Impact of Artificial Intelligence in Market Research

1. Impact of Artificial Intelligence in Market Research

2. Impact of AI in Market Research • AI is the ability of machines to learn and adapt to make decisions themselves, AI is already making a huge impact everywhere it is being used. • AI is increasingly employed in a plethora of fields, replacing the workforce. • Market research is the process of gathering information about the market and customers. There are already many applications of Artificial Intelligence in market research Example : IBM’s Watson by Kia motors two years ago for its super bowl ad to pick social media influencers to buoy its message across the audience.

3. • The VUCA nature of the market means that every company needs to be at its A-game to maintain its competitive edge, facilitating market research services to aid in the process. • Market research analyses and provides information on the market to help industries connect better with their customers and build on it. With the onset of Artificial Intelligence, the efficacy of the process has seen considerable improvement. • With the onset of Artificial Intelligence, the efficacy of this process has seen considerable improvement.

4. AI Market Research is no longer - future; it is the present

5. • Large Scale Qualitative or Big Qual • Behavioral predictions • Market predictions • Personalisation • Chatbot engagements

6. Large Scale Qualitative or Big Qual • AI to process massive open-ended data sets to perform qualitative analysis effectively. • Artificial Intelligence can go through any response; irrespective of scripture formalities usually needed for other software to analyse data. • Artificial Intelligence in market research also enhances the predictive component of the research, providing more accurate predictions. • AI has considerably reduced the process time required to carry on qualitative analysis which used to take days on end for human beings to complete.

7. Behavioural predictions • Artificial Intelligence can predict the behavioural patterns of the customers and people in general by analysing data sets. • The accuracy of these predictions are high and enables better targeting the customer needs and engaging them at the right time for mutual benefit.

8. Market predictions: • Market predictions of AI can enable a company to make better decisions as a response to the ever-changing nature of markets. • Prediction on any market can be given by Artificial Intelligence via Big Data Analytics and Natural Language Processing. • Artificial Intelligence has forever improved customer interaction, engagement and calculate its impact to project a more reliable prediction.

9. Chatbot engagements • The efficiency of chatbots of today in websites is mostly limited to pre-programmed responses to specific questions. • Advanced AI in the future, user interaction is set to become more enhanced with machines with machines attaining moderator like status on the cards • User interaction has improved significantly with AI being able to provide satisfactory responses in real time.

10. • Although AI has not yet become ubiquitous in market research, it must be noted that Market Research outsourcing carried out in diverse businesses already engage open source AI like Google cloud Natural Language API, Microsoft cognitive toolkit, etc… to carry out effective research.

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