1. Market Research
  2. > Business Services
  3. > Advertising and Marketing
  4. > Marketing Market Trends
Global Neuromarketing Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Global Neuromarketing Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

  • October 2021
  • 114 pages
  • ID: 6177349
  • Format: PDF
  • Mordor Intelligence LLP

Summary

Table of Contents

Search Inside

The Global Neuromarketing Market was valued at USD 1,158.37 million in 2020, and it is estimated to be worth USD 1896.1 million by 2026, registering a CAGR of 8.89% during 2021-2026. The impact of Covid-19 on the neuromarketing market is significantly positive in the short run because for doing an accurate analysis, a large sample of data is required. But, with people confined into their homes because of the global lockdown, data generated from the physical world, like brick and mortar showrooms, will be drastically reduced. Also, the manufacturing of neuromarketing systems was slightly affected because the global supply chain was disrupted, and manufacturing facilities were shut down due to regulations imposed by various governments across the globe.

Key Highlights
Neuroscience is beneficial in interpreting and studying consumer perceptions and has played a major role in enhancing the behavioral predictions of consumers. Neuroscience allows research firms and marketing companies to concentrate and customize their services according to customer expectations.
Neuromarketing solutions are assisting the process of consumer data in a marketing environment in an extremely effective manner due to the usage of neuroscience techniques. The increasing awareness about the potential benefits offered by these techniques is further driving the adoption of various neuromarketing solutions at a rapid pace. Major companies like PepsiCo, The Weather Channel, eBay, and Diamler have implemented neuromarketing research techniques to conduct market research, run focus groups, and design marketing campaigns.
New technological approaches are being developed (software, applications, and user interfaces) by various vendors to enable companies to understand their customers and deliver a tailor-made marketing approach. Brands like Campbell’s and Frito-Lay have adopted neuroimaging to reimagine their packaging strategy. Studies have revealed that customers demonstrate different reactions to packaging, with factors such as color, text, and imagery influencing their purchase decisions.
Major companies have implemented neuromarketing research techniques to measure consumer behavior for their respective products to identify the purchase decision of the consumer with the help of various technologies, such as functional magnetic resonance imaging (fMRI), electroencephalography (EEG), eye tracking.
Furthermore, according to the Greenbook Directory Survey, the usage of the eye-tracking approach was about 38% for applications across the industry, whereas it is expected to be approximately 19% in the future compared to other approaches.

Key Market Trends

Increasing Need for Advanced Marketing Tools is Expected to Drive the Market

The increasing need for advanced marketing tools is one of the major market drivers for neuromarketing market growth.
Since the advent of digital marketing, enterprises across the globe are adopting tools that enhance customer experience, retain, increase loyalty, provide data insights, and enable vendors to make data-driven decisions. E-mail is one of the most used marketing tools across the globe as it offers the highest ROI along with data analytics; for instance, according to OptinMonster e-mail, marketing’s ROI stood at 4400%.
With the growing penetration of smartphones, high-speed internet, and smart devices, enterprises are focusing on spending a significant share of their marketing spending on digital marketing as it offers data insights into consumer behavior and enables data analytics.
Moreover, customers increasingly prefer companies that personalize their experience at the buying stage. For instance, according to a Salesforce report, 73% of the customers expect companies to understand their needs and expectations. These factors are motivating consumer-oriented companies to invest in advanced marketing technologies, especially in neuromarketing techniques.

North America is Expected to Hold Largest Market Share

North America is one of the most significant regions in the global neuromarketing market, owing to the growing number of US-based market vendors and high investment in digital marketing by North American end-user industries. Furthermore, the US is also a pioneer in the studied market and is also playing a significant role in bringing technological advancement to the global market.
Furthermore, the region is home to globally renowned market research companies, like Nielson, IQVIA, Kantar, Information Resources Inc., and Ipsos, which are also playing a significant role in the market development.
Consumer behavior studies have gained massive traction in the region in the past few decades, owing to high investment in marketing strategies and competition among brands. Therefore, more research companies seek to augment traditional market research studies with physiological and neural data.
US-based MediaScience is a provider of lab-based audience research, incorporating a range of neuro-measures including biometrics, analysis of facial expressions, eye-tracking, response-latency testing, and EEG. In October 2020, the company also collaborated with Hulu to study the efficacy of ads created for social media platforms when repurposed for the TV streaming platform.
The market vendors in the region are increasingly utilizing neuromarketing techniques, which have resulted in various innovative studies helping the regional marketers. For instance, according to consumer neuroscience research conducted by the US-based Mindshare, close-ups of hands resonate with people on a subconscious level, but there is a limit to how close the camera can get.

Competitive Landscape

The neuromarketing market is moderately competitive and consists of several players. In terms of market share, few of the players are currently dominating with the rising demand for neuromarketing application and technological advancement across the emerging economies; many companies are increasing their market presence, thereby expanding their business footprint across the new markets.

March 2020 - Immersion Neuroscience selected Bob Gold and Associates, a nationally recognized boutique public relations and marketing agency, as its PR agency of record to help launch its new cloud-based audience prediction platform. This partnership increases the company’s reach in the market.
November 2020 - Advent International acquires Nielsen Global Connect for USD 2.7 Billion. Advent will buy Nielsen’s Global Connect unit in partnership with James Peck, a former chief executive officer of credit reporting company TransUnion. The sale of its Connect business, which provides research data to consumer goods companies, is expected to help the firm reduce its debt load.

