2018 - 2026
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The Global Neuromarketing Market was valued at USD 1,158.37 million in 2020, and it is estimated to be worth USD 1896.1 million by 2026, registering a CAGR of 8.89% during 2021-2026. The impact of Covid-19 on neuromarketing market will be significantly positive in the short run because for doing an accurate analysis a large sample of data is required. But, with people confined into their homes because of the global lockdown, data generated from the physical world, like brick and mortar showroom, will be drastically reduced. Also, the manufacturing of neuromarketing systems will be hit because the global supply chain is disrupted and manufacturing facilities are under complete shutdown.
- Neuroscience is beneficial in interpreting and studying consumer perceptions and has played a major role in enhancing the behavioral predictions of consumers. Neuroscience allows research firms and marketing companies to concentrate and customize their services according to customer expectations.
- Neuromarketing solutions are assisting the process of consumer data in a marketing environment in an extremely effective manner, due to the usage of neuroscience techniques. The increasing awareness about the potential benefits offered by these techniques is further driving the adoption of various neuromarketing solutions at a rapid pace. Major companies, such as PepsiCo, The Weather Channel, Ebay, and Diamler, have implemented neuromarketing research techniques to conduct market research, run focus groups, and design marketing campaigns.
- New technological approaches are being developed (software, applications, and user interfaces) by various vendors to enable companies to understand their customers and deliver a tailor-made marketing approach. Brands, like Campbell’s and Frito-Lay, have adopted neuroimaging to reimagine their packaging strategy. Studies have revealed that customers demonstrate different reactions to packaging, with factors, such as color, text, and imagery, influencing their purchase decisions.
- Major companies have implemented neuromarketing research techniques to measure consumer behavior for their respective products to identify the purchase decision of the consumer, by the help of various technologies, such as functional magnetic resonance imaging (fMRI), electroencephalography (EEG), eye tracking.
Scope of the Report
Neuromarketing is the field of marketing which uses medical technologies such as functional Magnetic Resonance Imaging (fMRI) to study the brain’s responses to marketing stimuli. It is a formal study of the brain's responses to advertising and branding, and the adjustment of those messages based on feedback to elicit even better responses. Researchers use different types of technologies to measure specific types of brain activity in response to advertising messages. With this information, companies get to know about the consumers' decisions making skill as well as the driving force towards their persona. The study covers the market based on application of neuromarketing in various end-user industries and geography.
|Banking, Financial Services, and Insurance (BFSI)|
|Retail / Consumer Brands|
|Other End Users|
|Rest of the World|
Key Market Trends
Increasing Need for Advanced Marketing Tools is Expected to Drive the Market
- The increasing need for advanced marketing tools is one of the major market drivers for neuromarketing market growth.
- Since the advent of digital marketing, enterprises across the globe are adopting tools that enhance customer experience, retain, increase loyalty, provide data insights, and enable vendors to make data-driven decisions. E-mail is one of the most used marketing tools across the globe as it offers the highest ROI along with data analytics; for instance, according to OptinMonster e-mail, marketing's ROI stood at 4400%.
- With the growing penetration of smartphones, high-speed internet, and smart devices, enterprises are focusing on spending a significant share of their marketing spending on digital marketing as it offers data insights into consumer behavior and enables data analytics.
- Moreover, customers increasingly prefer companies that personalize their experience at the buying stage. For instance, according to a Salesforce report, 73% of the customers expect companies to understand their needs and expectations. These factors are motivating consumer-oriented companies to invest in advanced marketing technologies, especially in neuromarketing techniques.
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North America is Expected to Hold Largest Market Share
- North America is one of the most significant regions in the global neuromarketing market, owing to the growing number of US-based market vendors and high investment in digital marketing by North American end-user industries. Furthermore, the US is also a pioneer in the studied market and is also playing a significant role in bringing technological advancement to the global market.
- The US market research industry is among the top industry, globally. In 2019, in the country, market research companies generated over USD 47 billion in revenue, more than half of the total revenue of the market research industry globally. Customer satisfaction and behavior investigations, and media audience measurement were the main types of projects in these regional markets.
