According to a latest market research report “Neuromarketing Solutions Market (Technology – Functional Magnetic Resonance Imaging (fMRI), Electroencephalography (EEG), Eye Tracking, Positron Emission Tomography (PET), and Magnetoencephalography (MEG)): Global Industry Analysis, Trends, Size, Share and Forecasts to 2024” The global neuromarketing solutions market was nearly worth USD 1033 Million in 2017 and is expected to reach over USD 2000 Million by 2024 with a CAGR of 9.1% during the forecast period from 2018 to 2024.
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In recent years, the application of neuromarketing in a number of fields such as telecommunication, advertising, and media has acquired remarkable momentum. Neuromarketing involves building up of information to identify and study consumer behavior and understand how the target market would respond if a new product invades the market. For business strategies, neuromarketing is an important source of acute data. Heavy investments are been made by a large number of big companies on the study of subjects related to neuromarketing in order to understand their response to their advertising campaigns and media, which persistently influence the world market for neuromarketing solutions across the globe.
Neuromarketing also helps to understand the logic behind how consumers make decisions regarding the purchase and their responses to marketing stimuli, in addition, neuromarketing also helps to convert qualitative information into quantitative information for the effective study of responses obtained from respondents.
The Functional Magnetic Resonance Imaging Segment held the Dominant Share of Over 45% in 2016
Effective assistance in processing customer data in a market environment using neuroscience techniques surge demand of neuromarketing. Neuroscience is useful in understanding and studying the consumer’s insight and plays an essential role in augmenting behavioral predictions of consumers which in turn supports market growth. Sudden powerful demands for the study of consumer behavior is one of the major factor boosting neuromarketing solutions market, Neuroscience allow research organizations and marketing companies to focus and customize their services as per customer expectations and behavior, studying customers behavior also helps marketers to interpret the crucial factors which convince a customer to make a purchase. Along with the growing acceptance of neuromarketing solutions across a number of industries is expected to drive the neuromarketing technology market. Although installation cost, regulatory policies, mobility, and scalability related issues associated with neuromarketing solutions are some restraints for this market.
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Segment Wise Performance of “Neuromarketing Solutions Market”
Based on technology Neuromarketing solutions market segmented by functional magnetic resonance imaging (fMRI), magnetoencephalography (MEG), eye tracking, electroencephalography (EEG), and positron emission tomography (PET). Among them, the functional magnetic resonance imaging (fMRI) segment held the dominant share of over 45% in 2016. Rising demand of fMRI technology secured a high share in the market and will continue to dominate this segment, eye tracking technology is expected to keep a significant market share of neuromarketing technology in the forecast period due to increased application of eye tracking in media and advertising research companies.
Region Wise Performance of “Neuromarketing Solutions Market”
Geographically, the neuromarketing technology is segmented into North America, Asia Pacific, Europe, and the Rest of the World. North America held a significant market share of approximately 40% in 2016, which was followed by Europe. Advanced technological support and infrastructure have made these region efficient adopters of technology. The Asia Pacific region is anticipated to have significant growth in neuromarketing technology. Countries like India and China are the leading region in the Asia Pacific market for neuromarketing solutions.
Neuromarketing Solutions Market: Competitive Analysis
Key players in global neuromarketing solution are Tobii Technology, iMotions, SensoMotoric Instruments, LC Technologies, SR Research, ISCAN, Inc., Compumedics Limited, Cadwell Industries, Inc., EB Neuro S.p.A. and others.
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