Neuromarketing Solutions Market Size & Share, by Technology {Functional Magnetic Resonance Imaging (FMRI), Electroencephalography (EEG), Biometrics, Facial Coding, Eye Tracking}; End-user {Banking, Financial Services, Insurance (BFSI), Retail/Consumer Brands, Market Research, Scientific Institutions} - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2033

  • Report ID: 4544
  • Published Date: Apr 04, 2023
  • Report Format: PDF, PPT
  1. An Outline of the Neuromarketing Solutions Market
    1. Market Definition
    2. Market Segmentation
  2. Assumptions & Abbreviations
  3. Research Methodology & Approach
    1. Research Process
    2. Primary Research
    3. Secondary Research
    4. Market Size Estimation
  4. Summary of the Report for Key Decision Maker
  5. Forces of the Market Constituents
    1.  Factors/Drivers Impacting the Growth of the Market
    2. Market Trends for Better Business Practices
  6. Key Market Opportunities for the Business Growth
  7. Major Roadblocks for the Market Growth
  8. Government Regulations
  9. Technology Transition and Adoption Analysis
  10. Industry Risk Analysis
  11.  Industry Value Chain Analysis
  12.  Impact of COVID-19 on Global Neuromarketing Solutions Market
  13. Regional Demand Analysis
  14. Competitive Positioning: Strategies to differentiate a company from its competitors
  15.  Competitive Model: A Detailed Inside View for Investors
    1. Market Share Analysis, 2022
    2. Competitive Benchmarking
    3. Business Profiles of Key Enterprises
      1. Buyology Inc.
      2. Immersion Neuroscience Inc.
      3. Merchant Mechanics, Inc.
      4. Compumedics Limited
      5. Uniphore Technologies Inc.
      6. The Nielsen Company (US), LLC
      7. Neural Sense (Pty) Ltd
      8. NVISO SA
      9. Validators
      10. Cadwell Industries, Inc.
      11. SR Labs srl
      12. Tobii AB
  16. Global Neuromarketing Solutions Market Outlook & Projections, Opportunity Assessment, 2022 to 2033
    1. Market Overview
    2. Market Revenue by Value (USD Million) and Compound Annual Growth Rate (CAGR)
    3. Year-on-Year (Y-o-Y) Growth Trend Analysis
      1. Global Neuromarketing Solutions Market Outlook & Projections, Opportunity Assessment by Technology, 2022-2033
        1. Functional Magnetic Resonance Imaging (FMRI), 2022-2033F (USD Million)
        2. Electroencephalography (EEG), 2022-2033F (USD Million)
        3. Biometrics, 2022-2033F (USD Million)
        4. Facial Coding, 2022-2033F (USD Million)
        5. Eye Tracking, 2022-2033F (USD Million)
      2. Global Neuromarketing Solutions Market Outlook & Projections, Opportunity Assessment by End-user, 2022-2033
        1. Banking, Financial Services, and Insurance (BFSI), 2022-2033F (USD Million)
        2. Retail/Consumer Brands, 2022-2033F (USD Million)
        3. Market Research, 2022-2033F (USD Million)
        4. Scientific Institutions, 2022-2033F (USD Million)
        5. Others, 2022-2033F (USD Million)
      3. Global Neuromarketing Solutions Market Demand Outlook & Projections, Market Performance by Geography, 2022 to 2033
        1. Market Overview
        2. Market Revenue by Value (USD Million) and Compound Annual Growth Rate (CAGR)
        3. Year-on-Year (Y-o-Y) Growth Comparative Analysis
          1. North America
          2. Europe
          3. Asia Pacific
          4. Latin America
          5. Middle East & Africa
  17.  Cross Analysis of Technology w.r.t. End-user (USD Million), 2022
  18. North America Neuromarketing Solutions Market Outlook & Projections, 2022 to 2033: A Comprehensive Study for Stakeholders
    1. Market Overview
    2. Country Overview
    3. Regulatory and Standards Landscape
    4. Key Companies in North America
    5. Recent Developments
    6. Distributor Outlook
    7. Market Revenue by Value (USD Million) and Compound Annual Growth Rate (CAGR)
    8. Year-on-Year (Y-o-Y) Growth Trend Analysis
      1. North America Neuromarketing Solutions Market Outlook & Projections, Opportunity Assessment by Technology, 2022-2033
        1. Functional Magnetic Resonance Imaging (FMRI), 2022-2033F (USD Million)
        2. Electroencephalography (EEG), 2022-2033F (USD Million)
        3. Biometrics, 2022-2033F (USD Million)
        4. Facial Coding, 2022-2033F (USD Million)
        5. Eye Tracking, 2022-2033F (USD Million)
      2. North America Neuromarketing Solutions Market Outlook & Projections, Opportunity Assessment by End-user, 2022-2033
        1. Banking, Financial Services, and Insurance (BFSI), 2022-2033F (USD Million)
        2. Retail/Consumer Brands, 2022-2033F (USD Million)
        3. Market Research, 2022-2033F (USD Million)
