Artificial Intelligence (AI) is set to revolutionize market research by automating data collection, analysis, and reporting. This will enable researchers to derive insights more efficiently and accurately, allowing for real-time decision-making and the ability to conduct qualitative research at scale.
AI-driven tools are projected to dominate, with a compound annual growth rate (CAGR) of 35% in the AI market research sector, reaching a value of $8.1 billion by 2025. These tools will allow real-time survey analysis and personalized insights.
To address privacy concerns and data scarcity, researchers will increasingly turn to synthetic data—artificially generated datasets that mirror real-world data. This approach ensures compliance with data protection regulations while providing diverse and comprehensive datasets for analysis.
Expected to grow at a CAGR of 43.6%, synthetic data will be a $3 billion market by 2025, enabling companies to bypass data collection constraints while ensuring compliance with privacy laws like GDPR.
Leveraging predictive analytics will become essential for anticipating market trends and consumer behaviours. By analyzing historical data and identifying patterns, businesses can make proactive decisions, enhancing their strategic planning and competitive edge.
The global predictive analytics market will exceed $15 billion by 2025, driven by the demand for forecasting tools in retail and financial services, which could improve customer retention rates by 15-20%.
Recognizing the importance of respondent engagement, market research will focus on improving the participant experience. This includes designing more interactive and user-friendly surveys, ensuring transparency, and offering incentives, all aimed at increasing response rates and data quality.
Improved survey designs are expected to boost engagement rates by 25%. This could result in higher response rates and more robust datasets for businesses.
With the proliferation of data sources, ensuring data quality and security will be paramount. Researchers will implement more rigorous validation techniques and adopt advanced cybersecurity measures to protect sensitive information and maintain the integrity of their analyses.
Spending on cybersecurity for market research firms is projected to reach $5 billion by 2025, driven by increasing data breaches and regulatory compliance requirements.
1) SimilarWeb
2) Qualtrics
3) RivalTech
4) InkwoodResearch
