The Impact of Artificial Intelligence in Market Research

Everyone has heard of Artificial Intelligence, but only fewer are confident about knowing about it. In market research, will AI choke off jobs, or will it set off a resurrect new market research innovation and job?

Everyone has heard of Artificial Intelligence, but only fewer are confident about knowing about it. In market research, will AI choke off jobs, or will it set off a resurrect new market research innovation and job?

93% of researchers see AI as an industry opportunity, and 7% see it as a threat. 80% say AI will make a positive impact on the market research industry. Both older and younger researchers share this view. 

Around half of the market feel confident about AI and predict that it will have a significant impact on the market-research industry within 10 years. 

Today, having a conversation with a device or a speaker is becoming common. The most striking advancements in AI have come in the form of natural language processing. 

It's a big topic of discussion about whether AI is a threat or an opportunity. However, researchers seem optimistic and enthusiastic. They say AI will deliver greater accuracy, increase the size of the market research industry, and will create or maintain jobs. 

Adopting Artificial Intelligence

Making room for expected advancements, such as Artificial Intelligence, means adapting with the new presence in the industry. 

A survey states that 50% consider additional training for technology adoption, and some will navigate to new roles until the technology is adopted. There are a few who are dissatisfied and want to leave the industry, while 22% of professionals think AI will do a better job than they do within 10 years.

With mixed views, AI seems a threat to a few while great assistance to others. Thus those in favor consider training for data science, qualitative research, and computer science.

AI consists of the most obvious application helping with data cleaning and serious statistical analysis. Not just this, researchers understand the AI has a greater role to play in reading open-ended responses, determining sample size. Parallel to a smaller degree, AI can provide insight findings in the data, just like research does. 

The most actionable insights are often hidden deep in open text responses. With the help of Artificial Intelligence and natural learning processing, text iQ analyzes it all so you can see what is in your customer's and employees' own words that matter the most.

How AI is Helping in the Market Research 

Market Research Companies have already been using AI as a tool for finding efficient results globally. AI is been used in a few following ways -

AI can be used to process surveys so that companies can find customized questions and provide answers.

Offers insights from the data collection process.

AI can be used for making strategies and business decisions faster by collaborating the data researched with behavior or sales insights. 

Different ways AI is Helping Market Research Industry

AI makes tasks automatic that helps perform work more effectively and efficiently.

More data means better results, as AI gathers insights from the data.

AI leverages the ability to interact with the customers with the help of natural language conversation technology.  

Cost is also one of the major concerns for companies. AI can depreciate the cost paid by the market research companies for conducting research and perform repetitive tasks manually at a low pace.  

In the Nutshell - 

The behavioral information of artificial intelligence can help market research companies understand future trends a consumer behavior, which can further help in creating business decisions and strategies.

AI will be able to depict the consumer's engagement or disengagement in the upcoming years. This depiction can help in sales and provide a major aid to different sectors of the industry. 

In the later years, we can see AI provide and influence marketing strategies, business models, customer service options, sales processes, and in-depth consumer behavior.

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