Research Nester assesses the growth and market size of global neuromarketing solutions market which is anticipated to be on account of the growing importance of neuromarketing solutions and growing adoption by end user.
New York – March 30, 2023 - Research Nester’s recent market research analysis on “Neuromarketing Solutions Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitor’s analysis and a detailed overview of the global neuromarketing solutions market in terms of market segmentation by technology, end-user, and by region.
Rising Adoption of Novel Marketing Activities Across Retail & Consumer Brands
It has been observed that globally, over 65% of marketers used one or more digital marketing channels to promote their brands.
One of the major factors anticipated to drive the growth of the global neuromarketing solutions market is the increasing use of neuroscience marketing. Business organizations worldwide are increasingly using functional magnetic resonance imaging and electroencephalogram tools to scan the brain of people. Organizations then assess the physiological and neural signals of the viewer for a particular advertisement, packaging, or design. By the use of this technology, marketers show customers advertisements, packaging or product designs, and on the other hand, also track the brain activity and reactions of the customer.
Furthermore, the increased demand for digital marketing is anticipated to boost the growth of the global neuromarketing solutions market. In addition to this, the rising in research on understanding digital viewership, as well as other neuroscience technological products, which helps the industry players to provide clients with affordable and efficient neuromarketing solutions and achieve higher conversion rates through superior marketing and promotional strategies is also anticipated to drive the market growth.
Some of the other major growth factors and challenges that are associated with the growth of the global neuromarketing solutions market are:
- Increasing Need for Neuromarketing Technology for Analysis of Buying Behavior of the Consumers
- Surge in Developments in the Field of Neuroscience
One of the major concerns that is expected to limit the growth of the global neuromarketing solutions market during the forecast period is the high cost of neuromarketing devices. The devices used for the study of neuroscience, such as FMRI and MEG scanners require significant initial investment. Moreover, these devices are known to have a higher operating cost as these devices are bulky, and hence take up a lot of infrastructural space, further increasing the cost of infrastructure.
By technology, the global neuromarketing solutions market is segmented into banking, financial services, & insurance (BFSI), retail/consumer brands, market research, scientific institutions, and others. The retail/consumer brands segment is to garner the highest revenue of USD 1,796.64 Million by the end of 2035 by growing at a significant CAGR over the forecast period. Rise in need for advanced and more targeting marketing strategies and solutions for to understand consumer psychology and buying patterns among businesses worldwide is anticipated to drive the growth of the segment during the forecast period. For instance, Starbucks used neuromarketing to examine the color preferences of their key customers and discovered that some colors resonated with free-thinkers who were drawn to harmony, nature, and expansiveness. With the use of these neuromarketing solutions, retail outlets specifically display their products on supermarket shelves to make the products much more appealing and accessible.
By region, the North America neuromarketing solutions market is to generate the highest revenue by the end of 2035. The market’s revenue in the region has increased from USD 642.58 Million in the year 2022 to USD 1,555.21 Million in the year 2035. This growth is anticipated by the rising need amongst businesses in the region to understand consumer purchase behavior. Moreover, the growing marketing communication sector, which uses neuropsychology to study consumers' cognitive, sensorimotor, and affective responses to marketing stimuli, is attributed to drive the market growth in this region. For instance, neuromarketing solutions are primarily used in the commercial field of marketing, where medical technologies such as functional MRI (FMRI) are used to analyze the brain's response to marketing stimuli, which is expected to drive demand for neuromarketing Solutions over the forecast period. Furthermore, the rising demand for functional magnetic resonance imaging (MRI) in neuromarketing solutions is expected to fuel growth in North America's neuromarketing solutions market.
This report also provides the existing competitive scenario of some of the key players of the global neuromarketing solutions market which includes company profiling of Buyology Inc., are Immersion Neuroscience Inc., Merchant Mechanics, Inc., Compumedics Limited, Uniphore Technologies Inc., The Nielsen Company (US), LLC, Neural Sense (Pty) Ltd, NVISO SA, Validators, Cadwell Industries, Inc., SR Labs srl, Tobii AB, and others.