The Latest Ai In The Market Research Industry Statistics Explained
60% of businesses use AI technologies in their market research.
The statistic that 60% of businesses use AI technologies in their market research suggests a widespread adoption of artificial intelligence within the business sector for the purpose of gathering and analyzing market data. This implies that a majority of businesses recognize the potential benefits that AI can offer in conducting market research, such as automation, efficiency, and more robust insights. The high adoption rate also indicates a competitive landscape where businesses are leveraging cutting-edge technologies to better understand market trends, consumer behavior, and other crucial factors that drive decision-making. Overall, the statistic highlights the increasing importance of AI in enhancing market research capabilities and staying ahead in today’s rapidly evolving business environment.
AI in market research is expected to grow at a Compound Annual Growth Rate (CAGR) of 28.1% from 2020 to 2027.
This statistic indicates that the use of artificial intelligence (AI) in market research is projected to experience significant growth over the period from 2020 to 2027 with a Compound Annual Growth Rate (CAGR) of 28.1%. This suggests that AI technologies will be increasingly adopted by market research firms and businesses to enhance data collection, analysis, and insights generation processes. The high CAGR reflects the increasing recognition of AI’s potential to improve efficiency and accuracy in market research activities, leading to more informed decision-making and competitive advantages for organizations leveraging these technologies. The substantial growth forecast also highlights the growing importance of AI in transforming the landscape of market research practices and driving innovation in the industry.
47% of businesses observe a rise in the performance of their market research after using AI.
The statistic that 47% of businesses observe an improvement in the performance of their market research after implementing AI suggests that utilizing artificial intelligence technology has a positive impact on the effectiveness of market research strategies. This finding indicates that AI tools can lead to enhanced data analysis, more accurate predictions, and better decision-making processes within businesses. By leveraging AI in market research activities, organizations may be able to gain deeper insights, identify trends, and ultimately optimize their marketing strategies to better meet the needs and preferences of their target audience. This statistic underscores the potential benefits of integrating AI into market research practices for businesses seeking to stay competitive and relevant in today’s data-driven landscape.
AI reduces market research costs by 40%-60% compared to traditional methods.
The statistic mentioned indicates that utilizing artificial intelligence (AI) technologies for market research can lead to a significant reduction in costs between 40% to 60% as compared to traditional research methods. This substantial cost savings can be attributed to the efficiency and accuracy of AI algorithms in data collection, analysis, and interpretation, which can automate many labor-intensive tasks traditionally performed by human researchers. By leveraging AI, businesses can streamline their market research processes, increase productivity, and make data-driven decisions more quickly and cost-effectively. This statistic underscores the potential benefits of incorporating AI into market research practices to optimize resources and drive competitive advantage in today’s data-driven business environment.
AI helped in the rapid analysis of consumer data with 91% accuracy.
The statistic states that artificial intelligence (AI) has played a pivotal role in facilitating the quick analysis of consumer data with an impressive accuracy rate of 91%. This means that AI technology has been able to effectively process, interpret, and derive insights from large volumes of consumer data with a high level of precision, ensuring that businesses and organizations can make informed decisions based on reliable information. The statistic highlights the significant advancement and impact of AI in the realm of data analysis, demonstrating its potential to streamline processes, enhance decision-making, and drive successful outcomes in various industries.
In 2019, over 50% of total investments in the AI sector were received by Market Research companies.
The statistic indicates that in the year 2019, more than half of the total investments made in the artificial intelligence (AI) sector were allocated to market research companies. This suggests a significant interest and financial backing towards utilizing AI in the market research industry, potentially for enhancing data analysis, consumer insights, and business strategies. The substantial amount of investments allocated to market research companies highlights the perceived value and potential for AI technologies to revolutionize and optimize the way market research is conducted, leading to advancements in understanding consumer behavior and market trends. This trend may also indicate a growing recognition of the importance of data-driven decision-making in the market research field, driving increased funding towards incorporating AI solutions for more efficient and effective practices.
The use of AI in customer analytics rose from 19% in 2018 to 28% in 2020.
