NEW YORK, July 11, 2016 /PRNewswire/ -- Use this report to:
- Learn about recent technology developments, growth drivers, industry challenges and market trends in neuromarketing.
- Analyze the market by geographic segments, key players, challenges and opportunities.
- Gain insight into recent technological advances in neuroscience technology and ethical issues in neuromarketing.
- Receive an overview about the history and current state of neuromarketing.
- The global market for neuromarketing technology reached $21.0 million in 2015. The market is expected to reach $22.0 million by 2021 from $50.3 million in 2016, increasing at a compound annual growth rate (CAGR) of 18.0% from 2016 to 2021.
- The American market is expected to grow from $10.6 million in 2016 to $24.6 million in 2021 at a CAGR of 18.3% for the period 2016-2021.
- The EMEA market will grow from $10.2 million in 2016 to $23.1 million in 2021 at a CAGR of 17.8% for the period 2016-2021.
Introduction & Scope
Marketing organizations are developing new methodologies and mechanisms to capture the attention of consumers in an increasingly cluttered physical and virtual world of information and entertainment. Increasingly the focus of such new developments is on neuromarketing. Neuromarketing combines psychology, neuroscience, and economics to help marketers better understand consumer behavior. Neuroscientific technologies are used in order to understand the consumer motivations and emotions and to study how the brain is physiologically affected by advertising and marketing strategies. Neuromarketing uses leading new technological approaches (user-interfaces, applications and software) which allow companies to better understand consumer decision-making and tailor marketing practices, products and services to their needs. These new technologies are providing a growing market for hardware and software manufacturers. While the market for specific neuromarketing technologies is nearly $21 million, the area is driving additional expenditures in market research, totaling more than $29 billion, and innovations in devices such as wearable technologies to measure consumer activity. The opportunity for neuromarketing technologies will grow as they become more widely adopted and business models evolve to better serve the needs of the market research industry.
STUDY GOALS AND OBJECTIVES
The goal of this market report is to evaluate the opportunity for technology providers driven by the neuromarketing market, which is an emerging market. The report evaluates recent technology developments, growth drivers, industry challenges and market trends in neuromarketing. For greater clarity, and since it is an emerging market, it is important to develop an estimated forecast for the global market from 2015 through 2021, based on data available, The report also analyzes the market by geographic segments, key players, challenges and opportunities.
REASONS FOR DOING THE STUDY
Neuromarketing is a new area in marketing that can potentially help companies better understand their customers. It is driving company investments in new technologies, particularly in areas such as wearable smart devices. BCC Research offers this report to help market participants better understand and leverage the opportunities.
SCOPE OF THE REPORT
This report covers several key areas in the neuromarketing market. Global market trends are analyzed with currently available data on the number of neuromarketing companies and their sales revenues. The report discusses recent technological advances in neuroscience technology, ethical issues in neuromarketing, and the challenges and barriers that may restrict the market. The history and current state of neuromarketing is reviewed and discussed. An analysis of industry structure, including sales, market share and the major market drivers, is presented. Key neuromarketing technologies such as functional magnetic image resonance imaging (fMRI), electroencephalography (EEG), galvanic skin response (GSR) measurement, eye tracking and biometrics are examined. Likely future industry developments in neuromarketing technology are discussed.
Detailed reviews of company revenues based on their use of neuromarketing is considered beyond the scope of this report and is excluded from the study. Regions in this report include the EMEA (Europe, Middle East and Africa), the Americas (North America and Latin America) and APAC (Asia-Pacific). Regions are broken down further where data was available.
The intended audience for this report includes neuroscientists, marketers, suppliers, customers, commentators, analysts and investors in the following industries:
- Neuromarketing technology manufacturers.
- Wearable smart device and accessories manufacturers.
- Military and security systems and equipment manufacturers.
- Multimedia marketing and gaming industries.
- Cloud services, big data services and internet service providers.
- Multimedia and video content developers.
- Branding, product and services marketing industries.
METHDOLOGY AND INFORMATION SOURCES
Both primary and secondary research sources were used in preparing this study. Primary sources of information included contacts with market players. Secondary information sources included both printed publications and online resources. These include previously published market research reports, corporate documents, technology white papers, public company disclosure statements, press releases and assorted industry reference sources. Market size estimates were obtained using data available on neuromarketing companies. Other sources included company websites and the Neuroscience Marketing and Business Association (NMSBA) and NeuroRelay websites. Company interviews also provided information about market segments and barriers to the market.
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