Since we are consultants in market research, we constantly see new technologies that aim to change the sector. There are a few noteworthy enhancements each year that become essential to the entire business intelligence process, even though not all of them are successful.
The digitization of business has altered how we gather and evaluate data. Global market research’s approach and focus have also altered as a result. The demands of their customers are now well understood by businesses. The majority of their efforts are focused on broadening their market view, comprehending their target market, reducing risks, and spotting prospective problems and possibilities.
Businesses must stay current with industry trends if they want to achieve those aims. Check out the market research industry’s top three game-changers below.
1. 5G Networks Improve Data Collection
The use of 5G networks will improve data collection. All four of the main US carriers—T-Mobile, Verizon, AT&T, and Sprint—now provide 5G services to customers. Major smartphone manufacturers are utilizing 5G standard phones, and some of them have even released versions that adhere to the standard. These include the LG’s V50 ThinQ, the Moto Z3, and Z4, the Note 10 Plus 5G, the OnePlus 7 Pro, and the Samsung Galaxy S20, S20+, and S20 Ultra.
As more network operators and phone providers transition to 5G, the industry will likely grow in the upcoming year.
2. Voice Bots Will Become Popular
The best results that have emerged from the combination of automation, artificial intelligence, and intuitive technology include chatbots and speech recognition. Voice bots are the result of their combined efforts, which have resulted in an improved technological product.
By 2026, the market for voice recognition on a global scale is expected to reach $31.49 billion. A significant number of customer care jobs, as well as marketing, research, and social media administration, are currently being handled by chatbots. Therefore, it is not surprising that an interface that blends speech and text-based intelligent dialogue is gaining more and more traction among users of digital devices.
With the potential of data breaches on the rise, nations are now concentrating on ensuring the safety of their customers. Since May 2018, the General Data Protection Regulation (GDPR) has been in force in the EU. Not only are worried lawmakers pushing for the US equivalent of this rule, but also industry titans like Apple and Microsoft.
Simply put, in the modern day, enterprises, companies, & market research firms must now prioritize sound data procedures. Data privacy measures for market researchers should progress along with cybersecurity threats.
Nevertheless, it’s also critical to recognize that achieving data security won’t be simple. The GDPR has proven particularly effective at highlighting the key challenges that sizable enterprises have encountered while putting in place a thorough data security plan.
In a recent assessment of all businesses that met the GDPR compliance standards, 67% of respondents admitted that their post-audit situation was precarious.
On the one hand, businesses that don’t control their data operations risk having their reputations ruined and, in most circumstances, face severe penalties. On the other hand, businesses that have attempted to implement all-encompassing data security solutions have encountered significant difficulties.
Businesses must therefore be flexible in their implementation of effective information management while maintaining the highest level of security.
Prepare yourself for the changing landscape of market research
Voice bots, data privacy, and 5G networks are just a few of the developments that are now reshaping the market. Understanding their potential importance for corporate performance and productivity is essential for market research firms, consultants, and agencies.
Remember that this process develops at its own rate as well. It is intricate and necessitates a complete comprehension of all of its varied aspects. If you don’t keep up and stay informed, you’ll fall behind.
Frequently asked questions:
What are the most recent marketing research trends?
By the end of the year, there will be 5.07 billion internet users, a figure that is increasing by 3.5% annually. The internet is the most trustworthy resource for market researchers to locate their target audience. According to experts, the market for online surveys will continue to be quite popular and will expand by 16% annually until 2026.
What are the four types of market research most common?
Four common methods used in market research are observing consumers, holding focus groups, doing surveys, and conducting interviews.
What sector will be booming in 2025?
A survey from International Data Corporation (IDC) projects that India’s AI market will grow at a CAGR of 20.2% to $7.8 billion by 2025. The market will be dominated by AI software by the end of 2025 after increasing at a CAGR of 18.1% from $2.8 billion this year.
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