The Neuromarketing Global Market

Value 

The Global Neuromarketing or Consumer Neuroscience Market reached $21.0 million in 2015, increasing at a compound annual growth rate (CAGR) of 18.0% from 2016 to 2021 (BCC Research). In 2020 was valued at USD 1,158.37 million, and it is estimated to be worth USD 1896.1 million by 2026. Anticipating to register a compound annual growth rate (CAGR) of 8.89% during 2021-2026 according to this Mordor Intelligence overview report.

The increasing awareness about the potential benefits offered by numerous neuromarketing research techniques is further driving the utilization of various neuromarketing solutions at a rapid pace (Mordor Intelligence) and advances in technology have made it possible to use brain imaging in organizational settings a relatively low cost and in a practical way to further neuroscience research efforts in business settings (Waldman et al., 2019), major companies like PepsiCo,Coca Cola, Frito-Lay, and Hyundai have adopted neuromarketing research techniques to conduct market research, run focus groups, and design marketing campaigns. These techniques include the ones you have read about in my posts: functional magnetic resonance imaging (fMRI), electroencephalography (EEG), eye tracking, and Galvanic Skin Response.

Largest Market Share

In the global neuromarketing market, North America is one of the most influential regions, this is due to the growing number of vendors based in the US, the high investment in digital marketing by North American end-user industries, and the high investment in marketing strategies and competition among brands that seek to augment traditional market research studies with neuromarketing techniques.

Moreover, the US is a pioneer in this market and is exhibiting a significant role in bringing technological progress to the global market. The region is home to globally recognized market research companies, like Nielsen, IQVIA, Kantar, Information Resources Inc., and Ipsos, which are noteworthy players in the market development. (Mordor Intelligence)

Major Players

According to Mordor Intelligence, the neuromarketing market is moderately competitive and consists of several players. The market share is currently dominated by few of the players with the rising demand for neuromarketing application and technological advancement across the emerging economies; many companies are increasing their market presence, thereby expanding their business footprint across the new markets.

In the top major players they highlight:

• Merchant Mechanics Inc.– a research firm specializing in shopper behavior and consumer neuroscience
• Neural Sense (Pty) Ltd –  a full-service Neuromarketing consultancy
• NVISO SA –   a global leader in human behavior artificial intelligence (AI) software
• for the extreme edge, serving manufacturers of user-centric products and services worldwide.
• Cadwell Industries Inc. – a full suite of electrodiagnostic supplies for electroencephalography, electromyography, nerve conduction studies, evoked potential, neuromuscular ultrasound, intraoperative neurophysiological monitoring, and sleep diagnostics.