Market Research Trends for 2018

Posted  In: Rentals  

22
Dec
2017

As 2017 draws to a close, let’s take a look at what the MR industry has in store for in 2018 and beyond. In the past two years, we’ve experienced and probably been part of the disruptive market research tech trends that have changed the way the world works.

We’ve have seen predictions and trends based on a number things ranging from big data, personalization, mobile device research, global reach to wearable technologies. Most of these trends will continue into 2018, but the big data will gain traction. We discuss the market research trends that we expect;

Automation, Artificial Intelligence & Machine Learning

AI, Machine Learning, and automation are not separate entities but work hand in hand. From next year, Artificial Intelligence goes mainstream and will have a significant effect on market research. Businesses will realize significant changes in customer service, use of robotics, analytics, and marketing. 

Companies will start using the power of AI to capture and interact with the customers in ways they would least expect. Most of the tasks from emails, content generation, and industrial processes will be automated to save time and cut costs. Companies like IBM Watson and Salesforce Einstein now have AI embedded into their software platforms. That’s just a glimpse of what’s to come.

Machine Learning depends on artificial intelligence to automate algorithms without the need to give the computer any instructions. Machines will be released with the capability to gather information on their own, use the AI to interconnect and transfer it. It’s an automated process that doesn’t require the human input. The machine learning will impact the market research through the following ways;

  • It will help gather, analyze and interpret big data
  • Save the researchers time to focus on the why
  • Improve accuracy in research by eliminating the sampling limitations

Virtual Reality (VR)

VR has and will continue to change the way we experience, perceive and interact with the digital world. Since 2016, we’ve seen tech innovations such as Oculus, Hololens, and MagicLeap making the virtual experience feel lifelike. Well, the trend is expected to gain even more grounds and industrial designs, and high-ending gaming will see immense transformations. 

We should expect to see software vendors and application developers compete in the designs that will see a fundamental shift from the conversational to invisible and immersive platforms. The market research in the next couple of years will focus on Mixed Reality that allows individuals to interact with the digital world all while still preserving the real feel of the physical world.

Expect to see mixed reality components head-mounted displays (HMDs) for VR and AR, Smartphones and tablet-based VR. The market will see more of devices such as smartphones based on AR and MR.

Besides, from 2018 onwards, market researchers VR systems will be incorporated even further into the business such as in survey questionnaires for more accurate results and deeper insights. Customers can give their opinions regarding their in-store experiences and participate in the packaging tests.

Smartphone-Based Research Will Go Mainstream

In the last few years, we’ve witnessed the smartphone evolve into what it’s is today. And with the fast-developing technology, it’s clear we’re not reaching the peak anytime soon. The devices today are designed optimized to make studying on mobile easy.

How does this apply to the market research industry? We expect that 2018 and beyond, companies will start using smartphones in the gathering of more specific information on consumers.

Developers will design smartphone apps capable of accessing the information stored in a customers’ device, analyze, interpret and then sell it to other users for a fee. While it’s possible there’ll be a framework and protocols for accessing and disseminating that information; we’re yet to see measures that will prevent the intrusion. 

Researchers will be interested in essential data like location, purchasing habits, location age and gender. That information will come in handy in crafting ads and campaign for the people of similar demographics. It will provide significant insights into the consumers’ behavior. Combine the smartphone-based research with machine learning, data scientists, and AI. One can only get curious how it everything will go down.

Market Researchers and Data Scientists

As a critical component of the modern business strategy, market research involves gathering, analysis, and interpretation of the data regarding customers, market, and the competition. Data scientists are business analysts who take data in the various forms to extract knowledge and insights using machine learning and visualization.

Due to the revolution in the inflow of data and information through the various channels, data has become easily accessible. As such, market researchers are have started assuming the roles of data scientists. As time progress, it may be hard to tell the difference between the two disciplines.

Just like data scientists, researchers can also use machine learning and other techniques of data analysis to study the market trends. After that, they relate the data and trends to a particular business problem to help in business forecasts. That will make the decision-making process easy and fast.

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