New York, Sept. 26, 2023 (GLOBE NEWSWIRE) -- The global neuromarketing solutions market size is predicted to expand at ~9.52% CAGR between 2023 and 2033. The market is projected to garner a revenue of USD 4.74 billion by the end of 2033, up from a revenue of ~USD 1.76 billion in the year 2022.Neuromarketing research is being conducted extensively worldwide by prominent market key players in order to better understand ad efficiency in consumer behavior through neuromarketing.
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The growth of the market can be attributed to the growing influence of advertising on consumers, together with the rising use of various tools such as neuromonitoring, neuroimaging, and meta-analyses in media, advertisement, retail, and telecommunications for enabling induced buying in customers. It was found that the advertising investment worldwide reached about USD 600 billion in 2020 which is beyond 7% of 2019.
Digital Market to Boost Market Growth
The growth of the market can be attributed to the rising digital transformation that has led to the development of a digital market. For instance, it was discovered that spending on digital transformation is expected to reach nearly USD 6.8 trillion in 2023.The consumer is spending more and more time in virtual reality, whether it be online gaming, online shopping, online education, or availing of online healthcare services, which has resulted in high investment in digital marketing along with the growing popularity of social media marketing through the use of affiliate marketing and influencer marketing. It was found that global online spending per capita reached around USD 2300 per year in 2022. Furthermore, the growing use of neuromarketing techniques and the increasing analysis of neuromarketing case studies to understand consumer behavior and make informed marketing decisions are estimated to boost market growth.
Neuromarketing Solutions Market: Regional Overview
The market is broadly classified into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Expanding E-commerce to Drive Growth in North America
The neuromarketing solutions market in the North American region is estimated to garner the largest revenue by the end of 2033. The growing need to evaluate digital consumer trends owing to an increasing number of online buyers resulting in a prospering e-commerce business and e-commerce services, along with the burgeoning number of e-commerce websites, are the main growth drivers for the growth of the regional market over the forecast period. As per a report, nearly 70% of the population of the United States shopped online in 2021, up from 1.3% in 2020. Furthermore, the growing initiatives by government agencies in the field of neuromarketing research for developing tools to understand how the brain works are further projected to enhance the market growth in the region. It was observed that ~USD 620 million worth of Omnibus Appropriations Bill was authorized for the NIH BRAIN Initiative in 2022 to support the development of cutting-edge neuro technologies to study the brain.
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Escalating in Retail to Drive Growth in the Asia Pacific Region
The neuromarketing solutions market in the Asia Pacific region is estimated to garner the highest CAGR by the end of 2033. The regional market growth can be attributed to the growing pool of potential customers residing in the region, as well as the increasing number of direct-to-customer businesses that are developing infrastructure to directly connect to their customers. Currently, more than 60% of the population resides in Asia and Pacific region, making it a home for over 4.3 billion people, which, from a business, marketing, and advertising point of view, is a huge customer database. Moreover, it was found that the direct selling industry in India was valued at ~USD 2.14 billion in 2021 and was the 5th largest and preferred retail destination. Furthermore, the online penetration of retail in India is projected to be near ~10.7% by 2024, up from ~4.7% in 2019.
Neuromarketing Solutions, Segmentation by Technology
- Functional Magnetic Resonance Imaging (fMRI)
- Electroencephalogram (EEG)
- Eye-tracking
- Positron Emission Tomography
- Magnetoencephalography
The eye-tracking segment in neuromarketing solutions market is anticipated to hold the largest revenue by the end of 2033. The growing popularity of Ed-tech companies globally, the rapidly advancing use of cutting-edge technologies in digital learning, and the rising scope of gamification, artificial intelligence, and virtual reality in EdTech to change the way people learn worldwide are expected to boost the segment growth in the upcoming years. According to a 2023 report, searches for Ed-tech have increased by 125% in the last five years, with the global corporate Ed-tech industry currently valued at USD 27 billion. Furthermore, the segment of EEG neuromarketing solutions is estimated to prosper in the market growth owing to its rising use instead of functional magnetic resonance imaging (fMRI) to read brain-cell activity using sensors, as fMRI machines are too costly compared to EEG equipment. As per an estimation, the former typically costs about USD 20,000, whereas the latter costs ~USD 5 million with high overhead.
Neuromarketing Solutions, Segmentation by Solutions
- Customer Experience
- People Engagement
- Project Management
- Product Development
The customer experience segment is anticipated to hold the largest revenue by the end of 2033. The factors applicable to the growth of the segment include the rising investment in the study of consumer neuroscience and the flourishing of the e-commerce industry owing to the swiftly elevating digitization worldwide, together with the growing global footprint of small and medium-sized businesses. It is expected that almost 70% of global organizations are either currently working on their digital transformation or have a transitional strategy for the future. The neuromarketing examples that comprise effective packaging, color psychology, decision fatigue, evaluating satisfaction, loss aversion, anchoring, and others are used to gain and retain customer loyalty and improve the customer experience. It provides various data insights and aids in taking data-driven decisions for manufacturers.
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A few of the well-known industry leaders in the neuromarketing solutions market that are profiled by Research Nester are Cadwell Industries Inc., Compumedics Limited, EB Neuro S.p.A., ISCAN, Inc., iMotions, SensoMotoric Instruments, Neural Sense (PTY) LTD., LC Technology Solutions, Shimmer Sensing, SR Research Ltd., and other key market players.
Recent Development in the Neuromarketing Solutions Market
- Tobii AB introduced a mobile eye-tracking solution, Sticky, for their marketing and advertising research platform that recognizes emotions with online survey questions, thus making quantitative research simple.
- NeuroLynQ 2.0, a biometric neuromarketing platform, was launched by Shimmer. The version monitors the audience's nonconscious emotional response to stimuli such as live concerts or a new advertisement using scientifically validated galvanic skin responses (GSR).
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