Neuromarketing Technology Market Overview
Neuromarketing uses neuroscience for detecting and analyzing customer behaviour and perception. It is based on emotional responses and cognitive skills to induce marketing. It plays an important role in improving consumer behavioural predictions. This technology also enables research-based marketing organizations to majorly focus on the customers' needs. Hence, the demand in the Neuromarketing Technology Market Size is growing higher.
The aid of neuroscience helps in creating accurate product placement for accessing customers' brain processes. The growth of emphasis on showing efforts in marketing is driving the Neuromarketing Technology Market. The growing adoption of novel marketing activities and heavy investment in research and development activities in neuromarketing technology. Optimizing profitability is accelerating the market. The higher usage in end-users or industrial verticals such as advertising, retail, media and marketing, and telecommunications is expanding the market growth. Implementing neuroscience for marketing purposes helps the end-users hold their position in the market. Hence, the demand for Neuromarketing Technology Market increases at a higher pace.
During the pandemic, the market faced tough challenges due to economic loss. As the industrial verticals remained closed for a longer period, it reduced the market's demand. The supply chain was disrupted and affected the sales rate. The manufacturing of the neuromarketing system was halted. These factors hampered the market's growth rate.
The Neuromarketing Technology Market will witness a value of USD 100 million by 2023 and a CAGR of 12 % between 2017 and 2027 during the forecast period.
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Market Segmentation
The Neuromarketing Technology Market is segmented into technology, solutions and end-users.
The technology or application segment of the market is fragmented into functional magnetic resonance imaging (fMRI), eye tracking, positron emission tomography (PET),
electroencephalography (EEG), and magnetoencephalography. These are utilized for various operational examinations in industrial verticals.
The solutions segment of the market comprises People Engagement, Customer Experience, Project Management, and Product Development.
The end-user or propulsion types of the market are divided into various industrial verticals such as food and beverage, retail, healthcare, and consumer electronics.
Regional Analysis
According to the geographical reports, the Neuromarketing Technology Market covers the top continents such as Europe, North America, Asia Pacific, and the Rest of the World.
The market is noticing its dominating growth in the North American region due to the presence of the US, which is accelerating regional growth. This region is accelerating due to the number of prominent solution providers. The heavy investment in the neuroscience field is another major region driving the market in the forecast period.
North America is expected to have a good market value compared to other regions. The US has advanced infrastructure with technical upgrades. This reason is the early adoption of various technologies due to which the regional market is emerging. The European region will develop significantly in the future. Other regions will also show a decent growth rate in the evaluation period.
Industry News
In May 2019, Conroy Media, Ltd. Made a multi-year deal with Nielsen for local audio and TV electronic rating services in markets in the nation. Conroy Media is a long-time subscriber to Nielsen Scarborough, which increased its deal with Nielsen for a number of reasons, including accountability and accuracy.
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