Posted on 2/20/23 by Louise Principe
The only thing constant in the market research industry is change. As research technology continues to grow and evolve, researchers interested in optimizing their processes should keep an eye on how these online solutions develop.
Here are the top five ResTech market research trends you should watch out for in the future:
1. AI (Artificial Intelligence)
AI is poised to take over research technology in 2023 – and it shows no signs of slowing down. According to Grand View Research, the global AI market size is expected to reach $1,811.8 billion by 2030, with a CAGR of 38.1%.
In today’s fast-paced market, speed to insight is one of the determining factors of being a front-runner in the industry. With the advancement of AI technology, you can now automate phases in the research lifecycle for more efficient data-gathering.
Some possible applications of AI in market research include:
- Data Analysis: AI-powered analysis tools can process large data sets quickly and accurately, allowing you to gain insights into consumer behavior, market trends, and competitive intelligence in real time.
- Survey optimization: AI helps optimize the survey process by analyzing responses, recognizing patterns, and making recommendations to improve your questions, design, and overall respondent experience.
- Chatbots and virtual assistants: These tools can help you conduct surveys, gather data, and provide customer support. AI-powered chatbots and virtual assistants can deliver 24/7 support and reduce costs for market research companies.
- Predictive modeling: AI can develop predictive models and forecast future market trends, allowing businesses to make data-driven decisions about their products, marketing campaigns, and operations.
- Sentiment analysis: AI-powered sentiment analysis tools can evaluate online content, such as social media posts and product reviews, to provide valuable insights into consumer sentiment, preferences, and behavior.
AI is expected to bring a higher level of sophistication to market research by providing faster, more accurate insights to drive business growth.
2. Data Visualization and Analytics
According to Fortune Business Insights, the market size for global data visualization tools is projected to reach $19.5 billion by 2031, growing at a rate of 10.2% from 2022 to 2031. Emerging data visualization and analytics tools enable marketers to integrate data from multiple sources to gain an even larger and more complete picture of the market.
These powerful tools use a combination of data science and statistics to extract key trends and patterns in near real-time from large data sets. Modern data visualization and analytic platforms are categorized into:
- Social media listening and text analytics - Online interaction and language are translated into quantitative data to measure engagement, trends, and consumer behavior. These tools are effective in various applications such as brand tracking, trend monitoring, competitor analysis, and crisis management.
- Visual analytics - Research findings are analyzed using visual representations such as charts, maps, and graphs. These tools uncover data patterns and properties for easier analysis of complex datasets.
- Sentiment analysis - Aims to evaluate and categorize qualitative data into sentiment classes (e.g., positive, negative, neutral).
- SEO and keyword search - Ideal for gathering practical insights regarding consumer search habits. These findings can help inform marketing and product development strategies.
3. Digital Screening and Recruitment
This trend has been around for quite some time, but it has only exasperated post-pandemic. It’s no secret that people have become more comfortable with using virtual meeting platforms. This led to online recruitment platforms being the tool of choice when sampling remote respondents for ResTech market research.
Unlike conventional methods such as cold-calling and interceptions, recruitment platforms simplify the sampling process by screening, recruiting, scheduling, and incentivizing qualified respondents for your project.
Certain platforms specialize in recruiting a local or international audience. Global audience platforms provide the broadest pool of potential candidates to choose from, dividing the world into four research regions – North America (NA); Europe, the Middle East, and Africa (EMEA); Asia Pacific (APAC); Latin America (LATAM).
In contrast, regional platforms take samples from a more concentrated area (e.g., zip codes, counties) to gather more esoteric data. There are also expert networks that can provide a sample pool specialized in specific fields.
As ResTech market research continues to grow and evolve, businesses must stay ahead of the curve to remain successful. Adopting a “mobile-first” approach is becoming a trend for 2023 as mobile usage continues to skyrocket. According to Statista, smartphone users worldwide are projected to reach 7.33 billion in 2023 – growing by about 400 million since 2020.
Nowadays, mobile apps are utilized for surveys and digital ethnography projects because of their ability to capture current, agile, and authentic feedback. With mobile accounting for approximately 50% of web traffic worldwide, adding a mobile data collection tool to your ResTech repertoire is important if you want to meet the consumer where they are.
5. Holistic Platforms
As businesses continue to recognize the value of data democratization and holistic research platforms, silos are becoming a thing of the past. Holistic platforms take traditional market research a step further by allowing you to access a comprehensive suite of methodologies in one simple, end-to-end online platform.
Recruitment, data collection, analysis, and reporting processes are seamlessly built into these platforms to create a complete research experience. Furthermore, holistic MR service providers can often tailor their platform according to your research design – allowing for faster and more efficient insight collection.
Aside from saving you time and money, holistic platforms simplify internal decision-making. Teams within the organization can correlate different data points in their research to better understand how their findings can affect each other’s operations. The most ideal platforms deliver a unified solution for conducting various project types in multiple industries with any level of complexity.
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