Neuromarketing Technology Market 2023 Global Key Leaders: Css/Data intelligence, Behavior and Brain Lab, Merchant Mechanics, Olson Zaltman Associates, Cadwell Industries, Neilsen Company , Neurospire

Market Scenario:

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.

On the other hand, the installation cost, mobility concerns and constant revision of biometric policies by the regulatory bodies, are expected to hinder the popularity of neuromarketing technology over the review period.

The fMRI technology is anticipated to gain a large market share over forecast period. Moreover, the cost of fMRI and mobility concerns regarding the same are supposed to be major challenges for the fMRI technique in the neuromarketing technology market. Additionally, Eye tracking technology is an emerging trend and is presumed to gain a significant market share due to increase in implementation of eye tracking by media and advertising companies. Therefore, eye tracking technology is expected to have a substantial market share of neuromarketing technology over the forecast period.

Key Players

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

Segmentation:

The neuromarketing technology is differentiated by technology, solutions, and end user.

Based on technology, the neuromarketing technology market is sub-segmented into functional magnetic resonance imaging (fMRI), electroencephalography (EEG), Eye tracking, Positron emission tomography (PET), and magneto encephalography (MEG). Furthermore, the solutions segment is sub divided into customer experience, people engagement, and product development.

Neuromarketing technology is further divided on the basis of end user that includes retail, healthcare, food & beverage, and consumer electronics.

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