ALBANY, New York, October 6, 2017 – As per the findings of a fresh commerce and business study by Transparency Market Research (TMR), the competition in the global neuromarketing solutions market is consolidated, is already quite stiff, and will further intensify in the near future, as a result of increasing expansion initiatives by the leading players. The TMR report has detected that top four players, viz. SensoMotoric Instruments GmbH, LC Technologies, iMotions, and Tobii AB, collectively reserved for 83% of the shares in the global neuromarketing solutions market. The report also picks out EB Neuro S.p.A., SR Research, Compumedics Ltd., ISCAN Inc., Cadwell Industries Inc., and SensoMotoric Instruments as some of the other notables players who make a market in this market in the near future.
According to the projections of the TMR report, the demand in the global neuromarketing solutions market will expand at a robust CAGR of 10.20% during the forecast period of 2017 to 2025, when it will be worth US$2.20 bn, considerably up from its evaluated valuation of US$0.94 bn in 2016. Most of the manufacturers of operating in the neuromarketing solutions market are focused on the designing and development of technology that is scalable and easy to use. To achieve this, effective product cost management is playing a vital role, and the manufacturers of neuromarketing solutions are oblidged to meet the equipment certification and standards and certification set by various national and international governing bodies.
Technology-wise, the global neuromarketing solutions market gains maximum demand for the segment of functional magnetic resonance imaging (fMRI), which accounted for 47.6% of the overall demand in 2016, considerably more than other segments including eye tracking, magnetoencephalography (MEG), positron emission tomography (PET), and electroencephalography (EEG). Though the cost and mobility factors continue to hinder the prosperity of this segment, the demand is projected to sustain, which would be fMRI will remain the most lucrative technology segment of the neuromarketing solutions market. Geographically, the report rates North America as most profitable region, which accounted for a demand worth of US$355.6 mn in revenues. The U.S. has headquarters of a number of leading companies functional in this market, which will ensure its dominance throughout the forecast period.
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An Insight into Customer’s Behavior Driving Adoption
One of the key driver of neuromarketing solutions is that it helps in studying and analyzing the response of a customer to marketing stimuli using techniques of neuroscience. Ranging from advertising to media to telecommunication, various industries are involved in the exploration of neuromarketing solutions to in order to conduct specific researches. Investments in advertising research has aided to the growth of neuromarketing significantly. It must be noted that neuromarketing provides benefits to a variety of fields including product packaging, advertising, new product development, and product pricing. A number of prominent players of this market have already started to invest on in-house research using neuromarketing for their advertisements and products in order to analyze the response of the subjects on the test conducted. Neuromarketing solutions comes in very handy to gauge what exactly persuades a customer into making a certain purchase. These solutions have proven their worth in providing the marketer an insights on the consumers buying behavior which in turn helps the company to formulate effective and efficient marketing strategies.
On the other hand, while the future of the neuromarketing solutions market may appear to be thriving, issues pertaining to regulatory as well as the mobility-, cost-, and scalability-related issues associated with neuromarketing solutions remains prominent restraints.