About Neuromarketing -
Neuromarketing is the marketing approach that utilizes neuroscientific research and consumer behavior that improves the effectiveness of marketing strategy for increasing sales and conversion rates establishing the brands' image. It measures the physiological and neural signals to gain insights into the customer's preferences and decisions which promotes creative advertising, processing, and other marketing activities. Neuromarketing aims at bringing neuroscience and marketing together. Over the past few years, there have been several studies demonstrating the huge potential to create value for marketers. It includes factors like evaluation of specific advertising, packaging, marketing, content, etc for accurate understanding and observation on how the customers react at the nonconscious level.
Attributes | Details |
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Study Period | 2020-2032 |
Base Year | 2024 |
Unit | Value (USD Million) |
Neuromarketing market companies operating in these industries are focusing more on efficient growth, improvement of operational efficiency and productivity, achieving high safety standards, and focusing on maintaining sustainable development. The market is highly competitive with a few players occupying the major share. The key players are highly focused on developing and innovating new strategies to maintain their market position and customer base. The companies are coming up with partnerships or agreements along with planning strategic activities such as partnerships, product launches, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Mindlab International Ltd (United Kingdom), Affectiva (United States), Neural Sense (Pty) Ltd (South Africa), HCD Research (United States), BrainSigns (Italy), Salesbrain LLC (United States), Synetiq (United Kingdom), Bitbrain (Spain), Nielsen Holdings Inc. (United States), Schlesinger Group (United States), Flying Horse Communication (United States) and machineVantage INC. (United States) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Neuromarketing - market by , Application (Marketing Education Schools, Consultancy Organisation, Digital Markets Companies and Others) and Region.
On the basis of geography, the market of Neuromarketing - has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Techniques, the sub-segment i.e. Eye Tracking will boost the Neuromarketing - market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Industry Verticals, the sub-segment i.e. Food & Beverages will boost the Neuromarketing - market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Offerings, the sub-segment i.e. Software will boost the Neuromarketing - market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Integration of Artificial Intelligence (AI) and Machine Learning (ML) in the Tools Used in Neuromarketing Tools
Market Growth Drivers:
Increasing Research and Development in Neuroscience for Marketing and Advertising Industry and Demand for the Effective Mind Pattern Reading to Make Prediction About the Human Preferences and Brand Image Building
Challenges:
Complexities Involved in Neuromarketing Activities
Restraints:
Regulatory Compliances and Standards Associated with Neuromarketing
Opportunities:
Evolution of Marketing Technologies and Tools will Boost the Neuromarketing Market and Rising Spending of Marketing Consultancy Companies in the Neuroscience Operation for Impactful Marketing Strategy Execution
Market Leaders and their expansionary development strategies
In November 2021, Smart Eye acquired Affectiva, a provider of facial coding technology they call “emotion AI.” Facial coding is a technique that measures a person’s emotional state by analyzing small and often fleeting changes in expression.
On 9th March 2021, Shimmer Research launches the NeuroLynQ@Home platform to enable at-home online psychophysiological neuromarketing research. NeuroLynQ@Home assesses participants' emotional responses to a wide variety of entertainment, advertisements, marketing materials, and other stimuli in their own home.
"Neuromarketing researchers and their clients shall acknowledge that they know the code and also respect other self-regulatory guidelines that are relevant to a particular region or project; The Code is applicable for all involved in a Neuromarketing project. Several ethical concerns should be addressed during the course of research methods and approaches of neuromarketing. The skewing of the decision-making process of the brain by the use of brain probes clearly violates the rights and creates ethical concerns and hence rules and regulations are needed in this regard. Hence industry standards and regulations need to be introduced to prevent misuse and responsible use of the techniques of neuromarketing for enhancing the consumer shopping experience."
Key Target Audience
Neuromarketing Service Providers, Neuromarketing Industry Associations, Neuromarketing Research and Development, Regulatory Bodies, Research and Development Institutes, Potential Investors and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.