Neuromarketing Solutions Market Share

North American Market Forecast

The market share of neuromarketing solutions in North America, amongst the market in all the other regions, is projected to be the largest with 33% by 2036. The growth of the market can be attributed majorly to the increasing owing to the increasing number of US-based marketers and the heavy investment in digital marketing by the North American consumer industry. Moreover, the United States is a pioneer in the research market and plays a key role in bringing technological advancements to the global market. Additionally, the growing need to understand consumer buying behavior is expected to drive the growth of the regional market in the near future. Consumer behavior research has gained a great deal of attention in the region over the past decades owing to heavy investment in marketing strategies and brand competition. As a result, more and more market research firms seek to supplement traditional market research studies with physiological and neural data. Furthermore, a large number of solution providers are present throughout this region. For instance, in October 2018, Pfizer Inc., a pharmaceutical company based in the United States, entered into an investment agreement with Bain Capital, a private investment firm, to merge its neuroscience portfolio into a jointly-led company. Bain Capital has invested USD 350 million in this new company which is focused on neuroscience and neuropsychiatry. As a result, rising investment in neuroscience is expected to drive growth in the North American neuromarketing solutions market over the forecast period.

APAC Market Statistics

The Asia Pacific neuromarketing solutions market is estimated to witness the fastest growth with a CAGR of 11.29 percent over the forecast period. The growth of the market in the region is expected on account of the increase in the adoption of neuromarketing technologies across retail brands. With the increasing adoption of smartphones, high-speed internet, and smart devices, businesses are focusing a significant portion of their marketing budgets on digital marketing, which provides data insights into consumer behavior and allows for data analytics, resulting in opportunities for the Asia Pacific neuromarketing solutions market.

Europe Market Forecast

The Europe neuromarketing solutions market is anticipated to witness significant growth by the end of 2036. The increasing investments and the economic developments in the U.K. are responsible for driving the market growth in this region. The neuromarketing solutions market in Europe is expected to grow significantly as a result of rising investments in digital advertising, particularly online advertising. Additionally, the region is very sophisticated and aware when it comes to smartphones and online activity, which creates a variety of opportunities for advertisers. The demand for neuromarketing is also anticipated to rise as big data, augmented reality, and virtual reality technologies are increasingly used in digital marketing. Hence, it is expected to drive the growth of the market in the region.