Market research has developed exponentially over the years, thanks to the rise of social media and mobile devices.
Fremont, CA: It became more straightforward and faster for the market researchers to reach out to more people, and this led to more generated insights and a better, more comprehensive understanding of the customers. On the downside, market research companies became more intrusive, leading to breaches in privacy and manipulation of public opinion. But one thing is for sure that the growth of market research technology has been too rapid and turbulent to handle. Here are some market research trends that are dominating 2020.
Video analysis will be applied further
A 2018 study showed that more than 70 per cent of market researchers believe that video analysis technology will play a significant role in the future of market research. However, in the same study, only 22 per cent of them use cutting edge technology in video analysis.
Improvements in video technology, including efficient storage, and analysis of video, the prevalence of smartphone cameras, and the use of geotags, will make video analysis become a significant facet in market research. Eventually, more intuitive reporting dashboards and mining technologies will enable self-directed and observational mobile ethnography through video.
According to a study, he speech and voice recognition market will be worth USD 31.82 by 2025, as demand for voice-activated systems, voice-enabled devices, and voice-enabled virtual assistant systems like Alexa grows continuously, especially in the e-commerce and food delivery industries.
Google’s team of developers has refined its AI assistant Google Duplex in such a way that it can now make real phone calls to people and understand the nuances of conversation. Moreover, with the existing big data generated from transactions through voice-activated devices, companies are starting to check for trends in purchases and sales through devices. Soon, the consumer will have AI operating as market researchers, conducting phone and speaker device interviews. Additionally, when combined with other existing technologies like GPS tracking, researchers can get more detailed information about current and existing customer’s behavior. The so-called voice of the customer will become an actual one.
Machine learning will keep on growing
Machine learning, in a nutshell, is having AI use past patterns and experiences to process current events and predict future behavior. Algorithms help machine learning to stock up experience and take information as lessons to predict consumer behavior like purchases and considering promotions.
Based on these developments, it seems the future of market research will yield more information than ever, and new technology will continue to walk the fine line between intruding privacy and to get more insightful data. Technology will keep on being the driving force behind the leaps and bounds in market research, but still, there is hope that ethics, privacy, and basic human decency must even harness its reins.