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Market Research in 2018: Trends and Forecast

Market Research Trends and Forecast in 2018

Some modern market research experts prophesize the imminent demise of market research as we know it, due to the emergence of newer transformative technologies. The main contention these skeptics put forward is that technology will hijack the role of human intelligence and render it useless. However, this is a grossly exaggerated notion. Current market research trends suggest newer innovations are changing the way researchers work, but they are not facing an existential threat in the foreseeable future-not by a long shot.

Against this backdrop, let's see how market research in 2018 will evolve. According to a report from the Business Research Company, two years down the line the global market research industry is expected to gain a size of $115 billion at a CAGR of 6.3%. This clearly shows that we are all set to see growth in this segment.

What's in Store for Market Research in 2018 - Top 8 Predictions

Market research is a core part of long-term business growth it offers insights that capture the data from competition and partners so that a thorough analysis can be made. This data will serve as a reference to actuate the marketing strategies and improve customer experience. Here is a compilation of market research in 2018 and beyond -

Artificial Intelligence

1. Artificial Intelligence (AI) will Disrupt the Servicing industry
AI is the new sensational kid on the block. Speaking of market research trends, incorporation of AI seems to be the most promising of the lot. It's on the verge of disrupting market research in 2018 on multiple fronts. In fact, the 2017 Q3-Q4 Greenbook Research Industry Trends Report (GRIT) has found that compared to 22% of respondents in 2016, 26% in 2017 believe that AI is a game changer. While the percentage of participants who count on it as an interesting trend in both years stands at 25%. AI combined with machine learning will help researchers to streamline the core activities of market research - collection, analysis, and interpretation of relevant information at an unprecedented level. Thus, with the use of AI in market research, they can ensure better field management, frame more potent questionnaire, make sense of the monster called Big Data, and, finally, boost their creativity.

Do-it-Yourself Tools

2. An Upsurge in the Do-It-Yourself (DIY) Craze
Among the top market research trends for 2018, DIY deserves a special mention. Why? Simply because development of various DIY tools by research providers for their clientele is fast becoming the order of the day. And the most intriguing part of the scenario is that imitating their larger cousins, small players and freelance researchers have also joined the fray. The GRIT survey referred to earlier says nearly 30% of research companies are investing in DIY solutions. However, when using DIY tools, research buyers should keep a watchful eye on whether the desire for speed, convenience, and cost curtailment are dealing a blow to quality.

Blockchain

3. Blockchain will Make a Low-key Debut
Blockchain or the distributed ledger technology that forms the backbone of digital cryptocurrencies is without doubt the biggest newsmaker in the tech world today. But facilitating cryptocurrency transactions is not the sole application of blockchain. From asset management to insurance claim processing and personal identification, the nascent technology has a wide range of real-world applications. Although, how blockchain can be applied to market research is still shrouded in haze right now, it's very likely that we will see growing conversation around the topic this year. So, you can't leave blockchain out of a list of the latest trends and predictions on market research.

Rise of Chatbots

4. The Rise of the Chatbots
Market research in 2018 is all about AI gaining strong ground in research circles. Researchers are leveraging chatbots to connect better with their panelists. In fact, this must be a foregone conclusion as the underlying concept of chatbots integrates well with market research. Consumers are increasingly favoring AI-powered conversational agents to establish direct one-to-one communication with businesses via either auditory or textual route. The entities conducting research are trying to gauge consumers' sentiment through meaningful interactions using chatbots. An Orbis Research survey predicts that during the period 2017-2021, the global chatbot market will register growth at a CAGR of 37.11%. In view of the pace chatbots are picking up, they will impact market research not only in 2018 but will even reshape market research in 2020.

Improvement of Market Research Automation

5. The Age of Market Research Automation has Set in and will Keep Improving
The word "automation" is familiar enough among researchers and general audience to be included as one of the latest trends in market research. In tandem with AI, automation will take root further. Embracing automation means enjoying a bucket-load of advantages such as rapid deployment of surveys, real-time reporting, visualization of data for internal clients, iteration of surveys, and so forth. The Q Report 2017 by Quirks reveal that upwards of one-fourth (28%) of corporate researchers are opting for an automated research platform. When all is said and done, automation effectively breaks the monotony associated with research, thereby enabling researchers to paint a comprehensive picture of today's mercurial consumers fast.

Escalation of Social Listening

6. Social Listening will See Escalation in Importance
Social media's huge role in empowering consumers is the gospel truth of our times. Pleasant or unpleasant, consumers are not shying away from sharing their brand experiences with their tribe on the social space. For marketers, this extreme candidness is a matter worthy of note. To know which way the social wind is blowing, market researchers will have to increasingly tap sophisticated programs. 43% of the GRIT survey participants say they have adopted social media analytics. Another 28% are considering the same. Quirk's findings also point to an analogous situation; 44% of corporate researchers think social media research is either effective or tremendously effective. Is it any wonder social listening secures a prominent place in market research trends in 2018, then?

Digging into Consumers Mobile

7. Digging Deeper into Consumers' Mobile
Mobile is perhaps the gadget consumers now love the most. You can go even to the extent of saying mobile is a non-biological organ of its owners. From the time they wake up in the morning to the moment they hit the hay again, consumers remain engaged with their smartphones. Hence, mobile is a goldmine of raw data that can be refined to understand the subtleties of consumer behavior. Market researchers have adapted to this reality and are conducting mobile-specific surveys. Almost two-thirds (63%) of them have opined that mobile-specific surveys are either effective or very effective, according to "The Q Report 2017". In 2018, research targeting mobile will continue to gather steam.

Co-creation will Become Mainstream

8. Co-creation will Become Mainstream
So far, the upcoming trends in market research we have discussed - don't speak of taking consumers on board in the product planning stage. But now we will. Ever-soaring penetration of digital commerce and massive popularity of social networks are precipitating a tectonic shift in the process of creating a new product. Propelled by a market-driven approach, brands and researchers are in constant touch with consumers to get a clear idea about their exact demands, preferences, and aspirations. Then, instead of producing in isolation, businesses are co-creating an offering. And from a researcher's perspective, their job doesn't start after a product is ready for sale. It encompasses the full length of conception, creation, trial, modification, finalization, and ultimately sale. Make no mistake, co-creation will gradually get wider acceptance and won't budge from the catalog of market research trends in 2020.

Every year brings with it a bunch of possibilities and a few annoying questions in the form of challenges. Market research trends and forecast that have been enumerated above also reflect that duality. Researchers do have the ability to overcome any challenge. However, to deliver value to clients, they must quickly wrap their mind around the ongoing changes in the sector.

Outsource Market Research to O2I - Leader in Research and Analysis Services

Market research is an activity that is vital for all types of business. Any investment into market research can deliver usable insights only if the research was conducted with correct questions, right audience, appropriate tools, and then analyzed effectively. Outsource2india has been providing a wide range of research and analysis services to companies across the globe for 19 years. Our market research experts leverage the latest technologies to deliver accurate and cost-effective results in the shortest possible time. Apart from general market research, we also offer services like financial research, pharmaceutical research, business research, media research, and business analytics.

If you wish to outsource market research services, reach us now. So that our experts can understand your goals and help you out with tailored research and analytics services.

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