With advancing technologies and the advent of big data, the market research industry is taking some unexpected turns. Companies are investing more than ever in market research now. As big data continues to grow, the market research industry is adopting new technologies like automation and machine learning. This new shift may cause the growth to stagnate for a while but it is expected that it will see some revolutionary advancements within a few years.
The rapidly evolving data solutions are causing the workforce to lag behind and this is why despite the advent of machine learning and artificial intelligence, the growth will plateau for a while. Here are five trends that will be observed in the market research industry in the coming years.
- Artificial intelligence, machine learning, and automation technologies will get a boost.
The most crucial and biggest impact on the market research industry will be made by artificial intelligence (AI) and machine learning. AI and machine learning will continue to grow at a rapid rate and will significantly change big data analytics. These two technologies power the business with data unification, integration, and ability to analyze consumer behavior in real-time. As a result, they are expected to innovate market research technologies. Next five years will see AI and machine learning taking over the businesses and the way market works.
As of now, a marginally small number of companies have deployed AI tools. However, it expected that their importance will increase exponentially in the coming years. Companies will increasingly use the AI and automation tools to analyze as well as alter consumer behavior.
- Technologies with a human touch will gain popularity among market researchers.
The second most important advancement will be seen in technologies that mimic human touch. To elaborate, market researchers believe that AI and automation will gain ground in the near future and the most exciting part of it is technologies that offer a human touch. At present, there is no replacement for human cognition, especially when it comes to understanding nuanced data.
This is why market researchers suggest that the tools and software that will connect more directly and closely with the consumers will be popular.
- Data scientists will be in demand.
Due to AI and big data being the major part of market research, people with the relevant expertise will be in high demand. At present, there is a wide gap in the advancement of these technologies and their implementation. This is because there are not enough people who know how to use AI and big data for their benefit.
This gap is resulting in increased demand for data scientist and people who under AI and automation. As AI is here to stay and is still in its infant stage, the demand for data scientists is expected to rocket in the upcoming years. More people with upper hand on data analytics will be sought by all the leading businesses.
- The market will face some issues with AI adoption.
As discussed above, the market researchers are sure about a dramatic surge in the importance of AI and automation technologies in the years ahead. However, it is surprising that in the next one year this rise will be rather slow. The reason behind the same is the incapacity of businesses to match up to the evolving technologies. Companies are struggling to have a complete understanding and therefore, unable reap full benefits of these technologies. While the impact of these technologies on market research is inevitable but the adoption will face some issues and will take time.
- Budget deficiencies may make AI and machine learning application in market research difficult.
Another small hindrance in the way of effective adoption of AI and machine learning in the market research industry will be the budget deficiencies. Right now, the stakeholders and the executive are having a tough time allocating budget to AI and automation due to businesses’ inability to harvest the full benefits offered by them. Over the next few years, when these difficulties will take a back seat, the money will start flowing into these sectors.
Advanced market research may have a bright future but still has a long way to go. For further insights into market research and related topics, check out MarkSpace Media.