How AI Will Impact The Market Research Industry In 2023

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AI Impact On Market Research

Artificial Intelligence (AI) is the in-thing now! Ever since the ChatGPT has been launched, almost every second day we see people discussing AI. The emergence of AI tools has now started a debate, on how it will impact different industries. While some believe it will take away jobs, some say it will increase productivity. Though both are interrelated, yet, at a moment when ‌AI is still in its early stages, it will be too early to reach any firm conclusion. So, here, we will discuss, if AI will impact the market research industry in 2023. Without going into too many things, let us say it in simple words, yes, it will impact. Now whether the impact will be positive or negative time will tell. 

In This Post, We Will Try To Know In A Little More Detail.

Whatever business you are in and whatever size your business is, market research has always been an essential part of business strategy. The purpose of a marketing research study is to help businesses understand customer needs, behaviour and preferences, to deliver better products and services and offer a better customer experience. 

If we look at the process of market research, we will see that not much has changed in the process of conducting market research for decades. The process usually includes collecting data, monitoring data, analysing data, filtering data, conducting focus groups, survey responses, conducting focus groups, and also analysing feedback data. However, with the entry of AI across industries, the market research industry too will not remain untouched this time. AI seems to be already creating a massive amount of impact and is on the verge of bringing a revolutionary transformation in the marketing research sector.

Here you will find out how AI will impact the market research industry and the possible advantages and challenges expected from this transformation.

The Impact Of AI On Market Research Study

According to many studies, maximum researchers see AI as an opportunity for the industry. People have hope that AI will bring a positive impact on the market research industry. The main reason for this confidence is AI is potent in channelizing and automating the market research process. It will allow those in the market research sector to collect and analyze data quicker and more precisely. It will also give businesses a considerable advantage while allowing them to make data-driven decisions, which can be more prompter than their competitors.

The Role Of AI In Creating And Eliminating Jobs

Though there is an assurance from AI, people still have doubts about AI’s impact on the job market. Experts believe that AI will create more market research jobs in the future, while some experts believe it will eliminate many roles and bring the number of jobs down across domains. And some think there will be no change in the job market. Owing to these assumptions, many market research professionals are preparing to switch their jobs and some even looking to change their entire careers.

Sectors That Will See Maximum And Minimum AI Impact

Some of the sectors will see a significant impact of artificial intelligence. Advanced data analysis is expected to be massively impacted by AI. Moreover, automated stats analysis, natural language processing, text analysis and the Internet of Things are a few more sectors that will see AI technologies making a significant impact. On the other side, virtual reality, facial recognition, survey design tools, chatbots like Facebook Messenger and basic data analysis may not see a significant impact.

Experts anticipate that AI will take control of data analysis entirely within the next ten years, and close to 1 out of 4 surveys will be done via a digital assistant within the coming five years. However, there is another anticipation that the data quality of spoken surveys will be lower than typed surveys. Therefore, researchers are keener on handing over tasks like data cleaning and localising surveys for various countries to artificial intelligence. 

AI Impact On Market Research By Industry

The AI impact on market research of various industries will differ. It is expected to impact the market research industry in healthcare, media, education, financial services,  retail and the high-tech sector.

AI Challenges In Market Research

Though AI will turn out to be significantly beneficial for the market research industry, it also produces some challenges. The most critical challenge is the lack of faith in AI-generated data accuracy. While AI algorithms are capable of analyzing a massive amount of data in one go at a much faster speed than humans, researchers still have a doubt about the accuracy of the data and they will need to crosscheck if the data is relevant and accurate. Therefore, human intervention to validate and interpret AI-generated data using algorithms will be a necessity.

Another challenge that researchers will face is the data that was used to train AI algorithms is impartial, neutral and unprejudiced. It is believed the quality of the output depends on the quality of the input. Therefore, it is vital to guarantee that the data that is used to train the algorithms represents the entire population and is free from partialities and biases.

Final Thought

The market research industry is going through a significant transformation, and with AI all set to bring revolutionary change in every sector, this transformation in the market research sector is expected to propel faster. Businesses that will adopt AI in market research are expected to gain a competitive edge in their industries over their competitors. They will be able to make faster data-driven decisions and their productivity will increase by many times. By taking advantage of the potential of AI, market research companies and researchers will be able to survey massive amounts of data, gain new insights into the industry, and make far more well-informed business decisions.