Neuromarketing Solution

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Coherent market insightsMarket Research and
Business Consulting Services
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Market Overview

• Neuromarketing is a commercial field of marketing
  that uses medical technologies such as functional
  namely functional Magnetic Resonance Imaging
  (MRI) to analyze the brains response to
  marketing stimuli. In other words, it is a
  marketing communication sector that uses
  neuropsychology to study consumers cognitive,
  sensorimotor, and affective response to marketing
  stimuli. The primary objective behind
  neuromarketing is to understand the rationale
  behind how consumers make a decision for
  purchasing. Neuromarketing offers numerous
  benefits including effective and efficient
  marketing strategies and campaigns, fewer
  campaign and product failures, and ultimate
  control over the needs and wants of people to
  suit the needs and wants of marketing interest.
  The most commonly used technologies for
  neuromarketing are electroencephalography (EEG),
  eye tracking, functional magnetic resonance
  imaging (fMRI), magnetoencephalography (MEG), and
  positron emission tomography (PET).

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• The Global Neuromarketing Solution Market, By
  Technology (Functional Magnetic Resonance Imaging
  (fMRI), Electroencephalography (EEG), Eye
  tracking, Positron Emission Tomography (PET)  and
  Magnetoencephalography (MEG)) and by Region
  (North America, Europe, Asia Pacific, and Latin
  America, Middle East Africa) - Global Forecast
  2019-2027, is expected to be valued at US
   2677.9 Million by 2027, witnessing a CAGR of
  10.2 during the forecast period (2019-2027), as
  highlighted in a report published by Coherent
  Market Insights.

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Market Dynamics- Drivers

• Increasing need to analyze consumers buying
  behavior is expected to drive growth of the
  global neuromarketing solutions market during the
  forecast period
• Neuromarketing has evolved into an effective
  technology to study and analyze the consumers
  buying behavior and make better marketing
  decisions. Marketers employ neuromarketing, in
  order to understand factors influencing the
  consumers buying behavior. Understanding this
  behavior is crucial, in order to make decisions
  related to product design, product advertising,
  product branding, product advertising. Hence,
  rising needs to understand and study consumers
  buying behavior and make effective and efficient
  marketing decisions are expected to support
  growth of the market during the forecast period.

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• Adoption of cutting-edge technology to understand
  consumers purchasing behavior is expected to
  propel the global neuromarketing solutions market
  growth over the forecast period
• Major neuromarketing solutions providers in the
  market are focused on adopting cutting-edge
  technologies including biometrics that measures
  heart rate, eye tracking facial coding,
  functional magnetic resonance imagery (fMRI), and
  galvanic skin response (GSR), in order to
  understand and analyze a persons behavior
  towards visual and audio stimuli. This, in turn,
  has led to forming better and effective marketing
  strategies to endorse a product or service
  successfully. Therefore, these factors are
  expected to propel the global neuromarketing
  solutions market growth over the forecast period.

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North America region dominated the global
neuromarketing solutions market in 2019,
accounting for 40.8 share in terms of value,
followed by Europe and Asia Pacific, respectively.
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Market Dynamics- Restraints

• Challenges regarding regulatory policies with
  neuromarketing are expected to hinder the global
  neuromarketing solutions market growth during the
  forecast period
• Although neuromarketing offers various benefits
  to marketers, the government has imposed
  regulatory policies regarding the use of
  neuroscience technologies on a large scale. In
  the U.S. and Europe, the neuromarketing solutions
  market is expected to face scrutiny from
  data-protection authorities and
  consumer-protection organizations. Moreover, the
  global neuromarketing solutions market is
  expected to face tort issues, as incorrect use of
  the scanning or tracking product may cause
  physical injury to the subject on whom the test
  is being conducted. Rising use of neuromarketing
  research has attracted the attention of
  regulators who believe these technologies are
  misleading consumers buying behavior since the
  consumers tend to make conscious or biased
  decisions since they are monitored while making
  the decisions. Hence, these factors are expected
  to hamper the market growth over the forecast
  period.

