Market Highlights
The rise in demand for customization of services is predicted to guide the development of the market or neuromarketing technology in the coming years. Moreover, the emphasis on product positioning is anticipated to accelerate further the growth of the neuromarketing technology market in the forecast period. The robust development of neuromarketing technology tools is also estimated to boost the global market in the coming period.
The need to tap into various end-user groups is expected o motivate the neuromarketing technology market 2020. The ICT industry reports are created by Market Research Future, which centers on market choices for expansion. An income potential of USD 100 million is forecasted for the neuromarketing technology market while mounting at a 12% CAGR by 2023.
Increasing competition across the industries and emphasis on the adoption of business intelligence fosters the growth of the market. The development of analytical tools is a major driving force escalating the market globally. Additionally, high adoption of futuristic neuroscience technologies in the retail industry and increasing application of it in multi-channel marketing are substantiating the market growth.
On the other hand, concerns associated with the high installation cost, mobility, and constant revisions of biometric policies by the regulatory bodies are impeding the growth of the market. Conversely, the growing popularity of eye-tracking technology is presumed to support market growth. Implementation of eye tracking by media & advertising companies is rising vigorously.
Competitive Analysis
The consumers in the market are well aware of their requirements and how the market can meet them. The enrichment of the sources of supply is allowing the market players to create products that can be successful in the market effectively. The collaboration of competitors in this market is expected to give way to new developments and novel product launches. The availability of favorable policies and regulations by trade bodies and governments is expected to hasten the augmentation of the market in the forecast period. The development of the market is contingent on the delicate balance of the forces of demand and supply. The improved economic state of the companies is expected to lead to better research and development trials and activities in the impending period. The upgradation in production capacity is estimated to accelerate market expansion in the upcoming period further.
The notable contenders of neuromarketing technology market are Behavior and Brain Lab (Italy), Merchant Mechanics (U.S.), Css/Data Intelligence (U.S.), Sensomotoric Instruments GMBH (Germany), Neural Sense (South Africa), Synetiq Ltd. (Budapest), Neurospire Inc. (U.S.), The Neilsen Company LLC, (U.S.), Nviso (Switzerland), Olson Zaltman Associates (U.S.), Sr Labs (Italy), SR Research ( Canada), and Compumedics Limited (Australia).
Detailed Regional Analysis
North America would remain the largest market for neuromarketing technology, globally, throughout the forecast period. The presence of several notable technology providers alongside, the increasing investment in the field of neuroscience drives the regional market. The US, due to the colossal implementation of neuromarketing technologies across the end-user industries, accounts for the leading market in this region.
The neuromarketing technology market in Europe and the Asia Pacific are also anticipated to have significant growth over the review period. In Europe, the presence of major players provides a competitive advantage to the regional market. Increasing deployments of neuromarketing technology platforms are some of the major factors driving the European market. High adoption of neuromarketing technology across the growing number of retailers, agencies, and brands propels the growth of the market in the region.
Segmentation:
The segmentation of the neuromarketing technology market is conducted on the basis of solutions, technology, region, and end-user. On the basis of technology, the neuromarketing technology market is segmented into positron emission tomography (PET), electroencephalography (EEG), eye tracking, functional magnetic resonance imaging (fMRI), and magneto encephalography (MEG). Based on the solutions, the neuromarketing technology market is segmented into people engagement, customer experience, and product development. On the basis of end-users, the neuromarketing technology market is segmented into healthcare, retail, food & beverage, and consumer electronics.
Industry Updates:
Feb 2020 Jumpstory has planned to disrupt the USD 3 billion industry with its AI-powered subscription platform, using neuromarketing principles and a ‘works where you do method which sees it put together with other MarTech software and platforms so marketers can edit, search, and use images openly. JumpStory functions on a limitless subscription form, which makes the image sourcing both more accessible and more reasonably priced.