What is the future of AI in the market research industry?

1. What is the future of AI in the market research industry?

2. Artificial Intelligence is foreseen to be a disruptive innovation in the market research industry. The evolution of disruptive technology is changing the research industry operations and driving innovations to enhance productivity, understand client’s requirements, market opportunities, the brand perception among consumers, pricing analysis, product innovations, and others. Artificial intelligence is relatively a new concept for the market research industries and carries proven potential to help the market research firms in the process of organizing, analyzing, and presenting their data to the end clients. • It improves our ability to research products, makes buying decisions, understand target customers, and influence other buyers. It enhances the potential of the primary research companies for data collection, market surveys, survey programming, and data analysisbased on the desideratum of the clients. • Artificial intelligence is driving automation for the data research companies in insight generation and is saving time and money for the market research professionals.It is becoming very prominent amongst industry professionals and market researchers for more accurate, efficient, and lower-priced data collection.

3. With the application of AI in the market research industry, the time spent on writing surveys, conducting in-depth interviews, generating reports, data analysis, and on-boarding survey respondents is foreseen to reduce to half. It reduces the probability of errors in market surveys and improves the customer relationship so that the research professionals can spend more time on investigating more interesting facts and statistics as it automates the process of data collection and processing. • The global market research companies can deal with unstructured data in lesser duration with the application of AI, which makes up 80-90% of the chances of human errors. The market research executives will be able to deliver more effective consulting for marketing strategies, business strategies, sales strategies, and produce specific insights and recommendations to the decision-makers. • According to a market survey, it was found that 96% of the market researchers feel that AI is the next frontier of this industry in the upcoming decades. AI-based market surveys are foreseen to transform the open-ended feedback analysis and solve the challenges related to the same. • Data collection reveals that 93% of the researchers believe AI to a lucrative opportunity for this industry, while 7% of the researchers consider this to be a threat. 80% of the survey respondents said that AI would create a positive impact for the market research industry.