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Neuromarketing Solutions Market Analysis by Technology (Functional Magnetic Resonance Imaging, Electroencephalography, Eye Tracking, Positron Emission Tomography, and Magnetoencephalography); and by Solutions (Customer Experience, People Engagement and Project Management, and Product Development) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • Tobii AB has introduced Sticky, a new mobile eye tracking solution for their marketing and advertising research platform that recognize emotions with online survey questions thus making quantitative research simple.
  • Shimmer declared the launch of NeuroLynQ 2.0 version, a biometric neuromarketing platform that uses scientifically validated galvanic skin responses (GSR) to monitor the nonconscious emotional response of the audience to the stimuli such as live concerts or a new advertisement.

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

Base Year

2022

Forecast Year

2023-2033

CAGR

~8%

Base Year Market Size (2022)

~USD 2 Million

Forecast Year Market Size (2033)

~USD 3 Million

The global neuromarketing solutions market is estimated to garner a revenue of USD 3 Million by the end of 2033 by growing at a CAGR of ~8% over the forecast period, i.e., 2023-2033. Further, the market generated a revenue of USD 2 Million in the year 2022. Moreover, the growth of the market can be attributed to the growing importance and influence of various marketing efforts and the increasing adoption of marketing activities. Additionally, the increasing use of neuromonitoring in media, marketing, advertising, retail, and telecommunications is expected to boost market growth.

Neuromarketing-Solutions-Market-Analysis

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The global neuromarketing solutions market trends have developed a profitable and efficient technology to study and analyze consumers’ buying behavior which is leading to the enormous growth. This helps to gain and retain customer loyalty, improve customer experience, provide data insights, and make data-driven decisions for manufacturers. It is essential to understand consumers buying behavior as it helps to make informed marketing decisions based on this research technology.  The positive trend and development of technology across the world are estimated to boost market growth. Increasing requirement for advanced marketing tools is the major factor for the growth of neuromarketing trends.

Global Neuromarketing Solutions Market: Growth Drivers and Challenges

Growth Drivers

  • Increased Use of Technological Products The imported value of MRI in 2021 across the world was 5,426,156.
  • Enhanced Usage of NeuroscienceAs per the Government Accountability Office survey, the facial recognition tool is used by 18 of 24 federal agencies in 2020 for different purposes.
  • Increased Investment to Optimize ProfitsGlobal advertising investment was around USD 600 Billion for 2020 which is more than 7% of 2019.
  • High Demand for Customer ServiceEven though there are limited employment opportunities, on average 361,700 openings for customer service representatives are projected every year between 2020 -2030.
  • Increased Demand for Digital MarketingThe cloud computing services almost doubled from the last survey of 38% in 2017 to 74% in 2021. Of all the computing services, 53% used processors or spreadsheets, and 49% used data storage. The percentage use of data analytics remained the same.

Challenges

  • Installation Cost
  • Lack of Awareness of Technology – As of 2022, about 2.9 billion people around the globe never used the internet.
  • Lack of Internet 93% of East Asia and Pacific region, and 99% of South Asia do not have internet access.

The global neuromarketing solutions market is segmented and analyzed for demand and supply by technology into Functional magnetic resonance imaging (fMRI), electroencephalography (EEG), eye-tracking, positron emission tomography (PET), and magnetoencephalography (MEG). Out of which, the eye-tracking segment is anticipated to hold the largest market size by the end of 2033 in the global neuromarketing solutions market on account of the high growth of the neuroscience industry and the advent of cutting-edge technology. Eye tracking helps to sense the motion of the head of workers and avoid many accidents in the industries. As per International Labor Organization, about 34 million occupational accidents take place across the world.

Major Macro-Economic Indicators Impacting the Market Growth

Major-Macro-Economic-Indicators-Impacting-the-Market-Future

The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market. 

Global Neuromarketing Solutions Market Regional Synopsis

Regionally, the global neuromarketing solutions market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America region is projected to hold the largest market share by the end of 2031 on the back of the existence of numerous neuromarketing solution providers and increasing investments in the research field of neuroscience are the main growth drivers for the global neuromarketing solutions market size to expand during the forecast period. In 2022, USD 620 million worth of Omnibus Appropriations Bill was authorized for the NIH BRAIN Initiative, an increase to USD 60 million in 2021 including a USD 8 million base budget.

Neuromarketing-Solutions-Market-Growth

The global neuromarketing solutions market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

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

 

By Technology

 

  • Functional Magnetic Resonance Imaging
  • Electroencephalography
  • Eye-tracking
  • Positron Emission Tomography
  • Magnetoencephalography

By Solutions

  • Customer Experience
  • People Engagement
  • Project Management
  • Product Development

Top Featured Companies Dominating the Global Neuromarketing Solutions Market

  • Tobii AB
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Cadwell Industries Inc
  • Compumedics Limited
  • EB Neuro S.p.A.
  • ISCAN, Inc.
  • iMotions, SensoMotoric Instruments
  • Neural Sense (PTY) LTD
  • LC Technology Solutions
  • Shimmer Sensing
  • SR Research Ltd

 

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