In the recent years, new trends in market research industry have been witnessed such as mobile research, big data, wearable technology, personalization, and global market research. However, we can see a significant impact on the market research industry along with the other notable trends such as big data that will continue into the next few years and change the way of market research. New trends in market research such as automation, artificial intelligence, and machine learning go hand in hand. Machine learning gathers big data, processes, learns from the data, then uses artificial intelligence (AI) to communicate the learning and gather more data, therefore, creates an automated process. This ability to gather, process, communicate, and learn from data has a huge impact on global market research growth. Market research providing a means to gather and interpret big data, limits time spent on determining the what, when, where, how and focuses on why, solves until the number of data points needed are obtained to provide accurate insights. These trends change the way market researchers conduct business each day.
Globally, market research companies are now-a-days known as data scientists due to the influx of data that is becoming available. Therefore, there is a shift in data sciences from market research. Data scientists use visualization and machine learning tools to find new trends and patterns in data. With the adoption of more of these tools in marketing and research it is blending the two roles. Market researchers start with data science to bring to light what’s happening in relation to a specific business problem, and later use market research data to predict future outcomes and solve problems. Therefore, market research and data science are termed as one process to create a holistic view of research.
Globally smartphones are used extensively to gather more specific data and this trend will continue over the next few years. The embedded applications in smartphones will have the ability to share data with each other through smartphones at a price. Data like location, gender, age, purchasing habits, and app usage are few examples of what’s available on smartphones. Such information will add to an unparalleled level of insight into the consumers’ behaviour when combined with machine learning, expert market researchers and data scientists. The below block diagram will depict the principles of the global market research industry.
It was observed that there are several predictions for the year ahead in the global market research and analysis industry. Majority of the clients in the global market research industry are favouring for a single research platform. At present, the industry is at the development of the initial phase of the single research platform. It is easy to visualize how transformative a single research platform would be for the industry, where all the analyzed data and reports are aggregated by machines rather than humans. Global market research industries will realize the benefits of single research platform and cross-analysis, along with the ability to run different types of projects, cross-analyze findings, and maintaining key data in a single location. We may witness these developments in the year 2018, without any major market changes until at least the next few years.
It was observed that larger traditional market research companies around the globe will decide to push a very specific consulting offer. Almost all the clients will need assistance to manage the new fundamental changes while market research industry will become more agile along with ever increasing amounts of data. The talent thinkers and storytellers in the global market research industry will start providing deeper insights and skilful storytelling in the next few years. With the evolution in technology, the industry makes space for consultation-type approach to its clients. Machine learning is a branch of Artificial Intelligence and global market research industry revolves around AI. There are many market research survey companies which are experimenting with, and implementing these solutions to solve real-world business needs. The global market research industry needs AI to make research better, faster and cleverer.
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Ankur Gupta, Head Marketing & Communications