The following trends should provide you with a good starting point to explore the market research landscape in 2023.
1.Increased Emphasis on Artificial Intelligence (AI): AI was already transforming the market research industry, and this trend is expected to continue in 2023. AI-powered tools are being used for data collection, analysis, and interpretation, enabling faster and more accurate insights. Natural language processing, machine learning, and automated data visualization are some areas where AI is making significant contributions.
2. Customer Experience (CX) Research’s Increasing Relevance: Understanding client requirements and preferences are essential for firms in a market that are becoming more competitive. Companies invested in technologies and processes to acquire deeper insights into customer journeys, pain points, and satisfaction levels as customer experience research become a primary focus. Techniques including voice-of-the-customer (VoC) programmes, social media monitoring, and sentiment analysis are becoming more popular.
3. Consuming smart data: Market research will keep moving towards the use of smart data, which comes from systems powered by advanced analytics, machine learning, and artificial intelligence (AI) that combine data from many sources.
4. Increased technological investment: To better understand consumer wants and preferences, the market research sector will continue to invest in cutting-edge technologies like augmented reality, voice assistants, and virtual reality.
5. Consumer empowerment: Market research will move away from a “top-down” perspective and towards one that gives customers more authority. Brands will increasingly look for user-generated content, make use of social listening, and collaborate on ideas and solutions with communities.
6. The rise of mobile research: As more than 50% of internet users access the web through mobile devices, market research will adapt to take this behaviour into account.