding, and the adjustment of those messages based on feedback to elicit even better responses. Researchers use different types of technologies to measure specific types of brain activity in response to advertising messages. With this information, companies get to know about the consumers' decisions making skill as well as the driving force towards their persona.
Key Market Trends
Eye-Tracking Technology is a Key Driving Factor for Media and Entertainment Market Share
- Eye Tracking technology is emerging as a major trend and is presumed to gain a significant market share due to an increase in the implementation of eye tracking by media, entertainment, and advertising companies.
- This technology is of precious value, especially for TV advertisements, in which lots of information is generated every millisecond, thereby hindering the identification of what the viewer really liked, that actually called his attention in a positive or negative way. Therefore, eye tracking technology is expected to have a substantial market share of neuromarketing technology over the forecast period. Valuable feedback allows the end-users to strategically place the advertisement at location mostly seen by the potential customers.
- According to the Greenbook Directory Survey, currently, the eye-tracking approach is approximately 38% in-use application across the industry whereas it is expected to be approximately 19% under-consideration in near future as compared to other approaches.
North America is Expected to Hold Largest Market Share
- North America region find an ample amount of application for neuromarketing technology across its emerging market, the US being the leading country of the region. The increasing investment in the field of neuroscience along with the presence of a large number of solution providers across the region are driving the neuromarketing technology market to grow over the forecast period.
- Some of the prominent companies across the region have made a heavy investment on the study of various subjects that are related to neuromarketing in a bid to understand their response to their advertising campaigns and media, which consequently, is impacting the world market for neuromarketing solutions remarkably across the globe. The need to study consumer behavior is also adding to further growth to the market.
Competitive Landscape
The neuromarketing market is moderately competitive and consists of several players. In terms of market share, few of the players currently dominating with the rising demand for neuromarketing application along with technological advancement across the emerging economies, Many companies are increasing their market presence thereby expanding their business footprint across the new markets.
- April 2019 - Neural Sense partnered with Pieter Walser, a Cape winemaker from the BLANKBottle label, and using neuroscience and biometric technologies, tested 21 different white wine and 20 different red wine varietals from a number of different vineyards across the country. They assessed Walser’s emotional and cognitive responses to each taste testing experience to create the world’s first NeuroWine (one bottle of red and one white).
- May 2019 - Conroy Media, Ltd. entered into a multi-year agreement with Nielsen for local TV and audio electronic ratings services in multiple markets across the country. Conroy Media, a long-time Nielsen Scarborough subscriber, has expanded its relationship with Nielsen, citing a number of reasons, notably accuracy and accountability.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
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