If artificial intelligence can reach out and touch education and agriculture, the market research industry is undoubtedly within its grasp too. With the change in time, artificial intelligence in market research is slowly becoming a significant demand in the industry. However fast the AI process is, it has been welcomed with the time that nothing is ever satisfactory.
Before machines, humans needed more working hands for the factories and, later, we needed more machines and fewer hands, now humans are working on making machines to complete half their work. Also, not to forget the automation industry is working hard to make everything easier for us by reducing effort and requiring less time.
However, we are still not satisfied with the development of technology as now we need an intelligent machine. We now require Artificial Intelligence in market research to make the system smart enough to work faster and also think for itself to produce results quicker and in a more effective way.
Yes, that’s how artificial intelligence is going to take over the world and not just the market research industry. Here is what the future holds for the market research industry:
Key findings on AI in Market Research:
AI is seen as a helpful entity in market research:
- 93% of researchers look at AI as a great industry opportunity, and the other 7% see it as a significant threat to the industry.
- 80% of researches believe AI will make a potential impact on the market research industry. Researchers share this view.
- 26% say AI will give rise to many market research job opportunities than today.
Market research industry:
Artificial Intelligence is creating new opportunities and is making people perform better at their jobs in three ways:
- Automation of tasks can help people perform their job faster and precisely.
- It provides the ability to generate insights from the huge amount of data.
- Also, by offering the ability to enable interactions with technology via NLP (Natural language processing) communications.
Automation, insight generation and natural language processing allow businesses to survey the market consistently, rather than spending specific time, labor, and money to the process.
Is AI a researcher’s friend or foe?
Is AI a threat? A great opportunity? Or just something we enjoy in movies.
No one has a clear idea of AI future and how it will help humankind. But researchers in the industry, at least, are optimistic. This enthusiasm is common among older and younger professionals.
Researchers say that AI will impact on bringing greater data accuracy, increase the size and boost the overall productivity of the market research industry, and create or keep more jobs than it destroys.
Examples of AI in Use Today:
Today, we witness several ways in which artificial intelligence can empower researchers with powerful insights and analytics of the market that would not have been previously possible. Many of its uses are notably helpful in processing large and unstructured datasets.
While many of the researchers and business owners are still deciding on whether AI is a friend or a foe to the business world, several business owners have already begun adopting AI. Here are a few examples of AI that is used in the market research industry:
- Managing open-ended data
- Proactive community management
- Virtual market research & forecasting
- Chatbots & virtual moderators
- Enabling secure and faster secondary research
The Future of AI in Market Research:
Of course, the AI progress in market research never stands still. We are still very much in the absolute fantasy of artificial intelligence. It is a technology that will have a much more significant effect on market research in the coming years. Although there is little way to predict the exact impact of AI on the market research industry, the ideas and opinions highlighted above are already in development – and may come to life sooner than we think.
With the combination of human and AI skills, a business can do more than we can today. A well-trained AI model can also achieve more than a human by finding the connections in the data at a large scale that is practically impossible for a human. AI, when implemented, can help us understand more about what we think today.
With the promise of such a tremendous impact on AI, the advantages of implementing AI in market research will tremendously increase in the years to come.