Featuring an extensively consolidated vendor landscape, the global market for neuromarketing solutions had the leading four companies account collectively for over 83% of the overall market in 2016, observes Transparency Market Research in a recent report. These top vendors, namely iMotions, SensoMotoric Instruments GmbH, Tobii AB, and LC Technologies, are focused on expansion across new product segments and regional markets to maintain their stronghold on the market. Further expansion attempts are expected to make the market stiffer in terms of competition. Nevertheless, proper focus on introduction of economical products and manufacturing products that fulfill the required certificates and standards for equipment set by several international and national bodies could help companies gain traction.
According to the report, the global neuromarketing solutions market will exhibit a promising CAGR of 10.20% from 2017 to 2025. If the numbers hold true, the market is expected to rise from a valuation of US$0.94 bn in 2016 to US$2.20 bn by 2025.
Of the key neuromarketing solution technologies examined in the report, the segment of functional magnetic resonance imaging (fMRI) held a 47.6% share of the global market in 2016 and is likely to remain the top-grossing technology segment over the report’s forecast period as well. From a geographical standpoint, the market for neuromarketing solutions in North America emerged as the top-grossing regional market in 2016. This is chiefly due to the fact the U.S. houses some of the leading companies operating in the neuromarketing solutions market, ensuring the region’s dominance over the forecast period as well.
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One of the key factors spelling growth for the market is the fact that neuromarketing solutions help process consumer data in a marketing environment in a highly effective manner owing to the use of neuroscience techniques. The rising applications of neuromarketing solutions across a number of industries, chiefly as the awareness regarding the vast potential benefits of these techniques is rising at a promising pace, is also boding well for the market. The market has also massively benefited from the vast rise in investment across the field of advertisement in the recent years.