Neuromarketing Solutions Market Trends

Growth Drivers

• Rising Adoption of Novel Marketing Activities Across Retail & Consumer Brands – The global neuromarketing solutions market is growing owing to the increasing use of neuroscience marketing, followed by the rising demand for digital marketing. By the use of functional magnetic resonance imaging and electroencephalogram tools, businesses can scan the brain of people. The collected information helps to assess the physiological and neural signals of a particular advertisement, packaging, and design that has been promoted by the organization. Marketers show customers advertisements, packaging or product designs while tracking customer reactions and brain activity. Companies can determine what steps to take next after receiving responses and measuring the changes. Therefore, such a factor is predicted to boost the market’s growth over the forecast period. For instance, more than 65 percent of the marketers across the globe surged their brand awareness using one or more digital marketing channels.
• Increasing Need to Analyze Consumers’ Buying Behavior Across Industries Using Neuromarketing Technology – Every company works diligently to meet customer demands in order to generate maximum revenue and great profits. Consumer needs and demands are changing rapidly. There are many factors that influence customer buying behavior, including: Social, Cultural, Demographic, and Situational Factors. Large companies such as PepsiCo, eBay, and Daimler have implemented neuromarketing technologies to conduct market research, conduct focus groups, and design marketing campaigns increase. Moreover, even, though there are limited employment opportunities, on average 361,700 openings for customer service representatives are projected every year between 2020 -2030.
• Increasing Research on Viewability Rate – It has been observed that emotional expressions lead to a 29% higher viewability rate on digital screens and slightly greater consumer impact. It is predicted that this boom would continue over the forecast period.
• High Growth in Neuroscience Industry – The huge growth in neuroscience is expected in the forecast year, providing opportunities for expansion of the neuromarketing market. In anticipation of growth prospects, companies are also making various efforts to highlight their strong presence in the market. For instance, wearable technology provider Shimmer introduced the NeuroLynQ@Home psychophysiological remote monitoring system to provide better opportunities for end-users.
• Rise in Demand for Neuroscience Technological Products – Industry players consistently invest in R&D activities to provide clients with affordable and efficient neuromarketing solutions and achieve higher conversion rates through superior marketing and promotional strategies. Moreover, the companies are investing in new technological products for understanding the purchasing power of the customers. Besides this, the growing trade of devices that are used for neuroscience studies is also anticipated to boost the growth of the market in the upcoming years. As per the data estimated, the imported value of Magnetic Resonance Imaging (MRI) in 2021 across the world was 5,426,156.

Challenges

• High costs associated with neuromarketing - The high cost of neuromarketing is expected to limit the growth of the global neuromarketing solutions market throughout the forecast period.  Scanners such as FMRI and MEG devices require significant initial investment and their ongoing operating costs is also very high. These systems are so bulky that they take up a lot of space and restrict mobility in the workplace, thereby raising infrastructural costs as well. The high cost, mobility, and scalability of large-scale neuromarketing technologies such as FMRI and MEG scanners are significant barriers to its widespread adoption. As a result, high costs and mobility issues are expected to limit the demand for neuromarketing solutions during the forecast period.
• Regulatory challenges related to neuromarketing
• Lack of Awareness of Technology