The Global Neuromarketing Market was valued at USD 1,158.37 million in 2020, and it is estimated to be worth USD 1896.1 million by 2026, registering a CAGR of 8.89% during 2021-2026. The impact of Covid-19 on the neuromarketing market is significantly positive in the short run because for doing an accurate analysis, a large sample of data is required. But, with people confined into their homes because of the global lockdown, data generated from the physical world, like brick and mortar showrooms, will be drastically reduced. Also, the manufacturing of neuromarketing systems was slightly affected because the global supply chain was disrupted, and manufacturing facilities were shut down due to regulations imposed by various governments across the globe.
Key Highlights Neuroscience is beneficial in interpreting and studying consumer perceptions and has played a major role in enhancing the behavioral predictions of consumers. Neuroscience allows research firms and marketing companies to concentrate and customize their services according to customer expectations.
Neuromarketing solutions are assisting the process of consumer data in a marketing environment in an extremely effective manner due to the usage of neuroscience techniques. The increasing awareness about the potential benefits offered by these techniques is further driving the adoption of various neuromarketing solutions at a rapid pace. Major companies like PepsiCo, The Weather Channel, eBay, and Diamler have implemented neuromarketing research techniques to conduct market research, run focus groups, and design marketing campaigns.
New technological approaches are being developed (software, applications, and user interfaces) by various vendors to enable companies to understand their customers and deliver a tailor-made marketing approach. Brands like Campbell’s and Frito-Lay have adopted neuroimaging to reimagine their packaging strategy. Studies have revealed that customers demonstrate different reactions to packaging, with factors such as color, text, and imagery influencing their purchase decisions.
Major companies have implemented neuromarketing research techniques to measure consumer behavior for their respective products to identify the purchase decision of the consumer with the help of various technologies, such as functional magnetic resonance imaging (fMRI), electroencephalography (EEG), eye tracking.
Furthermore, according to the Greenbook Directory Survey, the usage of the eye-tracking approach was about 38% for applications across the industry, whereas it is expected to be approximately 19% in the future compared to other approaches.
Key Market Trends
Increasing Need for Advanced Marketing Tools is Expected to Drive the Market
The increasing need for advanced marketing tools is one of the major market drivers for neuromarketing market growth. Since the advent of digital marketing, enterprises across the globe are adopting tools that enhance customer experience, retain, increase loyalty, provide data insights, and enable vendors to make data-driven decisions. E-mail is one of the most used marketing tools across the globe as it offers the highest ROI along with data analytics; for instance, according to OptinMonster e-mail, marketing’s ROI stood at 4400%. With the growing penetration of smartphones, high-speed internet, and smart devices, enterprises are focusing on spending a significant share of their marketing spending on digital marketing as it offers data insights into consumer behavior and enables data analytics. Moreover, customers increasingly prefer companies that personalize their experience at the buying stage. For instance, according to a Salesforce report, 73% of the customers expect companies to understand their needs and expectations. These factors are motivating consumer-oriented companies to invest in advanced marketing technologies, especially in neuromarketing techniques.
North America is Expected to Hold Largest Market Share
North America is one of the most significant regions in the global neuromarketing market, owing to the growing number of US-based market vendors and high investment in digital marketing by North American end-user industries. Furthermore, the US is also a pioneer in the studied market and is also playing a significant role in bringing technological advancement to the global market.
Furthermore, the region is home to globally renowned market research companies, like Nielson, IQVIA, Kantar, Information Resources Inc., and Ipsos, which are also playing a significant role in the market development.
Consumer behavior studies have gained massive traction in the region in the past few decades, owing to high investment in marketing strategies and competition among brands. Therefore, more research companies seek to augment traditional market research studies with physiological and neural data.
US-based MediaScience is a provider of lab-based audience research, incorporating a range of neuro-measures including biometrics, analysis of facial expressions, eye-tracking, response-latency testing, and EEG. In October 2020, the company also collaborated with Hulu to study the efficacy of ads created for social media platforms when repurposed for the TV streaming platform.
The market vendors in the region are increasingly utilizing neuromarketing techniques, which have resulted in various innovative studies helping the regional marketers. For instance, according to consumer neuroscience research conducted by the US-based Mindshare, close-ups of hands resonate with people on a subconscious level, but there is a limit to how close the camera can get.
The neuromarketing market is moderately competitive and consists of several players. In terms of market share, few of the players are currently dominating with the rising demand for neuromarketing application and technological advancement across the emerging economies; many companies are increasing their market presence, thereby expanding their business footprint across the new markets.
March 2020 - Immersion Neuroscience selected Bob Gold and Associates, a nationally recognized boutique public relations and marketing agency, as its PR agency of record to help launch its new cloud-based audience prediction platform. This partnership increases the company’s reach in the market. November 2020 - Advent International acquires Nielsen Global Connect for USD 2.7 Billion. Advent will buy Nielsen’s Global Connect unit in partnership with James Peck, a former chief executive officer of credit reporting company TransUnion. The sale of its Connect business, which provides research data to consumer goods companies, is expected to help the firm reduce its debt load.
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