        4. Scientific Institutions, 2022-2033F (USD Million)
        5. Others, 2022-2033F (USD Million)
      3. North America Neuromarketing Solutions Market Outlook & Projections, Opportunity Assessment by Country, 2022-2033
        1. United States, 2022-2033F (USD Million)
        2. Canada, 2022-2033F (USD Million)
  19. Europe Neuromarketing Solutions Market Demand Outlook & Projections, 2022 to 2033: A Comprehensive Study for Stakeholders
    1. Market Overview
    2. Country Overview
    3. Regulatory and Standards Landscape
    4. Key Companies in Europe
    5. Recent Developments
    6. Distributor Outlook
    7. Market Revenue by Value (USD Million) and Compound Annual Growth Rate (CAGR)
    8. Year-on-Year (Y-o-Y) Growth Trend Analysis
      1. Europe Neuromarketing Solutions Market Outlook & Projections, Opportunity Assessment by Technology, 2022-2033
      2. Europe Neuromarketing Solutions Market Outlook & Projections, Opportunity Assessment by End-user, 2022-2033
      3. Europe Neuromarketing Solutions Market Outlook & Projections, Opportunity Assessment by Country, 2022-2033
        1. United Kingdom, 2022-2033F (USD Million)
        2. Germany, 2022-2033F (USD Million)
        3. France, 2022-2033F (USD Million)
        4. Italy, 2022-2033F (USD Million)
        5. Spain, 2022-2033F (USD Million)
        6. Russia, 2022-2033F (USD Million)
        7. Netherlands, 2022-2033F (USD Million)
        8. Rest of Europe, 2022-2033F (USD Million)
  20. Asia Pacific Neuromarketing Solutions Demand Outlook & Projections, 2022 to 2033: A Comprehensive Study for Stakeholders
    1. Market Overview
    2. Country Overview
    3. Regulatory and Standards Landscape
    4. Key Companies in Asia Pacific
    5. Recent Developments
    6. Distributor Outlook
    7. Market Revenue by Value (USD Million) and Compound Annual Growth Rate (CAGR)
    8. Year-on-Year (Y-o-Y) Growth Trend Analysis
      1. Asia Pacific Neuromarketing Solutions Market Outlook & Projections, Opportunity Assessment by Technology, 2022-2033
      2. Asia Pacific Neuromarketing Solutions Market Outlook & Projections, Opportunity Assessment by End-user, 2022-2033
      3. Asia Pacific Neuromarketing Solutions Market Outlook & Projections, Opportunity Assessment by Country, 2022-2033
        1.   China, 2022-2033F (USD Million)
        2. India, 2022-2033F (USD Million)
        3. Japan, 2022-2033F (USD Million)
        4. South Korea, 2022-2033F (USD Million)
        5. Singapore, 2022-2033F (USD Million)
        6. Australia, 2022-2033F (USD Million)
        7. Rest of Asia Pacific, 2022-2033F (USD Million)
  21. Latin America Neuromarketing Solutions Market Demand Outlook & Projections, 2022 to 2033: A Comprehensive Study for Stakeholders
    1. Market Overview
    2. Country Overview
    3. Regulatory and Standards Landscape
    4. Key Companies in Latin America
    5. Recent Developments
    6. Distributor Outlook
    7. Market Revenue by Value (USD Million) and Compound Annual Growth Rate (CAGR)
    8. Year-on-Year (Y-o-Y) Growth Trend Analysis
      1. Latin America Neuromarketing Solutions Market Outlook & Projections, Opportunity Assessment by Technology, 2022-2033
      2. Latin America Neuromarketing Solutions Market Outlook & Projections, Opportunity Assessment by End-user, 2022-2033
      3. Latin America Neuromarketing Solutions Market Outlook & Projections, Opportunity Assessment by Country, 2022-2033
        1. Brazil, 2022-2033F (USD Million)
        2. Mexico, 2022-2033F (USD Million)
        3. Argentina, 2022-2033F (USD Million)
        4. Rest of Latin America, 2022-2033F (USD Million)
  22. Middle East & Africa Neuromarketing Solutions Market Demand Outlook & Projections, 2022 to 2033: A Comprehensive Study for Stakeholders
    1. Market Overview
    2. Country Overview
    3. Regulatory and Standards Landscape
    4. Key Companies in Middle East & Africa
    5. Recent Developments
    6. Distributor Outlook
    7. Market Revenue by Value (USD Million) and Compound Annual Growth Rate (CAGR)
    8. Year-on-Year (Y-o-Y) Growth Trend Analysis
      1. Middle East & Africa Neuromarketing Solutions Market Outlook & Projections, Opportunity Assessment by Technology, 2022-2033
      2. Middle East & Africa Neuromarketing Solutions Market Outlook & Projections, Opportunity Assessment by End-user, 2022-2033
      3. Middle East and Africa Neuromarketing Solutions Market Outlook & Projections, Opportunity Assessment by Country
        1.  Israel, 2022-2033F (USD Million)
        2. GCC, 2022-2033F (USD Million)
        3. South Africa, 2022-2033F (USD Million)
        4. Rest of Middle East & Africa, 2022-2033F (USD Million)

