Emerging Market Research Trends in the Future

The future of market research is shaped by transformative trends like artificial intelligence, advanced analytics, and evolving consumer preferences, empowering businesses to anticipate, adapt, and thrive in dynamic markets.

FREMONT, CA: Emerging market research trends are set to redefine the way businesses understand, analyze, and respond to consumer behavior, market trends, and competitive landscapes. With innovations such as artificial intelligence, big data analytics, and predictive modeling becoming increasingly accessible, market researchers are empowered to glean deeper insights, anticipate future trends, and make informed strategic decisions.

Artificial Intelligence and Machine Learning: The industry will be able to analyze new data sources, evaluate more data quickly, and gain insights into current consumers through the continued integration of artificial intelligence (AI) and machine learning (ML). Additionally, the combination of increased data access, AI algorithms, and ML will allow  organizations to predict market shifts through predictive and prescriptive analytics.

CRM Platform Integration: The use of synthetic data—data created to copy information from actual consumers—will also be investigated further to get around problems with data availability, deteriorating consumer data quality, and participant’s privacy concerns, even though its benefits and drawbacks for research are still being debated.

Emergence of In-House Qualitative Research: Businesses will be eager to undertake more qualitative work internally due to the improved dependability of CRMs, the personalized experiences they may offer consumers, and the scope of qualitative work that could be accomplished through them. Bringing seasoned qualitative researchers in-house is seen as invaluable, and organizations that fail to do so may miss out on unlocking the complete potential of CRM platforms.

Transitioning from Service Providers to Advisors and Collaborators: As the trends above unfold, the landscape for market research suppliers is set to transform. As CRMs continue to expand within organizations and demonstrate increased proficiency in internal insights discovery, the evolution of market research suppliers' role becomes apparent. Instead of depending on external research entities, these suppliers will collaborate with internal teams to harness the power of their CRM platforms and other information sources.

This collaborative effort aims to construct a comprehensive 360° view of consumers, formulate strategic success plans, and determine metrics for measuring success in the future. The evolving role emphasizes a symbiotic relationship between research entities and internal teams in navigating the vibrant landscape of consumer insights and strategic planning.

Ensuring Ethical Practices and Privacy Compliance: The industry will continue to depend heavily on data privacy and corporate transparency in the collection process and use of customer data as it develops. Businesses will strive to adhere to the GDPR and CCAA regulations more strictly and implement consumer-customizable, transparency-focused methods of data acquisition.