5 outstanding market research trends
In market research, both business leaders and consumers always keep wondering what fascinating trends will be in 2020. If in 2019 – along with the fast emerge of technologies such as voice search and Artificial Intelligence, it may be a good indicator for the upcoming year 2020. Here are 5 market research trends in 2020 which are predicted to take over in the context of technological transformation.
In the early days of market research, reseachers used to scan over the phonebook, making phone calls to several random numbers. People would take the call and happily answer whatever questions they were asked. About 20-25 years later, those phone calls were still popular, but became more “pointless” as people started hating those calls. Few people wanted to waste 5-10 minutes answering questions perhaps good-for-nothing. Probably, they had become too popular that made the community irritated.
In following years, online surveys on the Internet appeared to be a completely new way of surveying. Respondents even could earn money by answering anytime, anywhere they want. However, are these “win-win” surveys truly reliable?
According to GRIT reports, a majority of researchers use online survey and mobile survey as one of their top 3 techniques. Online survey ranks 1st in 59% of quantum researchers and mobile survey ranks 2nd with 38%
That is to say, surveys conducted on mobile devices, especially quick surveys, bring a lot of benefits: respondents feel less “troublesome” compared with a list of dense questions like before. Survey scale is widened with more people being approached. There are more people willing to answer such surveys in peak hours, as long as they are quick and easily done on mobile phone.
A majority of researchers use online survey
2. How will 5G wireless technology impact market research?
The year 2020 will witness the growth of 5G network as many operators and telecommunication companies are redesigning their system to keep up with consumer demand.
To market researchers, this means a lot of more mobile surveys to be used. This is the opportunity to integrate the experience of data collection with everyday devices such as home appliances, household systems, business systems. Each of those devices can provide data entry for behavioral information, or provide alerts or activate engagement research.
The year 2020 will witness the development of 5G network
- Automation in market research
Whether in banking sector, manufacturing or retail, automation allows enterprises to maximize their profit and improve service quality, as well as reduce human effort. In upcoming years, automation’s significance will increase, as experts have forecast: 50% of worldwide jobs will possibly be automated. Moreover, recent statements of Tesla’s CEO, Elon Musk, implied the possibility of a driverless car would really take place in 2020.
Therefore, market research will be more automated as advertising technologies are becoming more sophisticated, with more advanced auto-sampling methods and professionally built systems.
For example, in data collection. Switching to auto data collection instead of traditional direct interviews or phone interviews conducted by human has taken place for a while, especially in quantitative research. There are a lot of available auto data collection software, from DIY tools like Survey Monkey, to expert-designed products like Zappy for advertising and innovation, or Qualtrics for experience monitoring.
Automation allows companies to maximize profit and improve service quality
AI will continue taking the spotlight in 2020 and its applications in market research will be one of the most remarkable trends. About 80% of market researchers think AI will create positive impacts on the current market research methods.
Some reasons include:
– AI-based market research tools can provide real-time results. They can target respondents and automatically filter text for a sole understanding. AI can help complete those tasks within a few hours or a day.
– Results from AI-based applications are often more accurate and without errors or mistakes. AI-based market research enables engagement surveys. Unlike traditional surveys, these such surveys can flexibly adjust depending on responses from surveyees.
According to Fuel’s regular reports, 40% of market researchers believe that AI will create the biggest impacts on market research in upcoming years
4. Voice technology
According to Grand View Research, Inc. research, voice recognition market will be 31.82 billion USD by 2025, as demand for voice activation system, voice support tools and virtual assistant integrating voice assistance such as Alexa continues developing, especially in e-commerce and food delivery. Another study conducted by the Global insights agency SKIM pointed out: on average, 40% of voice technology users in the US, UK and Germany have made at least 1 online order via virtual assitant on their smartphone or smart earphones. Meanwhile, other nations like India, China and Japan also show their readiness to stir up the demand for voice recognition software.
How will this trend affect market research?
In a TED talk with Umesch, he mentioned the concept of voice biometrics. In which a person provides his virtual voice fingerprints so that AI can communicate clearly with all users, even when they lack reading and writing capabilities. A group of developers at Google have adjusted their AI assitants, Google Duplex in a way that allows them to make a real call to everyone and understand different nuances of the conversation. Furthermore, with big data created from transactions on voice-activated devices, companies are starting to monitor purchase tendencies and transactions through devices.
Soon enough, we will witness AI operating as market researchers, conducting interviews through mobile and speaker devices. Besides, when combining other existent technologies such as GPS, researchers can incorporate more detailed information about customers’ current behavior. What is so-called customer voice will become a real voice
The voice-recognition market will be 31.82 billion USD by 2025
5. Video analytics technology will be developed higher
According to Stephen Scheeler, former CEO of Facebook Australia, founder of The Digital CEO, video technologies should be a big investment in market research. Video technology has boomed for the last 5 years and forecast tells that 80% of data collection and ultimate content will be processed through video.
A research in 2018 by Fuel showed that: more than 70% of market researchers believe video analytics technology will play a main role in the future. However, in the same study, only 22% shared that they were using advanced technologies in analyzing videos.
Advancements in video technology, including effective storage and video analytics, the popularity of smartphone cameras (especially with facial scanning technology) and the usage of geotags in market research. Eventually, more visualized report dashboard and exploitation technology allow mobile ethnography self-direction and observation through videos.
Video – Technological trends
Video technology should be a big investment in market research
Contact: HOSHA Joint Stock Company Market Research services
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