Global Market Size, Forecast, and Trend Highlights Over 2023-2033

Neuromarketing Solutions Market size is projected to cross USD 4,748.59 million by the end of 2033, growing at a CAGR of 9.52% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of neuromarketing solutions was over USD 1,760.50 million. Neuromarketing has become much more significant in the recent years, and its demand has increased considerably owing to the increased emphasis placed on the consumer through marketing and the predominant digitalization around the globe. The drastic advancements in technology in every sector of the economy has propelled the need for technological innovation in the advertisement industry, thereby raising the need for studying neuromarketing and its application in multiple industries. Moreover, growing advertising spending of businesses is also poised to act as a significant growth factor for the global neuromarketing solutions market. For instance, more than 9 percent of the revenue is spent by the companies on the marketing.

In addition to these, factors that are believed to fuel the market growth of neuromarketing solutions are the opportunities generated as a result of the growing focus of the media and entertainment companies on developing advertising tactics which capitalizes on the widespread use of smartphones, backed by the increasing deployment of high-speed data networks. Digital marketers worldwide are highly influenced by neuromarketing as it helps them create conversion path, basis on the cognitive characteristics of the consumers, which further helps them to convey and contribute to their specific economic choices. Besides this, the market growth can also be attributed to the rising research and development activities in the field of neuroscience, especially to study the cognitive behavior of human beings utilizing different cognitive models, also known as the persuasion code.


Neuromarketing Solutions Market
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Neuromarketing Solutions Sector: Growth Drivers and Challenges

