Market Overview
The global Neuromarketing technology market is accounted to hold approximately USD 100 million by the end of the year 2023. Further, it is estimated to grow at a CAGR of 12% during the forecast period of 2017 to 2023. In regular market operations of neuroscience, neuro marketing is widely used in order to analyze the behavior and perception of the customers by detecting them on the basis of emotional and cognitive responses to marketing inducements.
The worldwide Neuromarketing technology market growth is driving due to the rising emphasis on the impact of different marketing efforts. Moreover, the growing investment in neuromarketing to optimize profitability and increase adoption of novel marketing activities is the major driving factor for the global market. Additionally, the global market is fueling due to the rising use of neuromarketing in retail, telecommunications, media & marketing, and advertising.
However, the global Neuromarketing technology market might get affected due to the mobility issues and installation costs associated with the neuromarketing technology. Moreover, the regulations by various regulatory bodies might hinder the growth of the global market during the forecast period. Apart from this, the global market might experience challenges due to the rising mobility issues and increasing expense of fMRI.
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Market Segments
The global Neuromarketing technology market has been classified based on solutions, technology, and propulsion types.
Based on the solution segment, the present market has been segmented into people engagement, customer experience, product development, and project management. On the basis of the propulsion types segment, the worldwide market has been divided into healthcare, retail, consumer electronics, food and beverage, and others.
In terms of the technology segment, the global market has been classified into electroencephalography (EEG), functional magnetic resonance imaging (fMRI), magnet oencephalography, eye tracking, and positron emission tomography (PET).
Regional Analysis
According to the Neuromarketing technology market analysis report, the worldwide has been divided into different regions such as Europe, Latin America, North America, Asia Pacific, and the rest of the World.
Among all, the North American region is predicted to lead the global neuromarketing technology industry over the review period. This region is growing due to various factors, such as increasing investment in the neuroscience field and a large number of solution providers in the region. Moreover, this region is highly contributed by the most powerful country, the United States. Moreover, the increasing solution providers of neuroscience technology in the United States fuel regional market growth over the assessment period. In addition, the United States is the early adopter of technology as it is consists of highly developed technical infrastructure. As a result, the global market is projected to rise during the forecast period of 2023. Apart from these, the European regional market is estimated to witness significant development in the further coming year.
Industry news
In May 2019, Conroy Media, Ltd. signed an agreement with Nielsen for audio and local TV electronic rating services in various nations. This company was an earlier subscriber to Nielsen Scarborough, which developed its connections for better accountability and accuracy.
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