About Neuromarketing Technology
Neuromarketing is the new discipline of neuroscience to marketing. It makes use of scientific laboratories and techniques that include direct use of brain imaging, scanning, or other brain activity measurement technology to measure a subject’s response to specific products, packaging, advertising, or other marketing elements. The advancements in neural recording techniques and interpreting algorithms made it an effective tool for recognizing the unspoken response of consumers to the marketing stimuli.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The Neuromarketing Technology market is still in the developing phase as major players are still investing in research and development activities. Also, this technology is adopted by mainly large organizations, due to the high cost, to know the purchase decisions of consumers. The market is consolidated in nature as most of the players are start-ups. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Neuromarketing Technology market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
CSS/Data intelligence (United States), Merchant Mechanics (United States), Neurospire Inc. (United States), The Neilsen Company LLC, (United States), Nviso (Switzerland), Olson Zaltman Associates (United States), Behavior and Brain Lab (Italy), Sensomotoric Instruments GMBH (Germany), Sr Labs (Italy) and Cadwell Industries Inc. (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are IMotions (Denmark), Bitbrain Technologies (Spain), Synetiq Ltd. (Hungary), Neural Sense (South Africa), SR Research (Canada) and Compumedics Limited (Australia).
Segmentation Overview
AMA Research has segmented the market of Global Neuromarketing Technology market by Type (Hardware, Software and Services), Application (Branding, Advertising, Product Testing and Others (Packaging, Point of Sale)) and Region.
On the basis of geography, the market of Neuromarketing Technology 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 Technology, the sub-segment i.e. Functional Magnetic Resonance Imaging (fMRI) will boost the Neuromarketing Technology market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Industry Vertical, the sub-segment i.e. Retail will boost the Neuromarketing Technology market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End-User, the sub-segment i.e. Large Enterprises will boost the Neuromarketing Technology market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
The use of electroencephalogram (EEG) over functional magnetic resonance imaging (fMRI) in video advertisement-based Neuromarketing experiments, due to its low cost and high time resolution advantages.
Market Growth Drivers:
Rising Focus on to Quantify Emotional, Behavioral, and Cognitive Experience of Consumers such as Attention and Attitude Shift and Growing Adoption of Innovative Marketing Activities and Increasing Investment in Neuromarketing to Maximize Profitability.
Challenges:
Less Adoption of in-house Neurocapability Because of the Expense and Availability of Traditional Marketing Methods
Restraints:
High Cost of Conducting Research by fMRI than EEG Equipment
Opportunities:
Growth in Future Applications such as Hormone Manipulation, Temporary Neural Inhibition, and Sleep Nudging and Advancements in Neural Recording Techniques and Interpreting Algorithms
Key Target Audience
Neuromarketing Service Providers, Hardware and Software Developers, Research & Consulting Firms, End-Use Industries 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.