Growth Drivers

  • Rising Adoption of Novel Marketing Activities Across Retail & Consumer Brands – The global neuromarketing solutions market is growing owing to the increasing use of neuroscience marketing, followed by the rising demand for digital marketing. By the use of functional magnetic resonance imaging and electroencephalogram tools, businesses can scan the brain of people. The collected information helps to assess the physiological and neural signals of a particular advertisement, packaging, and design that has been promoted by the organization. Marketers show customers advertisements, packaging or product designs while tracking customer reactions and brain activity. Companies can determine what steps to take next after receiving responses and measuring the changes. Therefore, such a factor is predicted to boost the market’s growth over the forecast period. For instance, more than 65 percent of the marketers across the globe surged their brand awareness using one or more digital marketing channels.
  • Increasing Need to Analyze Consumers’ Buying Behavior Across Industries Using Neuromarketing Technology – Every company works diligently to meet customer demands in order to generate maximum revenue and great profits. Consumer needs and demands are changing rapidly. There are many factors that influence customer buying behavior, including: Social, Cultural, Demographic, and Situational Factors. Large companies such as PepsiCo, eBay, and Daimler have implemented neuromarketing technologies to conduct market research, conduct focus groups, and design marketing campaigns increase. Moreover, even, though there are limited employment opportunities, on average 361,700 openings for customer service representatives are projected every year between 2020 -2030.
  • Increasing Research on Viewability Rate – It has been observed that emotional expressions lead to a 29% higher viewability rate on digital screens and slightly greater consumer impact. It is predicted that this boom would continue over the forecast period.
  • High Growth in Neuroscience Industry – The huge growth in neuroscience is expected in the forecast year, providing opportunities for expansion of the neuromarketing market. In anticipation of growth prospects, companies are also making various efforts to highlight their strong presence in the market. For instance, wearable technology provider Shimmer introduced the NeuroLynQ@Home psychophysiological remote monitoring system to provide better opportunities for end-users.
  • Rise in Demand for Neuroscience Technological Products – Industry players consistently invest in R&D activities to provide clients with affordable and efficient neuromarketing solutions and achieve higher conversion rates through superior marketing and promotional strategies. Moreover, the companies are investing in new technological products for understanding the purchasing power of the customers. Besides this, the growing trade of devices that are used for neuroscience studies is also anticipated to boost the growth of the market in the upcoming years. As per the data estimated, the imported value of Magnetic Resonance Imaging (MRI) in 2021 across the world was 5,426,156.

Challenges

  • High costs associated with neuromarketing - The high cost of neuromarketing is expected to limit the growth of the global neuromarketing solutions market throughout the forecast period.  Scanners such as FMRI and MEG devices require significant initial investment and their ongoing operating costs is also very high. These systems are so bulky that they take up a lot of space and restrict mobility in the workplace, thereby raising infrastructural costs as well. The high cost, mobility, and scalability of large-scale neuromarketing technologies such as FMRI and MEG scanners are significant barriers to its widespread adoption. As a result, high costs and mobility issues are expected to limit the demand for neuromarketing solutions during the forecast period.
  • Regulatory challenges related to neuromarketing
  • Lack of Awareness of Technology

Neuromarketing Solutions Market: Key Insights

Base Year

2022

Forecast Year

2023-2033

CAGR

9.52%

Base Year Market Size (2022)

 USD 1,760.50 Million

Forecast Year Market Size (2033)

 USD 4,748.59 Million

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (China, India, Japan, Australia, South Korea, New Zealand, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, Netherlands, Rest of Europe)
  • Middle East and Africa (Israel, GCC, South Africa, Rest of the Middle East & Africa)
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Neuromarketing Solutions Segmentation

Technology {Functional Magnetic Resonance Imaging (FMRI), Electroencephalography (EEG), Biometrics, Facial Coding, Eye Tracking}

The global neuromarketing solutions market is segmented and analyzed for demand and supply by technology into functional magnetic resonance imaging (FMRI), electroencephalography (EEG), biometrics, facial coding and, eye tracking. Out of this technology of neuromarketing solutions, the eye tracking segment is estimated to gain the largest market revenue of USD 1,663.32 Million in the year 2033, up from USD 579.83 Million in the year 2022, over the projected time frame. The segment has seen rapid growth in the fields of market research and advertising research, as well as opportunities to conduct online research. Subjects from all over the world can be tested in online research, eliminating the need for them to be physically present at the site. It has been observed that the eye-tracking technology has an accuracy rate of more than 90 percent. Moreover, eye-tracking systems are used in virtual reality and gaming, that is further expected to boost the growth of the segment in the market.

End-user {Banking, Financial Services, Insurance (BFSI), Retail/Consumer Brands, Market Research, Scientific Institutions}

The global neuromarketing solutions market is also segmented and analyzed for demand and supply by end-user into banking, financial services, & insurance (BFSI), retail/consumer brands, market research, scientific institutions, others. Amongst these segments, the retail/consumer brands segment is expected to garner a significant revenue of USD 1,796.64 Million in the year 2033. The factor applicable for the growth of retail/consumer brands segment is that the retail and consumer brands employ neuromarketing techniques to learn why consumers are attracted towards a particular color or particular brand. Electroencephalography, or EEG, is used to record consumers' brainwaves while they move around the surroundings, look at packages, or interact with point-of-sale displays. Therefore, it is projected to surge the segment’s growth in the market.

