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eBook: 2024 Market Research Trends 3
It’s everywhere! 2023 was a huge year for the advancement of generative artificial intelligence (AI).
As we venture into 2024, we don’t see it slowing down. What does this mean for the market research
industry? The integration of generative AI into market research practices is growing, promising to
redefine how businesses collect and analyze crucial consumer data. AI helps streamline traditional
research methodologies and also introduces innovative approaches that were once considered
impossible.
Generative AI empowers machines to generate content autonomously, mimicking human-like cre-
ativity and problem-solving. For market research, this translates into the capability to dynamically
create surveys, analyze vast datasets, and uncover nuanced insights that might elude conventional
methods. Generative AI is widely welcomed into market research due to the huge volume of avail-
able data and the need for businesses to derive actionable intelligence from this wealth of informa-
tion.
Let’s delve into three pivotal ways generative AI is set to revolutionize market research in 2024
Automated Survey Generation and Response Analysis:
Data Collection:
Generative AI can be utilized to automatically create survey questions based on specific crite-
ria or user demographics. This enables more personalized and targeted surveys, enhancing the
quality of data collected.
Data Analysis:
AI algorithms can analyze survey responses in real-time, identifying patterns, sentiments, and
trends. Natural Language Processing (NLP) can be applied to understand the nuance in textual
responses, providing deeper insights into consumer opinions and preferences. In Fuel Cycles
2024 State of Insights Survey, 59% of respondents stated that they use AI in their research analy-
sis, in one way or another. We expect this number to grow throughout 2024.
Predictive Analytics for Market Trends:
Training Generative Models on Historical Data:
Generative models can be trained on historical market data to identify patterns and make pre-
dictions about future trends. This can involve analyzing social media, news articles, and other
online content to gauge consumer sentiment and predict emerging market trends.
Anticipating Market Shifts:
AI’s predictive analytics capabilities can help businesses anticipate market shifts, enabling pro-
active decision-making. By understanding the potential trajectory of a market based on gener-
ative AI insights, businesses can adjust their strategies in a timely manner.
Generative AI for Market Research
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