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.
Despite the market’s promising potential, administrative, cost, portability, and adaptability-related challenges may soon prevent the growth of the neuromarketing solutions market.
The media, advertising, and telecom industries are becoming more and more aware of neuromarketing. Some eminent companies are investing heavily in the examination of various aspects of neuromarketing to more fully understand their responses to media and public relations initiatives, which is driving the market for neuromarketing solutions. The market for neuromarketing solutions is growing as a result of consumer interest in conducting research.
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Since viable examination requires a huge example of information, Covid-19’s effect on the neuromarketing solutions industry is supposed to be helpful soon. Since individuals are being restricted to their homes because of the overall lockdown, information gathered from the genuine world, for example, physical shops, will be enormously diminished.
The overall store network was disturbed, and fabricating offices were covered because of regulation authorized by different countries across the world, which influenced the formation of neuromarketing solutions insignificantly.
The market for neuromarketing solutions is divided into functional magnetic resonance imaging (fMRI), magnetoencephalography (MEG), eye tracking, electroencephalography (EEG), and positron emission tomography (PET) based on technology (PET).
The fMRI sector topped the neuromarketing solutions market with a 47.6% share, closely followed by the EEG segment. Although the mobility and expense of fMRI equipment are a worry for end users, the demand for this technology will not be hampered in the next years, assuring the segment’s continuous 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:
- In the technology sector, Functional Magnetic Resonance Imaging (fMRI) from the neuromarketing solutions market is anticipated to flourish at the quickest CAGR of 8.2% through 2032.
- The market size for neuromarketing solutions market in the United States is expected to reach US$ 1201.7 Million by 2032, growing at a CAGR of 8.4% during the forecast period.
- United Kingdom is anticipated to reach a market size of US$ 411.9 Million in Neuromarketing solutions by 2032, with a CAGR of 8.1% during the forecast period.
- China’s Neuromarketing solutions market is anticipated to be worth US$ 305.9 Million by 2032, with a CAGR of 9.7% over the forecast period.
- Saudi Arabia is expected to have a market size for Neuromarketing solutions of US$ 75.6 Million by 2032, with a CAGR of 6.1% during the forecast period.
- By 2032, Brazil is expected to reach a market size of US$ 46.9 Million in neuromarketing solutions, with a CAGR of 5.5% during the forecast period.
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.
Key players
- B Neuro S.P.A
- Cadwell Industries, Inc
- Compumedics Limited
- ISCAN, Inc
- SR Research
- IMotions
- Tobii Technology
Key Segments
By Technology:
- Functional Magnetic Resonance Imaging
- Electroencephalography
- Eye Tracking
- Positron Emission Tomography
- Magnetoencephalography
By Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- South America
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