Hyderabad, Aug. 11, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled “Neuromarketing Technology Market Report (2023-2028),” the market is estimated at USD 1.44 billion in 2023. It is expected to register a CAGR of 8.89% during the forecast period.
Neuromarketing employs medical technologies such as functional magnetic resonance imaging (fMRI) to study the brain's responses to marketing stimuli. It is a formal examination of the brain's responses to advertising and branding and the adjustment of those messages based on feedback to elicit even better answers. Researchers utilized diverse technologies to measure specific types of brain activity in response to advertising messages. Utilizing this information, companies learn about the consumers' decision-making skills.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 1.44 billion |
| Market Size (2028) | USD 2.21 billion |
| CAGR (2023-2028) | 8.89% |
| Study Period | 2018-2028 |
| Forecast Units | Value (billion) |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape, and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | Development of new technological approaches. |
| The increasing awareness about the potential benefits offered by these techniques. |
Who are the Top Companies in the Neuromarketing Technology Market?
The market is moderately competitive, comprising several players. The noteworthy players in the global neuromarketing technology market are:
- Immersion Neuroscience
- Merchant Mechanics Inc.
- Uniphore
- The Nielsen Company LLC (Nielsen Consumer Neuroscience)
- Neural Sense (Pty) Ltd
- NVISO SA
- Cadwell Industries Inc.
- Compumedics Limited
- SR Labs SRL
- Synetiq Ltd
- Mindspeller
- MindMetriks
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Key Highlights from the Neuromarketing Technology Market Report:
BFSI End-User Vertical to Grow a Significantly
- Banking services are riskier than travel or other forms of leisure, more demanding for consumers to influence, and more difficult to grasp due to their technicality.
- With most people utilizing banking services, the communication channels must be user-friendly, clear in terms of the information being conveyed, and simple to navigate.
Increasing Demand from North America
- With the rising number of US-based market vendors and large investments in digital marketing made by North American end-user industries, the neuromarketing industry is booming in the region. Additionally, the United States is a market pioneer in the area under study and is influential in advancing technology on a global scale.
- Furthermore, the area is home to abundant well-known market research firms that are important to the growth of the market, including Nielson, IQVIA, Kantar, Information Resources Inc., and Ipsos.
What are the Latest Developments in the Neuromarketing Technology Market?
- In April 2023, Cadwell Industries Inc. announced the US launch of Voyager for remote wireless access to in-home EEG monitoring with video. This feature is designed to facilitate thorough real-time analysis with a complete data set for daily reporting.
- In July 2022, Tobii was chosen by Sony Interactive Entertainment to be the eye-tracking technology provider for PlayStation VR2. The partnership aims to provide cutting-edge solutions at a mass market scale using its world-leading technology.
Mordor Intelligence has Segmented the Neuromarketing Technology Market Based on End-user and Geography:
- By End-user (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Banking, Financial Services, and Insurance (BFSI)
- Retail/Consumer Brands
- Market Research
- Scientific Institutions
- Other End-users
- By Geography (Market Size and Forecast based on Value (USD billion), 2018-2028)
- North America
- Europe
- Asia Pacific
- Rest of the World
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Neuromarketing Technology Market Report (2023-2028).
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About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the industry’s competitive landscape.
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