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Global Neuromarketing Market Size, Share, Trends, COVID-19 Impact & Growth Forecast Report – Segmented by Technology (Functional Resonance Imaging (fMRI), Electroencephalography (EEG), Eye Tracking, Positron Emission Tomography (PET), And Magneto Encephalography (MEG)), End-User (Retail, Healthcare, Food & Beverage, and Consumer Electronics), Solutions (Customer Experience, People Engagement, and Merchandise Development), and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Industry Analysis (2024 to 2029)

Published: March, 2023
ID: 10472
Pages: 150
Formats: report pdf report excel report power bi report ppt

Global Neuromarketing Market Size (2024 to 2029)

 The global neuromarketing market is expected to reach USD 1.57 billion in 2024 and USD 2.40 billion by 2029, growing at a CAGR of 8.9% during the forecast period.

Neuromarketing is the marketing field that uses medical technologies similar to functional magnetic resonance Imaging (fMRI) to review the brain’s responses to marketing stimuli. It is a proper study of the brain's responses to advertising and branding and the adjustment of these messages based on feedback to elicit even better responses. Researchers use different types of technologies to live specific brain activity in response to advertising messages. With this information, companies get to understand the consumers' decision-making skills as well as the driving force toward their persona.

Neuroscience is helpful in interpreting and studying consumer perceptions and has played a significant role in enhancing consumers' behavioral predictions. Neuroscience allows research and marketing firms to focus and personalize their services according to consumers' expectations. Neuromarketing solutions assist the method of consumer data during a marketing environment in a particularly effective manner because of the use of neuroscience techniques. The growing awareness about the probable benefits offered by these techniques is further driving the rapid adoption of varied neuromarketing solutions. Major companies, like PepsiCo, The Weather Channel, eBay, and Diamler, have implemented neuromarketing research techniques to conduct marketing research, run focus groups, and style marketing campaigns.

Global Neuromarketing Market Drivers:

Neuromarketing has evolved into an efficient technology to review and analyze consumers’ buying behavior and make better marketing decisions. Marketers employ neuromarketing to know the factors influencing consumers’ buying behavior. Understanding this behavior is crucial so as to form decisions associated with product design, product advertising, product branding, and product advertising. Hence, rising must understand and study consumers’ buying behavior and make effective and efficient marketing decisions that are expected to support the growth of the market during the forecast period.

Eye tracking may be a tool for understanding interaction with both online and brick-and-mortar environments. Eye movement validates the main target and attentional bias, distribution, gaze time, and pupil dilation by the buyer. This technology is valuable, particularly for TV advertisements, during which much information is generated every millisecond, thereby hindering the identification of what the viewer really liked, that really called his attention in a positive or negative way. Eye-tracking technology is expected to grasp a noteworthy market segment of neuromarketing technology over the forecast period. Valuable feedback lets the end-users strategically place the advertisement at a location mostly seen by the potential customers.

Global Neuromarketing Market Restraints:

Though neuromarketing brings many benefits to marketers, the government has levied regulatory policies regarding the utilization of neuroscience technologies on an outsized scale. In the U.S. and Europe, the neuromarketing solutions market is projected to face scrutiny from data-protection authorities and consumer-protection organizations. Moreover, the worldwide neuromarketing solutions market is predicted to face tort issues, as incorrect use of the scanning or tracking product may cause physical injury to the topic on whom the test is being conducted. The rising usage of neuromarketing research has involved the eye of regulators who believe these technologies are misleading consumers’ buying behavior since consumers tend to form conscious or biased decisions when they're monitored while making the choices. Hence, these factors are likely to hamper the market growth over the foreseen period.

Impact of COVID-19 on the global neuromarketing market:

The effect of COVID-19 on the neuromarketing market will be noteworthy in the short run because, to do an accurate analysis, an outsized sample of knowledge is required. But, with people confined to their homes due to the worldwide lockdown, data generated from the physical world, like brick-and-mortar showrooms, are going to be drastically reduced. Also, the manufacturing of neuromarketing systems is going to be hit because the worldwide supply chain is disrupted, and manufacturing facilities are under complete shutdown.

GLOBAL NEUROMARKETING MARKET REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2023 to 2029

Base Year

2023

Forecast Period

2024 to 2029

CAGR

8.9%

Segments Covered

By Technology, Solution, End User, and Region

 

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

 

 

Market Leaders Profiled

CSS/Data Intelligence (U.S.), The Neilsen Company LLC, (U.S.), Nviso (Switzerland), Olson Zaltman Associates (U.S.), Sensomotoric Instruments GMBH (Germany), Behavior and Brain Lab (Italy), Merchant Mechanics (U.S.), Neural Sense (South Africa), Neurospire Inc. (U.S.), Sr Labs (Italy), Synetiq Ltd, Cadwell Industries Inc. (U.S.), SR Research (Canada), and Compumedics Limited (Australia) and Others.

 

This research report on the global neuromarketing market has been segmented and sub-segmented based on the technology, solution, end-user, and region.

