What is Neuromarketing Technology Market?
Neuromarketing is the new discipline of neuroscience to marketing. It makes use of scientific laboratories and techniques that include direct use of brain imaging, scanning, or other brain activity measurement technology to measure a subjectís response to specific products, packaging, advertising, or other marketing elements. The advancements in neural recording techniques and interpreting algorithms made it an effective tool for recognizing the unspoken response of consumers to the marketing stimuli.
The market study is being classified by Type (Hardware, Software and Services), by Application (Branding, Advertising, Product Testing and Others (Packaging, Point of Sale)) and major geographies with country level break-up.
CSS/Data intelligence (United States), Merchant Mechanics (United States), Neurospire Inc. (United States), The Neilsen Company LLC, (United States), Nviso (Switzerland), Olson Zaltman Associates (United States), Behavior and Brain Lab (Italy), Sensomotoric Instruments GMBH (Germany), Sr Labs (Italy) and Cadwell Industries Inc. (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are IMotions (Denmark), Bitbrain Technologies (Spain), Synetiq Ltd. (Hungary), Neural Sense (South Africa), SR Research (Canada) and Compumedics Limited (Australia).
The Neuromarketing Technology market is still in the developing phase as major players are still investing in research and development activities. Also, this technology is adopted by mainly large organizations, due to the high cost, to know the purchase decisions of consumers. The market is consolidated in nature as most of the players are start-ups. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Neuromarketing Technology market throughout the predicted period.
Analyst at AMA have segmented the market study of Global Neuromarketing Technology market by Type, Application and Region.
On the basis of geography, the market of Neuromarketing Technology has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Rising Focus on to Quantify Emotional, Behavioral, and Cognitive Experience of Consumers such as Attention and Attitude Shift
- Growing Adoption of Innovative Marketing Activities and Increasing Investment in Neuromarketing to Maximize Profitability.
- The use of electroencephalogram (EEG) over functional magnetic resonance imaging (fMRI) in video advertisement-based Neuromarketing experiments, due to its low cost and high time resolution advantages.
- High Cost of Conducting Research by fMRI than EEG Equipment
- Growth in Future Applications such as Hormone Manipulation, Temporary Neural Inhibition, and Sleep Nudging
- Advancements in Neural Recording Techniques and Interpreting Algorithms
- Less Adoption of in-house Neurocapability Because of the Expense
- Availability of Traditional Marketing Methods
Key Target AudienceNeuromarketing Service Providers, Hardware and Software Developers, Research & Consulting Firms, End-Use Industries and Others
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