Market Scenario
The need to tap into various end-user groups is
expected o motivate the neuromarketing
technology market 2020. The ICT industry
reports are created by Market Research Future, which centers on market choices
for expansion. An income potential of USD 100 million is forecasted for the
market while mounting at a 12% CAGR by 2023.
The rise in demand for customization of services is predicted to guide
the development of the market or neuromarketing technology in the coming years.
Moreover, the emphasis on product positioning is anticipated to accelerate
further the growth of the neuromarketing technology market in the forecast
period. The robust development of neuromarketing technology tools is also
estimated to boost the global market in the coming period.
Segmental Analysis
The segmentation of the neuromarketing technology market is conducted on
the basis of solutions, technology, region, and end-user. On the basis
of technology, the neuromarketing technology market is segmented into positron
emission tomography (PET), electroencephalography (EEG), eye tracking,
functional magnetic resonance imaging (fMRI), and magneto encephalography
(MEG). Based on the solutions, the neuromarketing technology market is
segmented into people engagement, customer experience, and product development.
On the basis of end-users, the neuromarketing technology market is segmented
into healthcare, retail, food & beverage, and consumer electronics.
Detailed Regional Analysis
The regional assessment of the neuromarketing technology is segmented
into Asia Pacific, Europe, North America, and the Rest of the regions. The
North American region is acknowledged to be the governing region in the
neuromarketing technology market. The U.S. is the most important nation in this
region. Though, the escalating investment in the field of neuroscience and the
attendance of a significant number of solution providers are the main
motivating factors for the neuromarketing technology market to develop through
the forecast period. The European and Asia Pacific region are also likely to
have a noteworthy impact on neuromarketing technology. The U.K is
projected to be a well-known country in the European region due to ascent noted
in economic growth over the forecast period.
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Competitive
Analysis
The consumers
in the market are well aware of their requirements and how the market can meet
them. The enrichment of the sources of supply is allowing the market players to
create products that can be successful in the market effectively. The
collaboration of competitors in this market is expected to give way to new
developments and novel product launches. The availability of favorable policies
and regulations by trade bodies and governments is expected to hasten the
augmentation of the market in the forecast period. The development of the
market is contingent on the delicate balance of the forces of demand and
supply. The improved economic state of the companies is expected to lead to
better research and development trials and activities in the impending period.
The upgradation in production capacity is estimated to accelerate market
expansion in the upcoming period further.
The notable
contenders of neuromarketing technology market are Behavior and Brain Lab
(Italy), Merchant Mechanics (U.S.), Css/Data Intelligence (U.S.), Sensomotoric
Instruments GMBH (Germany), Neural Sense (South Africa), Synetiq Ltd.
(Budapest), Neurospire Inc. (U.S.), The Neilsen Company LLC, (U.S.),
Nviso (Switzerland), Olson Zaltman Associates (U.S.), Sr Labs (Italy), SR Research
( Canada), and Compumedics Limited (Australia).
Industry
Updates:
Feb 2020
Jumpstory has planned to disrupt the USD 3 billion industry with its AI-powered
subscription platform, using neuromarketing principles and a ‘works where you
do method which sees it put together with other MarTech software and platforms
so marketers can edit, search, and use images openly. JumpStory functions
on a limitless subscription form, which makes the image sourcing both more
accessible and more reasonably priced.
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