The statistic indicates that the adoption of artificial intelligence (AI) in customer analytics has increased significantly over the two-year period from 2018 to 2020. Specifically, the percentage of businesses using AI in customer analytics has risen from 19% in 2018 to 28% in 2020. This growth suggests a growing recognition among organizations of the benefits AI can offer in analyzing customer data to gain insights, improve decision-making, and enhance overall customer experiences. The trend reflects a broader shift towards leveraging advanced technologies like AI to drive innovation and competitiveness in the realm of customer analytics.
A Salesforce report found that 84% of marketers use AI for improved targeting and personalization.
The statistic that 84% of marketers use AI for improved targeting and personalization, as reported by Salesforce, indicates a widespread adoption of artificial intelligence technology within the marketing industry. This suggests that a large majority of marketers have recognized the benefits of AI in enhancing their targeting strategies and creating more personalized marketing campaigns. By leveraging AI tools and algorithms, marketers are able to analyze large amounts of data to better understand their target audience, tailor their messaging, and improve overall campaign performance. This statistic highlights the increasing importance of AI in driving marketing success and underscores the industry’s evolution towards more data-driven and personalized approaches.
In 2021, the AI-based research approach is observed to enhance customer satisfaction by 33%.
The statistic states that in 2021, the utilization of an AI-based research approach has been found to increase customer satisfaction by 33%. This suggests that businesses or organizations that adopt AI technology in their research processes, such as data analysis, customer feedback evaluation, or personalized recommendations, are seeing a significant improvement in how satisfied their customers are with their products or services. The 33% increase indicates a substantial impact of AI on enhancing customer experiences, potentially leading to increased loyalty, retention, and overall success for the businesses implementing such technologies in their operations.
The text analytics market is predicted to grow from $4.65 billion in 2021 to $10.27 billion by 2026, at a 17.1% CAGR. Much of this growth can be attributed to AI in market research.
This statistic indicates that the text analytics market is expected to experience significant growth over the forecast period, with a Compound Annual Growth Rate (CAGR) of 17.1% from 2021 to 2026. The market is projected to more than double in size, increasing from $4.65 billion to $10.27 billion. This growth is largely driven by the increasing adoption and integration of artificial intelligence (AI) technologies in market research applications. AI plays a crucial role in enhancing the capabilities of text analytics tools by enabling more advanced and accurate analysis of unstructured data from sources such as social media, customer feedback, and surveys. As organizations strive to gain deeper insights from text data for informed decision-making, the demand for text analytics solutions powered by AI is expected to continue to rise, fueling the market growth in the coming years.
AI-based voice and speech recognition software is expected to reach $26.8 billion by 2025 in the market research industry.
The statistic indicates that the market for AI-based voice and speech recognition software is projected to grow rapidly, reaching a substantial market value of $26.8 billion by the year 2025 within the market research industry. This growth is likely driven by the increasing demand for advanced technology solutions that can automate and streamline tasks related to voice and speech analysis, such as transcribing interviews, analyzing customer feedback, and extracting insights from audio data. As artificial intelligence technology continues to improve and become more sophisticated, it is expected to play a crucial role in transforming how market research is conducted, providing businesses with valuable tools to enhance decision-making processes and better understand consumer behavior.
17% of customer relationship management (CRM) is based on AI applications which serve as a vital tool in market research.
The statistic ‘17% of customer relationship management (CRM) is based on AI applications which serve as a vital tool in market research’ indicates that a significant portion of CRM functions in organizations are powered by artificial intelligence technologies. This highlights the increasing trend of leveraging AI applications to enhance customer relationship management strategies and improve market research efforts. AI tools offer organizations the capability to analyze vast amounts of data, identify patterns and trends, personalize customer interactions, and ultimately drive more effective marketing strategies. As such, integrating AI into CRM systems has become crucial for businesses looking to gain a competitive edge and better understand their customer base.
AI in market research contributed 40% to the growth of the machine learning market, reaching $8.81 billion in 2020.