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• High cost associated with neuromarketing is
  expected to restrain growth of the
  global neuromarketing solutions market growth
  over the forecast period
• The capital investment and operational costs of
  scanners such as fMRI and MEG machines are high.
  As these systems are large in size, they occupy a
  lot of space and limit the mobility of workspace.
  The cost, mobility, and scalability of these
  bulky neuromarketing solutions such as fMRI and
  MEG scanners are major factors hampering their
  large-scale adoption. Therefore, high cost and
  mobility issues are expected to restrain the
  global neuromarketing solutions market growth
  over the forecast period.

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Market Opportunities

• High adoption of eye-tracking solutions in market
  and advertising research can present lucrative
  growth opportunities
• Eye-tracking solutions are used in gaming and
  virtual reality. These solutions are now being
  used in market research to check and track the
  eye movements of shoppers in a store. The eye
  tracking solutions segment holds significant
  potential for opportunities in the field of
  website design. Moreover, the segment is expected
  to witness high growth opportunities in the
  fields of market research and advertising
  research, in order to conduct online research.

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• Increasing research and development activities
  are expected to provide significant business
  opportunities
• Since neuromarketing solutions are expensive and
  unaffordable for small and medium-sized
  enterprises, it is crucial to provide
  cost-effective solutions. Many solutions
  providers are focused on investing in research
  and development activities, in order to develop
  scalable and cost-effective solutions. Market
  players can focus on RD activities and expand
  their presence in the global market.

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• In global neuromarketing solutions market, by
  technology segment functional magnetic resonance
  imaging (fMRI) sub-segment dominated the global
  neuromarketing solutions market in 2019,
  accounting for 48.4 share in terms of value,
  followed by electroencephalography (EEG) and eye
  tracking.

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Market Trends

• High growth of neuroscience industry
• Rising applications of neuroscience marketing
  have resulted in growth of the global
  neuromarketing solutions market. Various
  neuromarketing techniques help study and analyze
  the decision-making mechanism of customers. The
  following are certain examples of neuromarketing
  used by marketers
• In 2009, Microsoft Corporation used EEG to study
  the level of engagement of gamers using Xbox
• In 2015, Microsoft Corporation used two methods
  viz. survey and EEG to study the impact of
  technology on customers attention span

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• Advent of cutting-edge technology
• Eye-tracking is most widely used in conducting
  research related to pricing, package design, and
  advertising. Functional magnetic solutions
  imaging (fMRI) has been capable of attracting the
  attention of scientists and companies. Following
  fMRI, EEG is the most widely used technique in
  neuromarketing. PET and MEG are the less
  frequently used techniques in research.

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Value Chain Analysis

• Prominent players in the neuromarketing solutions
  market value chain are component manufacturers,
  OEMs (original equipment manufacturers),
  distribution channel partners, and end-users
• OEMs procure different parts from component
  manufacturers. In a majority of cases, an OEM
  manufacturer ties up with more than one component
  supplier.
• In the backward integration scenario, an OEM may
  also be involved in the in-house manufacture of
  critical components, without relying on the
  component manufacturer

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Value Chain Analysis
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Competitive Section

• Key players operating in the global
  neuromarketing solutions market are SR Research,
  Shimmer Sensing, Tobii Technology, EB Neuro
  S.p.A., Lab, iMotions, Cadwell Industries, Inc.,
  SensoMotoric Instruments, Compumedics Limited, LC
  Technologies, and ISCAN, Inc.

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Key Developments

• Key players in the market are focused on product
  launches, in order to enhance product portfolio.
  For instance, in October 2019, Tobii Pro AB, a
  subsidiary of Tobii Technology, introduced Tobii
  Pro Fusion, a portable and powerful eye tracker
  for scientific research.
• Major companies in the market are involved in
  contracts and agreements, in order to gain a
  competitive edge in the market. For instance, in
  July 2016, Compumedics Limited entered into a US
  3 million contract with Bestmed for distribution
  of Compumedics neurodiagnostic and monitoring
  systems.

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  ght/neuromarketing-solutions-market-3679

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  transformational growth by helping them make
  critical business decisions.
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