Global Neuromarketing Market - By Technology:

  • Functional Resonance Imaging (fMRI)         

  • Electroencephalography (EEG)       

  • Eye Tracking           

  • Positron Emission Tomography (PET)          

  • Magneto Encephalography (MEG)

The neuromarketing market is segmented into functional resonance imaging (fMRI), electroencephalography (EEG), Eye tracking, Positron emission tomography (PET), and magnetoencephalography (MEG).

Global Neuromarketing Market - By End User:

  • Retail         

  • Healthcare              

  • Food & Beverage 

  • Consumer Electronics         

The market is divided into customer experience, people engagement, and merchandise development.

Global Neuromarketing Market - By Solution:

  • Customer Experience         

  • People Engagement           

  • Merchandise Development 

The global neuromarketing market is divided into retail, healthcare, food & beverage, and consumer electronics.

Global Neuromarketing Market - By Region:

  • North America

    • The United States

    • Canada

    • Rest of North America

  • Europe

    • The United Kingdom

    • Spain

    • Germany

    • Italy

    • France

    • Rest of Europe

  • The Asia Pacific

    • India

    • Japan

    • China

    • Australia

    • Singapore

    • Malaysia

    • South Korea

    • New Zealand

    • Southeast Asia

  • Latin America

    • Brazil

    • Argentina

    • Mexico

    • Rest of LATAM

  • The Middle East and Africa

    • Saudi Arabia

    • UAE

    • Lebanon

    • Jordan

    • Cyprus

The global neuromarketing market within North America is anticipated to carry the biggest share. Neuromarketing technology serves several applications within the North America region, with the US being the leading country within the region. The increasing investments within the field of neuroscience, alongside the presence of an outsized number of solution providers across the region, are expected to drive the American neuromarketing market over the foreseen period. Some prominent companies across the region have made massive investments in the study of varied subjects associated with neuromarketing to understand the response to their advertising drives and media. This, subsequently, is remarkably impacting the worldwide marketplace for neuromarketing solutions. The necessity for studying consumer behavior is additionally adding to the expansion of the market. US-based music company Steereo Inc. partnered with Immersion Neuroscience to predict successful songs by allowing 21 people to concentrate on the first minute of seven songs from seven artists. With this technology, the company has achieved 92% accuracy in predicting Spotify streams, 72% accuracy with Shazam lookups, and 71% accuracy in predicting song completions.

KEY MARKET PARTICIPANTS:

The major companies operating in the global neuromarketing market include CSS/Data Intelligence (U.S.), The Neilsen Company LLC (U.S.), Nviso (Switzerland), Olson Zaltman Associates (U.S.), Sensomotoric Instruments GMBH (Germany), Behavior and Brain Lab (Italy), Merchant Mechanics (U.S.), Neural Sense (South Africa), Neurospire Inc. (U.S.), Sr Labs (Italy), Synetiq Ltd, Cadwell Industries Inc. (U.S.), SR Research (Canada), and Compumedics Limited (Australia), and others.

RECENT HAPPENINGS IN THE MARKET:

  • Key players within the market are focused on product launches to reinforce their product portfolios. For example, in October 2019, Tobii Pro AB, a subsidiary of Tobii Technology, introduced Tobii Pro Fusion, a transportable and powerful eye tracker for a research project.

  • Major companies within the market are involved in contracts and agreements to realize a competitive edge in the market. As an example, in July 2016, Compumedics Limited entered into a USD 3 million contract with Bestmed for the distribution of Compumedics’ neurodiagnostic and monitoring systems.

  • In May 2019, Conroy Media, Ltd. reached a multi-year agreement with Nielsen for local TV and audio electronic ratings services in numerous markets across the country.

  • In April 2019, Neural Sense united with Pieter Walser and verified 21 different wines and 20 different wine varietals from a variety of vineyards across the nation using neuroscience and biometric technologies. They evaluated Walser’s emotional and cognitive responses to every taste-testing experience to make the world’s first NeuroWine. 

 

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FAQ's

Which industries are leveraging neuromarketing techniques effectively?

Various industries, including retail, advertising, entertainment, and healthcare, have embraced neuromarketing to enhance marketing strategies, product development, and customer engagement. Companies in these sectors utilize neuromarketing insights to gain a competitive edge and better resonate with their target audiences.

Can neuromarketing predict consumer behavior accurately?

Neuromarketing can provide valuable insights into consumer behavior by accessing subconscious responses that may not be captured through traditional methods. While it can enhance predictive capabilities, it is not without limitations, and factors such as individual differences and contextual influences still play significant roles in consumer decision-making.

How does cultural diversity impact the effectiveness of neuromarketing strategies?

Cultural differences can influence consumer perceptions, preferences, and responses to marketing stimuli. Therefore, neuromarketing strategies must consider cultural nuances to ensure effectiveness across diverse markets. Tailoring approaches to specific cultural contexts enhances resonance and avoids misinterpretation.

What are the future prospects for the global neuromarketing market?

The future of the global neuromarketing market looks promising, driven by ongoing technological advancements, increasing demand for consumer insights, and a growing recognition of the importance of subconscious influences on decision-making. As businesses continue to prioritize understanding their customers, neuromarketing will likely play an increasingly integral role in shaping marketing strategies worldwide.

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