It ’ s crystal clear that getting the pulse of consumers will require new tools and new skills . The role of AI in insights , marketing , and innovation is only going to expand , so teams need to prepare now to coordinate and consolidate efforts around a single source of truth and track emerging channels and data sources needed to get the full picture of consumers .
ARTIFICIAL INTELLIGENCE
AI Is Revolutionizing Consumer Insights And Business Must Prepare For The Future
By Enock Wandera
Artificial Intelligence ( AI ) is changing how organizations do business , no matter what industry they ’ re in . The new technology is disrupting traditional business processes , causing a digital transformation , reducing waste , and cutting overhead costs .
In fast-changing environment where brands struggle to stay ahead by developing innovative products and services , detecting , and predicting trends ahead of the competition is necessary . That ’ s where social data and artificial intelligence come in .
AI is revolutionizing the social market research industry by providing more cost-effective , fast , and efficient ways to collect , analyze , and interpret data from social media platforms , online forums , and other digital sources . With AI , businesses can get real-time insights that can help them respond quickly to changing market conditions and consumer behavior .
But many companies still think that AIenabled consumer insights are limited in scope and short term . They see the high cost of development and deployment and aren ’ t sure that AI is right for their businesses .
Recent studies , however , predict an exponential growth of the global AI market research industry driven by increasing demand for more accurate and real-time market insights .
A 2020 report from Grand View Research titled AI in Market Research Market Size , Share and Trends Analysis Report by Application ( Advertising & Media , Healthcare , Retail ), By Region , And Segment Forecasts , 2020-2027 ” estimates that the global AI in market research industry will reach USD4.05 billion by 2027 , driven by the increasing adoption of AI-powered tools and technologies by businesses across various industries .
A 2021 report from ResearchAndMarkets . com titled “ AI in Market Research Market by Offering , Application , End-user , and Geography - Global Forecast to 2027 ” also predicts that the global AI in market research industry will grow at a compound annual growth rate of 25.2 % from 2021 to
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It ’ s crystal clear that getting the pulse of consumers will require new tools and new skills . The role of AI in insights , marketing , and innovation is only going to expand , so teams need to prepare now to coordinate and consolidate efforts around a single source of truth and track emerging channels and data sources needed to get the full picture of consumers .
2027 , driven by increasing demand for more accurate and real-time market insights .
These studies and many others suggest that AI is rapidly transforming the market research industry by providing businesses with more accurate , real time , and personalized insights into consumer behavior and market trends .
Businesses that have adopted AI-enabled market research are gaining a competitive advantage by getting more accurate , timely , and actionable consumer insights and market trends .
These businesses recognize the need for better consumer intelligence that will allow them to explore their markets , spot unmet needs , and mitigate brand health risk , but many still need to make the case for the new solution .
But this is not to say that AI-enabled research is free of challenges . A 2020 study published in the International Journal of Market Research titled “ Artificial Intelligence and Market Research : Opportunities and Challenges ” examines challenges of adopting AI-powered tools and technologies .
For instance , the study points out that AI algorithms rely on large amounts of highquality data to function effectively and if the data used to train AI algorithms is of poor quality , the insights generated by the algorithm may be inaccurate .
The use of AI in market research also raises concerns about data privacy and security making it imperative for companies to ensure that they are collecting and storing data in compliance with applicable regulations and that the data is secure .
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