The market for neuromarketing solutions has a lot of potential, but administrative, financial, portable, and adaptability-related issues may eventually limit its expansion.
The neuromarketing solutions market, which was estimated to be worth US$ 1.6 billion in 2022, is expected to grow at a CAGR of 7.5 percent to reach US$ 3.2 billion by 2032.
More and more companies in the media, advertising, and telecom sectors are becoming aware of neuromarketing. The market for neuromarketing solutions is being driven by several famous companies that are substantially investing in the investigation of various areas of neuromarketing to better understand their responses to media and public relations campaigns. Due to customer interest in undertaking research, the market for neuromarketing solutions is expanding.
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Since a large sample of data is necessary for a credible evaluation, Covid-19's impact on the neuromarketing solutions market is anticipated to be beneficial shortly. Due to the general lockdown, people are confined to their houses, which will greatly reduce the amount of information that can be acquired from the real world, such as physical stores.
Regulation approved by various nations across the world disrupted the entire retail network and encompassed manufacturing facilities, which had a negligible impact on the development of neuromarketing solutions.
Based on technology, functional magnetic resonance imaging (fMRI), magnetoencephalography (MEG), eye tracking, electroencephalography (EEG), and positron emission tomography (PET) are segments of the market for neuromarketing solutions (PET).
With a 47.6% market share, the fMRI segment led the market for neuromarketing solutions. The EEG section was a close second. Although end users are concerned about the mobility and cost of fMRI equipment, demand for this technology will not be affected in the next years, ensuring the segment's continued dominance.
EEG is the second-most often used technology in neuromarketing solutions, and it is projected to stay so in the next years. In the near future, eye tracking is predicted to pique the interest of experts working in the field of advertising research.
The majority of eye tracking technologies are used in advertising and media studies. Companies that provide eye tracking solutions are likely to be actively involved in the process of creating improved remote as well as mobile eye tracking solutions, as a result of which the neuromarketing solutions market is expected to grow at a rapid rate.
Asia Pacific, Europe, the Middle East and Africa, the United States, and South America are the world’s most important regional markets for neuromarketing solutions. Among them, the United States has emerged as the major contributor to the global market for neuromarketing solutions.
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With the United States as the headquarters of a huge pool of top enterprises operating in this sector. Europe is another important geographical market for neuromarketing solutions globally. Analysts expect that increased investments and economic advancements in the United Kingdom will boost neuromarketing solutions market in the future years.
The Asia Pacific is expected to see a major increase in its neuromarketing solutions market in the near future, with China expected to dominate the Asia Pacific market for neuromarketing solutions. The Middle East and Africa markets are likely to develop slowly, while the South American market will be hampered by regulatory obstacles.
Key Takeaways:
Competitive Landscape:
The global market for neuromarketing solutions has a highly consolidated competitive landscape. Some of the top competitors in this market are EB Neuro S.p.A., Cadwell Industries Inc., Compumedics Ltd., ISCAN Inc., SR Research, LC Technologies, SensoMotoric Instruments, iMotions, and Tobii Technology.
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How does COVID-19 influence the Neuromarketing solutions Market?
The impact of Covid-19 on the neuromarketing solutions market has been significant because individuals have been confined to their houses as a result of the worldwide lockdown, and the data generated from brick-and-mortar showrooms and such has been decreased.
The manufacturing of neuromarketing systems is also projected also be harmed because the global supply chain has been disrupted, and manufacturing sites have been shut down completely.
The pandemic has impacted the number of neuromarketing solutions market opportunities prevalent in the industry.
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Feb 09, 2023
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