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.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
9.52% |
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Base Year Market Size (2022) |
USD 1,760.50 Million |
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Forecast Year Market Size (2033) |
USD 4,748.59 Million |
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Regional Scope |
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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 in the year 2033. 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 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:
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By Technology |
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By End User |
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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 33% by 2033. 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 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.
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
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