Impact of Artificial Intelligence in Market Research - PowerPoint PPT Presentation

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Impact of Artificial Intelligence in Market Research

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AI Market Research is no longer - future; it is the present The engagement of AI in market research will increase significantly in the coming decade with many experts in the field predicting a positive disruption of the field by Artificial Intelligence. Visit : – PowerPoint PPT presentation

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Title: Impact of Artificial Intelligence in Market Research


1
Impact of Artificial Intelligence in Market
Research
2
Impact of AI in Market Research
  • AI is the ability of machines to learn and adapt
    to make decisions themselves, AI is already
    making a huge impact everywhere it is being used.
  • AI is increasingly employed in a plethora of
    fields, replacing the workforce.
  • Market research is the process of gathering
    information about the market and customers. There
    are already many applications of Artificial
    Intelligence in market research
  • Example IBMs Watson by Kia motors two years
    ago for its super bowl ad to pick social media
    influencers to buoy its message across the
    audience.

3
  • The VUCA nature of the market means that every
    company needs to be at its A-game to maintain its
    competitive edge, facilitating market research
    services to aid in the process.
  • Market research analyses and provides information
    on the market to help industries connect better
    with their customers and build on it. With the
    onset of Artificial Intelligence, the efficacy of
    the process has seen considerable improvement.
  • With the onset of Artificial Intelligence, the
    efficacy
  • of this process has seen considerable
    improvement.

4
AI Market Research is no longer - future it is
the present
5
  • Large Scale Qualitative or Big Qual
  • Behavioral predictions
  • Market predictions
  • Personalisation
  • Chatbot engagements

6
Large Scale Qualitative or Big Qual
  • AI to process massive open-ended data sets to
    perform qualitative analysis effectively. 
  • Artificial Intelligence can go through any
    response irrespective of scripture formalities
    usually needed for other software to analyse
    data. 
  • Artificial Intelligence in market research also
    enhances the predictive component of the
    research, providing more accurate predictions.
  • AI has considerably reduced the process time
    required to carry on qualitative analysis which
    used to take days on end for human beings to
    complete.

7
Behavioural predictions
  • Artificial Intelligence can predict the
    behavioural patterns of the customers and people
    in general by analysing data sets.
  • The accuracy of these predictions are high and
    enables better targeting the customer needs and
    engaging them at the right time for mutual
    benefit.

8
Market predictions
  • Market predictions of AI can enable a company to
    make better decisions as a response to the
    ever-changing nature of markets. 
  • Prediction on any market can be given by
    Artificial Intelligence via Big Data Analytics
    and Natural Language Processing.
  • Artificial Intelligence has forever improved
    customer interaction, engagement and calculate
    its impact to project a more reliable prediction.

9
Chatbot engagements
  • The efficiency of chatbots of today in websites
    is mostly limited to pre-programmed responses to
    specific questions. 
  • Advanced AI in the future, user interaction is
    set to become more enhanced with machines with
    machines attaining moderator like status on the
    cards
  • User interaction has improved significantly with
    AI being able to provide satisfactory responses
    in real time.
  •  

10
  • Although AI has not yet become ubiquitous in
    market research, it must be noted that Market
    Research outsourcing carried out in diverse
    businesses already engage open source AI like
    Google cloud Natural Language API, Microsoft
    cognitive toolkit, etc to carry out effective
    research. 

11
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