Need to Offer Standout Products Drives Adoption of Neuromarketing Solutions Among Smartphone Manufacturers
Neuromarketing solutions are being increasingly implemented in smartphones and wearable devices. These solutions attempt to deliver better marketing products and campaigns by measuring subconscious reactions of users to a product or message. The emergence of mobile phones with inbuilt eye tracking and biometric measurement capability can be largely thanked to these marketing solutions. According to a report by Transparency Market Research (TMR), the global market for neuromarketing solutions is expected to expand at a CAGR of 10.2% from 2017 to 2025, rising to a value of US$2.20 bn by 2025 from US$0.94 bn in 2016.
The field of neuromarketing is on the verge of a breakthrough with the growing emphasis on product differentiation by smartphone manufacturers. For instance, in January 2016, Apple acquired Emotient, a startup that provides artificial intelligence (AI)-based tools to read emotions and analyze facial expressions. Using this technology, Apple is set to introduce a 3-D camera on iPhone 8, which is estimated to be better at reading facial expressions.
Why are organizations across the world increasingly acknowledging neuromarketing solutions?
Neuromarketing solutions are rapidly gaining popularity in the media and advertising and telecommunication sectors. Several large enterprises worldwide are paying high attention to various aspects of neuromarketing, which will help them in gaining clarity over the response of these solutions on media and, particularly, their own advertising campaigns. This, as a result, is impacting the global neuromarketing solutions market positively. A TMR analyst states that the booming trend of studying the consumer behavior is likely to provide significant momentum to the market.
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On the other hand, complex regulatory scenario and issues related to cost, mobility, and scalability are limiting the market from realizing its utmost potential. Nevertheless, the emergence of online neuromarketing as a standard for testing prototypes, ad campaigns, and packaging designs is likely to augur well for the growth of the growth of the market in the coming years.
Which will be the major attractive regional markets for key players during the forecast period?
Geographically, North America will continue to be the leading destination for prominent participants in the global neuromarketing solutions market until 2025. The region is headquarter of a large number of players, which provides it an edge over others. Europe is also likely to account for a large share in the revenue pie, owing to the increasing investments and economic developments in the U.K.
Asia Pacific is anticipated to register a healthy CAGR during the review period, with China being at the forefront of growth. The proliferation of smartphones and flourishing growth of the media sector are contributing to the growth of the region. Some of the leading companies in the global neuromarketing solutions market are Cadwell Industries Inc., EB Neuro S.p.A., ISCAN Inc., Compumedics Ltd., LC Technologies, SR Research, iMotions, SensoMotoric Instruments, and Tobii Technology