The statistic indicating that AI in market research contributed 40% to the growth of the machine learning market, reaching $8.81 billion in 2020 suggests that the utilization of artificial intelligence specifically within the context of market research played a significant role in driving the expansion of the overall machine learning market. This emphasizes the increasing reliance on AI-driven insights and analytics within market research practices, leading to substantial market growth. The figure of $8.81 billion highlights the scale and economic impact of AI-powered market research technologies in driving innovation, decision-making, and strategic planning processes across various industries in 2020.
With AI’s help, the global language processing market size is expected to grow from $8.27 billion in 2019 to $29.6 billion by 2025.
The statistic indicates that the global language processing market, which involves technologies that enable computers to understand and communicate in human language, is forecasted to experience significant growth with the assistance of artificial intelligence (AI). The estimated market size is projected to increase from $8.27 billion in 2019 to $29.6 billion by 2025. This growth is driven by the increasing integration of AI technologies in various sectors such as customer service, healthcare, and e-commerce, leading to a higher demand for language processing solutions. As AI continues to advance and enhance natural language processing capabilities, companies are expected to increasingly adopt these technologies to improve efficiency, streamline processes, and offer more personalized services to their customers.
AI can fast-track market research analysis by 5-10 times faster than traditional methods.
The statistic states that artificial intelligence (AI) is capable of accelerating the process of market research analysis by a factor of 5 to 10 times compared to traditional methods. This suggests that AI technologies, such as machine learning algorithms and natural language processing, can quickly process large volumes of data, extract valuable insights, and generate actionable recommendations at a significantly faster pace than human analysts using manual techniques. The implication is that utilizing AI for market research analysis can lead to quicker decision-making, improved responsiveness to market changes, and a competitive advantage for businesses seeking to stay ahead in a rapidly evolving marketplace.
By 2023, more than 30% of market research will be supervised by AI and machine learning models.
The statistic suggests that by the year 2023, an estimated 30% or more of market research processes will be conducted with the assistance of artificial intelligence (AI) and machine learning technology. This indicates a significant shift towards utilizing automated systems to analyze and interpret data in the field of market research. AI and machine learning models offer the capability to efficiently process large volumes of information, identify patterns, and generate insights at a faster pace than traditional methods. By harnessing the power of these advanced technologies, organizations can enhance the accuracy, speed, and scalability of their market research efforts, ultimately leading to more informed decision-making and competitive advantage in the marketplace.
BrandEssence indicates that the ai in market research market size for 2018 was around USD 2.6 billion.
The statistic provided by BrandEssence suggests that the market size for artificial intelligence (AI) in market research in 2018 was approximately USD 2.6 billion. This figure represents the total value of the market for AI technologies and services specifically focused on market research activities during that year. This indicates a significant investment and adoption of AI solutions within the market research industry to enhance data collection, analysis, and insights generation processes. The reported market size reflects the growing importance and potential of AI in transforming the way market research is conducted, offering more efficient and effective methodologies for understanding consumer behavior and market trends.
AI helps to increase sales by an average of 39% and reduces costs by up to 40-60%.
The statistic suggests that the implementation of artificial intelligence (AI) technology can lead to significant benefits for businesses. Specifically, it indicates that AI can drive a substantial increase in sales by an average of 39%, implying that AI-powered systems can enhance marketing strategies, customer insights, and overall business performance. Additionally, the statistic highlights that AI has the potential to reduce costs significantly, ranging from 40% to 60%, by streamlining operations, automating repetitive tasks, and optimizing resource allocation. Overall, these findings suggest that AI applications offer a dual advantage of boosting revenue and cutting expenses, underlining the transformative potential of AI in driving business growth and efficiency.
Conclusion
Overall, the integration of AI in the market research industry has significantly transformed the way data is collected, analyzed, and interpreted. With its ability to automate processes, uncover insights at a faster pace, and improve the accuracy of results, AI has become a valuable tool for market researchers. As the technology continues to advance, we can expect even more innovative applications that will further enhance the efficiency and effectiveness of market research strategies.
References
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