Neuromarketing Solutions Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025
Albany, NY -- (SBWIRE) -- 10/02/2018 -- Media, advertising, and telecommunication industry is involved largely in exploring neuromarketing solutions to conduct research. Investments in advertising research promotes the growth of neuromarketing to a large extent. Neuromarketing offers benefits to fields of advertising, product packaging, new product development, and product pricing. Major companies have started to invest in carrying out in house research using neuromarketing for their advertisements and products in order to analyze the response of the subjects on the test conducted.
Neuromarketing helps marketers understand the key factors which persuade a customer to make a purchase. It helps the marketer to gain insights on the consumers buying behavior which in turn helps the company to formulate effective and efficient marketing strategies.
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Based on the technology, the global market for neuromarketing solutions is classified into functional magnetic resonance imaging (fMRI), magnetoencephalography (MEG), eye tracking, electroencephalography (EEG), and positron emission tomography (PET). The fMRI segment led this market with a share of 47.6% in 2016 and was closely followed by the EEG segment. Although the mobility and the cost of fMRI devices is a concern for the end users but the demand for this technology would not be affected in the coming years, ensuring the continued dominance of this segment.
EEG is second-most common technology utilized in neuromarketing solutions and is expected to remain so over the next few years. Eye tracking is also expected to attract the attention of researchers working in the field of advertising research in the near future. Eye tracking solutions are predominately utilized in advertising and media research. The companies providing eye tracking solutions, are likely to involve actively in the process of developing advanced remote as well as mobile eye tracking solutions, owing to which this segment is anticipated to report a high-paced growth in the years to come.
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Functional Magnetic Resonance Imaging (fMRI), Electroencephalography (EEG), Eye tracking, Positron Emission Tomography (PET), and Magnetoencephalography (MEG) are the most commonly used techniques of neuromarketing. The market for eye tracking solutions is fragmented with a large number of players. Positron Emission Tomography (PET) and Magnetoencephalography (MEG) are less frequently used for the purpose of market research. High cost and mobility issues are the key concerns of the buyers of neuromarketing solutions.