How AI is disrupting the $30 billion market research industry?

The global market research industry has a market size of US$30 billion. This has traditionally been regarded as a key cornerstone for accelerating business operations in all industries and is the key to determining corporate strategy and development path. However, now the industry is on the cusp of being disrupted by AI. There are signs that AI will disrupt the market research industry, provide real-time insights, and reshape the industry landscape.

AI has the extraordinary ability to deeply understand user behavior and eliminate the time constraints that traditional market research has to face. Traditional methods usually require a research team to spend a month collecting data, and then another month to analyze and obtain the results. AI changes that, allowing businesses to adapt, react and strategize with almost instantaneous real-time data and information in their databases.

A key to the AI ​​revolution is digital engagement. Instead of using tedious surveys, market research platforms use AI to engage users in an interactive, enjoyable and insightful way by increasing engagement and getting more high-quality feedback. This unique approach not only radically enhances the user experience, but also creates high-quality databases from rich sources, ushering in a new era of data collection in the digital realm.

AI redefines business

AI is redefining the data economy in an unprecedented way. It gives businesses direct access to highly segmented audience insights, a feat once thought unthinkable. AI enables businesses and publishers to obtain high-quality, first-party data directly from their audiences. While traditional approaches often involve third-party providers or ineffective generic data sets, taking an AI approach is a giant leap that will reshape future business decisions.

Pioneering artificial intelligence platforms are leading a landmark transformation, providing businesses with direct access to highly segmented audience insights. Scenarios once considered unattainable are now feasible. This transformation means that the business decision-making structure will be completely reshaped

As the market and competition become increasingly fierce and consumer groups continue to change, AI is no longer a luxury, but a necessity for the survival and development of enterprises. . The transformative power of AI has brought valuable impact to the market research sector, highlighting a new kind of research—one that is dynamic, real-time, and rich in depth and detail.

AI Reshapes Market Research

One consumer market that has benefited significantly from AI-driven market research is the advertising industry. The advertising industry is centered around understanding user purchasing patterns and preferences, and most demand-side platforms (DSPs) rely on probabilistic data. But do they have the same data that Google, Amazon, and Meta directly capture users’ real-time purchasing intentions? maybe not.

This is where ad publishers fall behind, and this gap can be bridged with AI solutions. By accurately classifying purchase intent, advertising publishers can obtain more direct budget from businesses and agencies that would otherwise be diverted to other channels due to a lack of precise user targeting.

While AI’s impact is felt across all industries, its transformative power has a unique impact on the market research sector. As technology continues to innovate and advance, businesses must embrace the changes it brings. Adapting to these changes is no longer an option but a necessary strategy to survive in an increasingly competitive market.

As artificial intelligence continues to penetrate the market research field, we will witness a rapid renaissance in this traditional industry. From cultivating instant rich insights, to enhancing powerful audience engagement, to streamlining data collection and orchestrating real-time results, researchers will no longer have to spend a month collecting data and wait another month for results

Led by advanced platforms, the future development of the market research industry undoubtedly depends on the strategic deployment and creative application of AI innovation.

Safe and reliable adoption of AI

The penetration of AI into market research has also had a significant impact on data privacy. As consumers become increasingly aware of the importance of their digital footprint, the need for transparency and control over personal data is reaching a tipping point.

AI technology provides a way to solve complex situations and provide deep customer insights without violating data privacy norms. AI algorithms can help process anonymized data, stripping away personally identifiable information and focusing on behavioral patterns. This approach not only protects users' privacy, but also helps build a positive corporate brand image and cultivate trust among customers

In addition, the emergence of artificial intelligence in the field of market research is not just a revolution, It’s more of an evolution. This marks the beginning of a new era. In this era, enterprise business will be driven by data to communicate, tell stories and predict the future

By adopting AI, enterprises can create an interconnected data ecosystem where every piece of information is relevant and helps improve business acumen. This also creates a continuous learning environment where businesses evolve with their customer base, ensuring their products remain relevant and they can achieve their goals even in the face of changing market dynamics. strategy.

In summary, AI is disrupting the market research industry by providing businesses with real-time data, enhancing digital engagement, redefining the data economy, improving workforce efficiency, and driving innovation. The market research industry must adapt to these changes and harness the potential of AI to thrive in a highly competitive market. Market research professionals and businesses must adopt AI to promote innovation, gain competitive advantage, and thrive in today’s fast-paced and data-driven business environment. By harnessing the power of AI, businesses can gain deeper insights, make informed decisions, and stay ahead of the changing marketplace.

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