Additional Benefits:

The market estimate (ME) sheet in Excel format
3 months of analyst support

Get Industry Insights. Simply.

  • Latest reports & slideshows with insights from top research analysts
  • 150+ Million searchable statistics with tables, figures & datasets
  • More than 25,000 trusted sources
  • Single User License — provides access to the report by one individual.
  • Department License — allows you to share the report with up to 5 users
  • Site License — allows the report to be shared amongst all employees in a defined country
  • Corporate License — allows for complete access, globally.

ReportLinker may already be registered as a supplier with your company. If you want to Order by PO, check with us first and we'll let you know if we are a registered supplier and what the vendor number is. Otherwise, we'll provide you with the necessary information to register ReportLinker as a vendor.

Ahmad helps you find the right report:
Testimonials

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

We were impressed with the support that ReportLinker’s research specialists’ team provided. The report we purchased was useful and provided exactly what we want.

Category Manager at
Ikea

ReportLinker gave access to reliable and useful data while avoiding dispersing resources and spending too much time on unnecessary research.

Executive Director at
PwC Advisory

The customer service was fast, responsive, and 100% professional in all my dealings (...) If we have more research needs, I'll certainly prioritize working with ReportLinker!

Scott Griffith

Vice President Marketing at
Maurice Sporting Goods

The research specialist provided prompt, helpful instructions for accessing ReportLinker's product. He also followed up to make sure everything went smoothly and to ensure an easy transition to the next stage of my research

Jessica P Huffman

Research Associate at
American Transportation Research Institute

Excellent customer service. Very responsive and fast.

Director, Corporate Strategy at
Ingredion

I reached out to ReportLinker for a detailed market study on the Air Treatment industry. The quality of the report, the research specialist’s willingness to solve my queries exceeded my expectations. I would definitely recommend ReportLinker for in-depth industry information.

Mariana Mendoza

Global Platform Senior Manager at
Whirlpool Corporation

Thanks! I like what you've provided and will certainly come back if I need to do further research works.

Bee Hin Png

CEO at
LDR Pte Ltd

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

FAQ
  • How we can help
    • I am not sure if the report I am interested in will fulfill my needs. Can you help me?
    • Yes, of course. You can call us at +33(0) 4 37 65 17 03 or drop us an email at [email protected] to let us know more about your requirements.
    • We buy reports often - can ReportLinker get me any benefits?
    • Yes. Set up a call with a Senior Research Advisor to learn more - [email protected] or +33(0) 4 37 65 17 03.
    • I have had negative experiences with market research reports before. How can you avoid this from happening again?
    • We advise all clients to read the TOC and Summary and list your questions so that we can get more insight for you before you make any purchase decision. A research advisor will accompany you so that you can compare samples and reports from different sources, and choose the study that is right for you.

  • Report Delivery
    • How and when I will receive my Report?
    • Most reports are delivered right away in a pdf format, while others are accessed via a secure link and access codes. Do note that sometimes reports are sent within a 12 hour period, depending on the time zones. However, you can contact us to escalate this. Should you need a hard copy, you can check if this option is offered for the particular report, and pay the related fees.
  • Payment conditions
    • What payment methods do you accept?
      1. Credit card : VISA, American Express, Mastercard, or
      2. You can download an invoice to pay by wire transfer, check, or via a Purchase Order from your company, or
      3. You can pay via a Check made out in US Dollars, Euros, or British Pounds for the full amount made payable to ReportLinker
    • What are ReportLinker’s Payment Terms?
    • All payments must normally be submitted within 30 days. However, you can let us know if you need extended time.
    • Are Taxes and duties included?
    • All companies based in France must pay a 20% tax per report. The same applies to all individuals based in the EU. All EU companies must supply their VAT number when purchasing to avoid this charge.
    • I’m not satisfied. Can I be refunded?
    • No. Once your order has been processed and the publisher has received a notification to send you the report, we cannot issue any refund or cancel any order. As these are not ‘traditional’ products that can be returned, reports that are dispatched are considered to be ‘consumed’.
  • User license
    • The license that you should acquire depends on the number of persons that need to access the report. This can range from Single User (only one person will have the right to read or access the report), or Department License (up to 5 persons), to Site License (a group of persons based in the same company location), or Corporate License (the entire company personnel based worldwide). However, as publishers have different terms and conditions, we can look into this for you.
Purchase Reports From Reputable Market Research Publishers

Customer Experience Management Market with COVID-19 Impact, by Component, Touchpoint, Deployment Type, Organization Size, Vertical And Region - Global Forecast to 2026

  • $ 7150
  • October 2021
  • 284 pages

The global Customer experience management Market size to grow from USD 9.5 Billion in 2021 to USD 16.9 Billion by 2026, at a Compound Annual Growth Rate (CAGR) of 12.3% during the forecast period. The ...

  • World
  • North America
  • Marketing
  • Industry analysis
  • Gross Domestic Product
  • Internet Penetration

ref:plp2021

Reportlinker.com © Copyright 2021. All rights reserved.

ReportLinker simplifies how Analysts and Decision Makers get industry data for their business.

Make sure you don’t miss any news and follow us on