Technology in the market research arena is moving at a phenomenal pace. Over the past decade, increased use of mobile devices and social media platforms has revolutionized the way that insights are gained. Market researchers have been able to reach out more quickly and more easily to even more consumers. The latest advances have resulted in companies being able to gain a more comprehensive understanding of their customers than ever before. However, it hasn’t all been plain sailing. Market research is becoming more intrusive. There have been privacy breaches and public opinions have been manipulated.
So, how is 2020 shaping up for the industry? Of course, it goes without saying that paid survey sites are going nowhere any time soon. After all, they have formed the backbone of the sector for many years. The information gained in this way will certainly remain extremely valuable well into the foreseeable future. However, the way in which consumer insights will be gained is set to change rapidly over the months and years to come. Survey respondents will no longer simply by checking boxes. They may be responding to AI market researchers or giving their input through video and face recognition technology.
With this in mind, which trends should we be looking out for in the market research industry this year?
The Further Application Of Video Analysis
It’s widely believed within the industry that video technology is going to be the largest investment within the market research sector in 2020. Over the last half-decade, video consumption and technology have exploded beyond all expectations. Now, forecasts are predicting that as much as 80% of all data content and collection will eventually be derived from video.
In fact, over 70% of all market researchers now think that the use of video analysis technology is set to have a key part to play in the industry’s future. Yet, at the moment, only just over a fifth of them are currently using the latest video analysis technology. However, with geotags, high-quality smartphone cameras and face-scanning capabilities now becoming commonplace, 2020 is likely to see many more researchers adopting this technology.
Voice Technology Set For Widespread Adoption
Studies have revealed that the voice and speech recognition market is set to be worth an impressive US$31.82 billion by 2025. Demand is on the rise for voice-enabled devices, voice-activated systems and virtual assistant voice-enabled systems such as Amazon’s Alexa. This will almost certainly have an impact on the market research sector.
Voice biometrics allows an individual to supply their own digital audio fingerprint so AI can communicate distinctly with a range of users, even those without writing or reading skills. AI assistants are now able to make actual telephone calls to humans and, even more importantly, understand the conversation and its nuances. The upshot of this is likely to be that AI could soon be supplementing the existing market researchers’ role, carrying out speaker device and telephone interviews. When this is combined with other technologies such as GPS tracking functionality, researchers will be able to obtain extremely detailed details about customers’ behavior.
The 2020s – An Exciting Decade For Market Research
It’s clear that the market research sector is set for a radical overhaul over the next decade. However, hopefully, the major elements of consumer privacy and security will not be overlooked in the drive for change. As new technologies are embraced by the industry, customer insights will become easier than ever to gain and will be more relevant and up-to-date than ever before. As a result, brands will be in the best possible position to give consumers what they want and need.
