WELLESLEY, MA--(Marketwired - July 11, 2016) - Neuromarketing uses innovative technological approaches (user-interfaces, applications and software) which allow companies to better understand consumer decision-making and tailor their marketing practices, products and services. BCC Research reveals in its new report that the growing adoption of wearable devices to measure consumer activity should significantly bolster market expansion.
Neuromarketing is emerging as a new sub-area in marketing that combines psychology, neuroscience, and economics to study consumer behavior and understand consumer motivations and emotions. Neuroscientific technologies study how the brain is physiologically affected by advertising and marketing strategies. New technological approaches are being developed (user interfaces, applications and software) that will enable companies to "read the customer's mind" in order to tailor their marketing efforts.
The global market for neuromarketing technology should reach $22 million and $50.3 million in 2016 and 2021, respectively, reflecting a five-year compound annual growth rate (CAGR) of 18%. The American market is expected to grow from $10.6 million in 2016 to $24.6 million in 2021 on a five-year CAGR of 18.3%. The EMEA market should reach $23.1 million by 2021, demonstrating a five-year CAGR of 17.8%.
The use of neuromarketing technologies such as mobile, eye tracking and biometric response has increased in recent years. In 2013, global market research spending rose to $29 billion, representing a year-to-year increase of 0.7% after inflation. On the other hand, only 1%, or about $330 million, of the global market research expenditure was directed at neuromarketing. The percentage of marketing buyers using neuromarketing is about 10%, which should increase over the forecast period due to new technologies like wearable smart devices.
Currently, 107 companies are targeting different client sectors that include insurance and banking, retail and consumer brands, market research, pre-testing, scientific institutions (medical, marketing, psychology), and multinationals from retail, automobile, and media companies. Companies that use neuromarketing technologies rely on hardware and software applications to process signals from various devices and provide analytical information about consumer emotions and motivations.
"The increase in smart wearable technology will boost the neuromarketing market. The capabilities of wearables devices such as smart glasses, heart rate-monitoring wristbands and brain-sensing headbands can help the neuromarketing market to grow by decreasing costs," says BCC Research analyst Joana Sousa. "The main technologies used for neuromarketing (EEG, fMRI and eye tracking) are not new in marketing but neuromarketing companies feel the need to improve their usability and decrease the associated costs. Wearables such as smart glasses and smartwatches can provide the same measurements, such as emotion measurements, at a lower cost, helping neuromarketing companies to grow. "
Neuromarketing Technologies: Global Markets (IFT127A) analyzes industry structure by sales revenues, market shares, key neuromarketing technologies, and recent technology developments. Analyses of global market drivers and trends, with data from 2015, estimates for 2016, and projections of CAGRs through 2021 also are provided.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. Founded in 1971, BCC Research is a unit of Eli Global, LLC. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.