Market research in 2020 has developed tremendously, thanks to the rise of mobile devices and social media. It started to be faster and easier for market experts to reach out to more people than ever before, and this generated more useful information and a more productive, more in-depth understanding of consumer behaviors.
Just think about what’s going to happen in the next ten years.
Will new developments in market research service companies turn out for the better?
We are seeing glimpses of new technological breakthroughs in the next ten years, like artificial intelligence market research, or research through video platforms like discuss.io, or red flags like deepfake, the near future looks exciting as market research is becoming a game-changer in 2020.
As reported by Stephen Scheeler, founder of The Digital CEO and ex-Chief Executive Officer of Facebook Australia, video technology ought to be the most important investment in online market research.
The emerging video technology has exploded in the last few years, and forecasters estimate that 80% of content and data collection will ultimately come through videos.
A study by Fuel Cycle in 2018 confirmed that more than 75% of market analysts believe that video research technology will certainly take up a significant role in the future of market research. On the other hand, in the same study, only 20% of researchers use revolutionary technology in video research.
Advancements in video technology, such as reliable storage and studies of videos, the advancements, such as face-scanning technology in smartphone cameras, and the geotags, can make video research a key element in market research. At some point, more spontaneous mining technologies and reporting dashboards will enable observational and self-directed video ethnography through video.
Prediction of Future Behaviors Through Machine Learning
To put it succinctly, machine learning has artificial intelligence past behaviors and activities to create current events and forecast future patterns.
Through sophisticated algorithms, machine learning stores information and experience as lessons to forecast customer behavior in purchasing items and taking further steps in planning the improvements in products.
Datorama, acquired by Salesforce in 2018, is an artificial intelligence marketing platform that identifies complex data trends, gets real-time, accurate consumer behaviors, and consolidates big data through machine learning.
This development encouraged other companies to make the best use of machine learning so that they can dig deep through complex data and make informed decisions through efficient results and valuable insights.
According to Fuel Cycle, it is estimated that 40% of market researchers have a tendency to use machine learning, and they believe that this will put the biggest impact on the market research industry in the future.
Regardless of developments in communication technologies in the past years, there’s a growing support in data acquisition by industry researchers due to the ever-increasing development of priceless information.
The good news is, the next phase in the development of market research technologies is based on the so-called ‘deep learning segmentation,’ which is a segmentation model upgraded by artificial intelligence that can help identify behavior which is too tricky for people to learn or considered without prejudice or preconceptions.
Based on these trends, it seems the near future of researching the market will generate more information than ever before, and new technologies will keep walking the fine line between getting more insightful data and invading privacy.
Technology will still be the driving force behind the general market trends and market research, however, we still hope that integrity, level of privacy, and standard individual decency should still harness its reins.