How AI is rewriting the rules of market research
Picture this: a company launches a product they’re convinced will be the next big thing, only to see it flop spectacularly because they misunderstood their audience. It’s like bringing swimming goggles to the Thar desert—an expensive miscalculation. For decades, market research (MR) aimed to prevent such disasters. With the rise of artificial intelligence (AI), we can expect to see the emergence of new market research industry trends.
AI is fundamentally reshaping MR, injecting speed, precision, and depth into a process once bogged down by manual analysis and guesswork. Let’s dive into how this transformation is unfolding and what it means for the future of market research industry trends.
AI: The enabler of new market research industry trends
Is your market research team drowning in an endless sea of surveys?
Then you’re doing it wrong.
You need to start using AI tools like NLP that can sift through mountains of data – social media chatter, online reviews, and survey responses – faster than you can say market research. The market research industry trends are shifting towards smarter, AI-driven tools that revolutionize how data is analyzed and utilized.
Mastercard’s proprietary Digital Engine is a great example of analysing an ocean of data in an efficient manner. It accurately identifies the latest micro-trends by accessing billions of internet conversations in real time. It also cross references these trends with Mastercard’s key areas of interest, narrowing the focus down to highly relevant trends.
Goodbye tedious surveys; Hello, synthetic data
We’ve all been there—eager to watch a video or get to the next step, only to be interrupted by a survey asking for “just a moment of your time.” That fleeting frustration captures how most people feel about surveys—an unwelcome pause in an otherwise seamless experience.
Generative AI is set to change this by creating synthetic data that mimics consumer behaviors without needing endless survey responses. Think of it as a crystal ball, simulating what consumers might do based on past patterns.
Why has synthetic data emerged as a popular market research industry trend?
There are 5 major reasons:
- Synthetic data ensures legal compliance
- It is way more cost-effective than real-world data
- It acts as filler in incomplete datasets
- Synthetic data is highly flexible and scalable
- It allows faster turnaround of insights
Read more: Beyond data analysis: The creative power of GenAI in market research
AI as the Sherlock Holmes of market research
Market researchers are detectives at heart, piecing together clues about consumer behavior. With AI, they’re no longer limited to traditional sources like focus groups or sales data. Advanced tools now pull insights from non-traditional sources like IoT sensors and video content – new frontiers in market research industry trends.
Amazon recently introduced a GenAI model, Olympus, to process images, videos, and text. It basically helps analyze multimedia content to derive actionable insights into consumer behavior. This is perhaps why Amazon is so good at identifying how products are perceived and talked about across different media formats.
The conversational AI revolution
It is 2030 – chatbots are answering questions and conducting interviews thanks to the power of conversational AI. These bots can design and administer surveys in real-time, ensuring companies have a constant pulse on consumer preferences. Think of it as a friendly AI researcher who never tires, never forgets, and always asks the right questions.
Now what if we tell you that this is not a futuristic concept, it is a present day market research industry trend.
Otter.ai is already using AI-powered transcription services for capturing and analyzing meeting conversations. Through the magic of real-time transcription, it allows businesses to extract insights into customer concerns, product feedback, and so on.
Looking forward in 2025
As we approach 2025, the market research industry trends are gearing up for some exciting transformations:
- Real-time data retrieval through tools like Retrieval-Augmented Generation (RAG), which combines speed and depth to deliver instant insights.
- Integrated analytics that merge generative AI and RAG, offering leaders holistic market overviews.
- These advancements ensure that MR doesn’t just answer “what’s happening” but also “what should we do next?”
- It’s like swapping a map for GPS: not only do you know where you are, but you also know the fastest route forward. As organizations grapple with ever-evolving consumer expectations, AI offers the tools to stay ahead of the curve. The future is here—are you ready to unlock its potential?
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