Neuromarketing Technology Market 2018-2023: Historical Analysis, Key Findings, Growth by Region , Key Players Profiles and Future Prospects

Market Highlights:

Neuromarketing is the incorporation of neuroscience with day to day market activities in order to identify and study consumer behavior and perception, based on cognitive and affective response to marketing inducements. The first step of neuromarketing includes the accumulation of information about how the target market would 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. Neuroscience allows research firms and marketing companies to concentrate and customize their services according to customer expectations. Accurate product positioning can be devised with the help of neuroscience to access the brain functions of the customer.

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To identify the purchase decision of the consumer, most of the companies implement various technologies such as functional magnetic resonance imaging (fMRI), electroencephalography (EEG), Eye tracking, Positron emission tomography (PET), and magnetoencephalography (MEG). However, heavyweight corporates and IT firms such as Google Inc. (U.S.), Neilsen Company LLC.,(U.S.), CBS, Frito-lay and A & E television have implemented neuromarketing research techniques to measure consumer behavior for their respective products. However, surging demand for the study of consumer behavior is expected to drive the neuromarketing technology market.

Major Key Players

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

According to MRFR, The global Neuromarketing technology Market is expected to reach USD 100 million by 2023 growing at a 12% CAGR over the forecast period 2017-2023.

Furthermore, neuroscience technologies associated with conventional methods enable the brand companies to interpret the consumers’ conscious and non-conscious affection stimuli, attentional patterns, memory activations and attentional patterns, which encourage to analyze the complex thought process of the consumer with respect to tastes and preferences.

Regional Analysis:
Geographically, the neuromarketing technology is segmented into five different regions namely North America, Asia Pacific, Europe, and the Rest of the World.
North America is presumed to be the dominating region in neuromarketing technology market. The U.S. is the leading country in this region. However, increasing investment in the field of neuro science and presence of a large number of solution providers are the major driving factors for the neuro marketing technology market to grow over the forecast period. Europe and Asia Pacific are also anticipated to have a significant growth in neuromarketing technology. The U.K is expected to be a prominent country in the European region owing to rise in economic development over the review period.

Segmentation:
The neuromarketing technology has been categorized into technology, solutions and end user.
Based on the technology, the neuromarketing technology is sub divided into functional magnetic resonance imaging (fMRI), electroencephalography (EEG), Eye tracking, Positron emission tomography (PET), and magneto encephalography (MEG). Additionally, solutions segment is subcategorized into customer experience, people engagement, and product development. Furthermore, Neuromarketing technology is further divided on the basis of end user that includes retail, healthcare, food & beverage, and consumer electronics.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

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Intended Audience:
• Research Firms.
• Government Agencies
• Neuromarketing technology manufacturers.
• Wearable smart device and accessories manufacturers.
• Military and security systems and equipment manufacturers.
• Multimedia marketing and gaming industries.
• Cloud services, big data services and internet service providers.
• Multimedia and video content developers.
• Branding, product and services marketing industries

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This release was published on openPR.