Our in-depth analysis of the global market includes the following segments:

       By Technology

  • Functional Magnetic Resonance Imaging (FMRI)
  • Electroencephalography (EEG)
  • Biometrics
  • Facial Coding
  • Eye Tracking

      By End User

  • Banking, Financial Services, & Insurance (BFSI)
  • Retail/Consumer Brands
  • Market Research
  • Scientific Institutions
  • Others

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Neuromarketing Solutions Industry - Regional Synopsis

North American Market Forecast

The market share of neuromarketing solutions in North America, amongst the market in all the other regions, is projected to be the largest with a revenue of USD 1,555.21 Million by the end of 2033, up from USD 642.58 Million in the year 2022. The growth of the market can be attributed majorly to the increasing owing to the increasing number of US-based marketers and the heavy investment in digital marketing by the North American consumer industry. Moreover, the United States is a pioneer in the research market and plays a key role in bringing technological advancements to the global market. Additionally, the growing need to understand consumer buying behavior is expected to drive the growth of the regional market in the near future. Consumer behavior research has gained a great deal of attention in the region over the past decades owing to heavy investment in marketing strategies and brand competition. As a result, more and more market research firms seek to supplement traditional market research studies with physiological and neural data. Furthermore, a large number of solution providers are present throughout this region. For instance, in October 2018, Pfizer Inc., a pharmaceutical company based in the United States, entered into an investment agreement with Bain Capital, a private investment firm, to merge its neuroscience portfolio into a jointly-led company. Bain Capital has invested USD 350 million in this new company which is focused on neuroscience and neuropsychiatry. As a result, rising investment in neuroscience is expected to drive growth in the North American neuromarketing solutions market over the forecast period.

APAC Market Statistics

The Asia Pacific neuromarketing solutions market is estimated to witness the fastest growth with a CAGR of 11.29 percent over the forecast period. The growth of the market in the region is expected on account of the increase in the adoption of neuromarketing technologies across retail brands. With the increasing adoption of smartphones, high-speed internet, and smart devices, businesses are focusing a significant portion of their marketing budgets on digital marketing, which provides data insights into consumer behavior and allows for data analytics, resulting in opportunities for the Asia Pacific neuromarketing solutions market.

Europe Market Forecast

The Europe neuromarketing solutions market is anticipated to witness significant growth of USD 1,303.62 Million by the end of 2033. The increasing investments and the economic developments in the U.K. are responsible for driving the market growth in this region. The neuromarketing solutions market in Europe is expected to grow significantly as a result of rising investments in digital advertising, particularly online advertising. Additionally, the region is very sophisticated and aware when it comes to smartphones and online activity, which creates a variety of opportunities for advertisers. The demand for neuromarketing is also anticipated to rise as big data, augmented reality, and virtual reality technologies are increasingly used in digital marketing. Hence, it is expected to drive the growth of the market in the region.

Research Nester
Neuromarketing Solutions Market Size
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Companies Dominating the Neuromarketing Solutions Landscape

top-features-companies
    • Buyology, Inc.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • 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

In-the-news

In The News

  •  Compumedics Limited, a manufacturer of diagnostic technology, has signed the first magnetoencephalography (MEG) contract in Asia with Tianjin Normal University (TJNU) in China. TJNU, a research-oriented neuroscience laboratory, has established its MEG product through the agreement. With a high-impact focus on learning, mental health, and cognition, the lab studies the intellectual development of school-age children in the areas of reading, learning, brain processes, and cognition.

  • Uniphore acquired Emotion Research Lab, a video and emotional AI company. Emotion Research Lab is a leading software developer that uses AI and ML to detect real-time sentiment and engagement levels in video-based interactions. Emotion Research Lab's extensive video-focused AI capabilities, combined with Uniphore's CA solution that understands, analyzes and automates voice conversations in real-time, will deliver entirely new applications and experiences across the enterprise.

Author Credits:  Abhishek Verma, Hetal Singh


  • Report ID: 4544
  • Published Date: Apr 04, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Rising adoption of novel marketing activities across retail & consumer brands, and the increasing demand for neuromarketing technology to analyze consumers’ buying behavior across industries are the major factors driving the market growth.

The market is anticipated to attain a CAGR of 9.52% over the forecast period, i.e., 2023-2033.

High cost associated with neuromarketing are estimated to be the growth hindering factors for the market expansion.

The market in the North American region is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

The major players in the market 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.

The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by technology, end user, and by region.

The eye tracking segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
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