Market Research Future (MRFR) studied the neuromarketing technology market and the impact of COVID-19 on the market. As per MRFR analysis, the neuromarketing technology market 2020 can rise at 12% CAGR across 2017-2023.On the conclusion of the assessment period, the neuromarketing technology market can value above USD 100 Mn, reveals MRFR. The rise in preference for incorporating neuroscience in daily marketing activities to identify and study perception and behavior of consumers can prompt the expansion of the worldwide neuromarketing technology market.
Neuromarketing technology is based on cognitive solution for affective response and marketing inducements. The growing awareness about the benefits of neuromarketing technology can prompt the expansion of the market in the near future. The major advantage of accumulation of information regarding response of target customers about new product of neuromarketing technology respond if a new product penetrates the market. Neuroscience is beneficial in interpreting and studying the consumer perceptions and has played a vital role in enhancing behavioral predictions of consumers. Neuromarketing technology aids marketing companies and research firms to avail customize services, which can build brand base and loyalty. This can boost the expansion of the world neuromarketing technology market across the review period.
On the contrary, the high installation expense, mobility concerns, and presence of robust biometric policies by reputed regulatory bodies can hinder the rise of the neuromarketing technology market over the study period.
The neuromarketing technology market segment study is based on end user, technology, and solutions. The technology based, the neuromarketing technology market segments are electroencephalography (EEG), Positron emission tomography (PET), Eye tracking, functional magnetic resonance imaging (fMRI), and magneto encephalography (MEG). The increased utility of fMRI technology across major verticals can boost the rise of the neuromarketing technology market. The solutions based, neuromarketing segments are people engagement, product development, and customer experience. The rise of the customer experience segment, followed by people engagement, can prompt the expansion of the world market of neuromarketing technology. The neuromarketing technology market segments based on end-users are food & beverage, healthcare, consumer electronics, and retail. The retail sector can highly benefit from neuromarketing.
In North America, the neuromarketing technology market can rise to its potential across the assessment period. The US, followed by the rest of North America is reputed for its robust technical base. This can support the expansion of the regional neuromarketing in North America across the assessment period. In Europe, the rise in the investment made for working on neuromarketing innovations can favor Europe neuromarketing technology market across the assessment period. The presence reputed developers of neuromarketing solution developers and the rise in the rate of dispatch for such effective solutions to enhance marketing dynamics are some major factors that can promote the expansion of EU neuro marketing technology market in the forecast period. Asia Pacific and Europe are expected to register significant growth rate for the neuromarketing technology market. The U.K can head Europe neuromarketing technology market. The rise in economic development in APAC can prompt the market rise through the review period.
MRFR listed some potential neuromarketing technology developers based on their origin, line of products and innovations, and financial status. These major neuromarketing technology market companies are Behavior and Brain Lab (Italy), Synetiq Ltd. (Budapest), Merchant Mechanics (U.S.), The Neilsen Company LLC, (U.S.), Css/Data intelligence (U.S.), SR Research (Canada), Neurospire Inc. (U.S.), Nviso (Switzerland), Sr Labs (Italy), Neural Sense (South Africa), Olson Zaltman Associates (U.S.), Sensomotoric Instruments GMBH (Germany), Cadwell Industries Inc. (U.S.), and Compumedics Limited (Australia).