“Embrace the transformation power of AI integration in market research – where data becomes insight, algorithms uncover trends, and understanding transcends expectation.”
AI integration into market research industry is anticipated to grow rapidly in coming years. Globally, the growth rate is expected by 35.6% CAGR from 2024 to 2032. In 2023, Indian market research industry valued approximately INR 5000 to INR 6000 crores and the graph is still growing.
Traditional research methods such as surveys, focus groups, in-dept-interview, etc. are excellent for researchers to gather direct insights from target audience. However, they can also be costly and time-intensive, and the data collected may quickly become outdated in today’s rapidly evolving digital landscape.
Integrating AI technology into these methods adds significant value and efficiency. AI streamlines the data collection process, saving marketing teams considerable time, money, and effort by automating tasks and handling large volumes of data effortlessly. With advancements in natural language processing and high-quality machine learning, AI-powered market research tools can achieve nearly human-like levels of analysis regarding behaviour and intent.
Moreover, AI enhances predictive capabilities, enabling businesses to identify emerging trends and forecast market shifts accurately. This anticipation empowers companies to adapt their marketing strategies proactively, competitors, and seize new opportunities as they arise.
How AI redefine the business operation of market research agency
- Advancement is enabling market research agencies to directly access finely segmented audience insights, a concept previously considered unlikely, if not impossible. Agencies are at the forefront of this change, utilizing AI technologies to tap into high-quality, audience-specific first-party data directly from clients. Departing from the reliance on third-party providers or ineffective generic datasets, this transformation marks a significant shift in how research agencies carry out operations.
- AI is revolutionizing the way market research agencies operate in unprecedented ways. It empowers agencies to access highly specific insights about target audiences directly, a capability once deemed unimaginable. Leading-edge AI platforms are driving this disruption, enabling market research agencies to harness high-quality, audience-specific first-party data directly from their clients. This departure from traditional reliance on third-party providers or ineffective generic datasets is reshaping how agencies conduct operations.
At the heart of AI-driven market prediction lies the power of data. AI algorithms analyse a numerous data source, including consumer behaviour, social media activity, economic indicators, and industry trends. Through advanced techniques such as machine learning and natural language processing, AI helps to extract valuable insights from existing data, uncovering hidden patterns and correlations. By continuously learning from new data inputs, AI models adapt and improve over time, enhancing their predictive capabilities.
There are several tools through with we can collect real time data and get valuable insights to apply them into our research outcomes, findings, personalise our customer experience and give a dynamic turn to our studies.
Some of the tools, for market research are as follows:
- SEMRush – We used SEMRush to identify the current market trends, key player present in the market for the targeted industry, etc.
- AI persona builder and crystal – Well created persona for our prospects to establish the effective conversation that helped us to connect efficiently with them. Additionally, we can also use them to know more about our respondents prior to in-dept-interview.
- Poll to people – Enable us to connect with large panel of respondent of targeted market and help us in online quantitative surveys.
- Kompyte – Assists in simplifying the task of comprehending brand competitors and developing successful strategies to maintain a competitive edge. Key functionalities comprise thorough win-loss analyses, strategies tailored to aid sales representatives in addressing objections, and entry to an extensive knowledge repository.
- Survey sparrow – A cloud-based platform crafted to streamline the creation and management of market research surveys. It offers AI-driven support for crafting engaging questions, instant analysis of received feedback, and supplementary utilities for evaluating employee satisfaction.
Strategic landscape towards AI & ML, India
- In May 2024, Good Capital, Mauritius based venture, plans to invest over Rs. 200 crore which is almost USD 25 million, in AI start-ups in India. The funds will be allocated from the USD 50 million Good Capital Fund II, with utilization anticipated by 2027.
- In March 2024, The Union Cabinet has given the green light to an investment of Rs 10,371.92 crore for the India Artificial Intelligence (AI) mission. This initiative seeks to build a robust ecosystem, stimulate innovation in AI, and foster its utilization across different industries. It places emphasis on enhancing skills and driving socioeconomic change alongside promoting AI applications.
- In March 2024, Venture capital firms like Accel, Bessemer Venture Partners, BoldCap, IvyCap Ventures, and Indian Angel Network are gearing up to increase their investments in artificial intelligence (AI) startups, aiming for a total fund of more than Rs 25,000 crore in the coming years.
Such investment by government and private players will drive the growth of AI market in India, through which we can anticipate the increasing application of such technology in varies industries including market research & consulting sector as well. Integration of technology with research will not only contribute in company growth but will also benefit the customer and at the macro level contribute into the advancement of the nation.
What are the benefits of AI in Market Prediction?- AI helps in generating persona that enables the interviewer to connect efficiently with respondent/target audience and establish comfortable one-on-one conversation
- AI application is not just limited to persona of target audience but also helps in connecting with prospects to that helps in establishing efficient conversation.
- Helps in generating transcripts through speech recognition, real-time speech recognition, natural language processing, etc.
- AI enables real-time analysis, allowing businesses to respond swiftly to changing market conditions.
- AI-driven predictions are often more accurate than traditional methods, reducing the risk of costly errors.
- AI can uncover insights that may go unnoticed by human analysts, providing businesses with a competitive advantage.
- AI integration can help saving time of quality checks as it will automatically verify the profile of respondents with their IDs effectively.
Why does companies still hesitate involving AI tools in their research operations?
- High risk of data privacy and security, as AI relies on vast amounts of data, ensuring the ethical and responsible use of this data is paramount.
- AI algorithms may be susceptible to bias, potentially leading to twisted predictions and unfair outcomes.
- Complexity of AI models can make them difficult to interpret, requiring careful validation and oversight by human experts.
In a rapidly evolving landscape, harnessing the power of AI in market research and business consulting is not just an option but a necessity for staying ahead. We’re dedicated to driving your business forward through the power of AI-empowered market research and business consulting services.
Let’s connect today and embark on a journey towards innovation, growth, and unparalleled market advantage.”
