AI and its Impact on Market Research

Introduction:
Artificial Intelligence (AI) has become a driving force in various industries, and market research is no exception. With its ability to perform tasks that typically require human intelligence, AI is poised to revolutionize the market research industry. In this article, we’ll explore key insights from a recent study conducted by Qualtrics, highlighting the impact of AI on market research and how professionals in the field are adapting to this transformative technology.

AI as an Industry Opportunity:
According to the study, a significant majority (93%) of market research decision-makers perceive AI as an opportunity rather than a threat. Both younger and older researchers share this positive outlook, viewing AI as a force for good in the industry.

Impact on the Job Market:
While AI is expected to bring about changes in the job market, opinions on its specific impact vary. About one-third (35%) of respondents believe AI will reduce the overall number of market research jobs, while 26% anticipate an increase. However, the majority (39%) do not foresee significant changes in the job market.

Tasks Most Likely to be Replaced by AI:
AI is expected to make certain market research tasks redundant. Roles such as market research assistants, statisticians, and research analysts are considered most likely to be replaced by AI within the next decade. On the other hand, strategic and qualitative jobs, including VP of Market Research and ethnographic researchers, are deemed less susceptible to AI-driven automation.

Advancements in Data Analysis:
Advanced data analysis is considered the top AI technology expected to make an impact on the market research industry. A significant portion (63%) of researchers believe AI will take over data analysis within the next ten years, enabling faster and more efficient processing of large datasets.

Conversational Surveys:
The rise of natural language processing has opened up the possibility of spoken surveys, with researchers predicting that nearly one in four surveys will be conducted through digital assistants within the next five years. However, concerns remain regarding data quality and respondent experience in comparison to traditional typed surveys.

AI as an Opportunity:
Despite uncertainties surrounding the future of AI, researchers generally view it as an opportunity rather than a threat. The majority believe that AI will enhance data accuracy, increase the size of the market research industry, and create or maintain more jobs than it displaces.

Adapting to AI:
Market research professionals are preparing for AI’s integration by adjusting their roles and acquiring new skills. Many researchers plan to focus on checking the accuracy of AI-produced data, making business recommendations, and conducting more research. Some professionals have even considered additional training or exploring career options outside of market research.

Conclusion:
The market research industry is on the brink of a transformative era with the advent of AI. While AI is expected to replace certain tasks and roles, market research professionals have a generally optimistic outlook, recognizing the potential for AI to improve data accuracy and enhance the industry. Adapting to AI requires professionals to embrace new responsibilities and acquire skills to complement the capabilities of this technology. By leveraging AI’s power, the market research industry can uncover valuable insights more efficiently and drive informed decision-making in an increasingly data-driven world.

Source: https://www.qualtrics.com/m/assets/wp-content/uploads/2018/08/AI-in-MR-Final.pdf