- Furthermore, the region is home to the globally renowned market research companies, like Nielson, IQVIA, Kantar, Information Resources Inc., and Ipsos, which are also playing a significant role in the market development.
- Consumer behavior studies have gained massive traction in the region in the past few decades, owing to high investment in marketing strategies and competition among brands. Therefore, more research companies seek to augment traditional market research studies with physiological and neural data.
- The region has a long list of vendors that offer neuromarketing services to brands, ranging from established market research giants like Nielsen, which formed its consumer neuroscience division in 2011, to startups like New York-based Spark Neuro, which has raised USD 13.5 million in funding since its launch in 2017.
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The neuromarketing market is moderately competitive and consists of several players. In terms of market share, few of the players currently dominating with the rising demand for neuromarketing application along with technological advancement across the emerging economies, Many companies are increasing their market presence thereby expanding their business footprint across the new markets.
- March 2020 - Immersion Neuroscience selected Bob Gold and Associates, a nationally recognized boutique public relations and marketing agency, as its PR agency of record to help launch its new cloud-based audience prediction platform. This partnership increases the company’s reach in the market.
- January 2021 - Uniphore acquired Emotion Research Lab, a video and emotion AI company. Emotion Research Lab is a leading software developer that uses AI and machine learning, to identify emotion and engagement levels in real-time over video-based interactions. When combined with Uniphore’s CSA solutions, which understands, analyzes, and automates voice conversations in real-time, Emotion Research Lab’s extensive video-focused AI capabilities will deliver entirely new applications and experiences across the enterprise.
- November 2020 - Advent International acquires Nielsen Global Connect for USD 2.7 Billion. Advent will buy Nielsen’s Global Connect unit in partnership with James Peck, a former chief executive officer of credit reporting company TransUnion. The sale of its Connect business, which provides research data to consumer goods companies, is expected to help the firm to reduce its debt load.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Consumers
4.2.3 Threat of New Entrants
4.2.4 Intensity of Competitive Rivalry
4.2.5 Threat of Substitutes
4.3 Technology Snapshot - Key Enablers
4.3.1 Functional Magnetic Resonance Imaging (FMRI)
4.3.2 Electroencephalography (EEG)
4.3.4 Facial Coding
4.3.5 Eye Tracking
4.4 Market Drivers
4.5 Market Restraints
4.6 Assessment of Impact of Covid-19 on the Industry
5. MARKET SEGMENTATION
5.1 End User
5.1.1 Banking, Financial Services, and Insurance (BFSI)
5.1.2 Retail / Consumer Brands
5.1.3 Market Research
5.1.4 Scientific Institutions
5.1.5 Other End Users
5.2.1 North America
5.2.3 Asia Pacific
5.2.4 Rest of the World
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles*
6.1.1 Immersion Neuroscience
6.1.2 Buyology Inc.
6.1.3 Merchant Mechanics Inc.
6.1.4 Emotion Research LAB
6.1.5 The Nielsen Company LLC (Nielsen Consumer Neuroscience)
6.1.6 Neural Sense (Pty) Ltd
6.1.7 NVISO SA
6.1.8 Cadwell Industries Inc.
6.1.9 Compumedics Limited
6.1.10 SR Labs SRL
6.1.11 Synetiq Ltd.
7. INVESTMENT ANALYSIS
8. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Neuromarketing Market market is studied from 2018 - 2026.
What is the growth rate of Neuromarketing Market?
The Neuromarketing Market is growing at a CAGR of 8.89% over the next 5 years.
Which region has highest growth rate in Neuromarketing Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Neuromarketing Market?
North America holds highest share in 2020.
Who are the key players in Neuromarketing Market?
- Buyology Inc.
- Merchant Mechanics Inc.
- Neural Sense (Pty) Ltd
- NVISO SA
- Cadwell Industries Inc.
Are the major companies operating in Neuromarketing Market.