Trends in market research are in constant flux, driven by technological advancements, shifts in consumer behavior, and global economic changes. According to a report by The Business Research Company, the global market research services market expanded from USD 84.33 billion in 2023 to USD 87.68 billion in 2024, with a compound annual growth rate (CAGR) of 4.0%. Projections indicate further growth to USD 95.49 billion by 2027, at a CAGR of 3.3%.

A study by Qualtrics revealed that 62% of researchers surveyed noted significant reliance on research and insights within their respective companies, with a substantial portion of research budgets allocated to key areas.

Here, we explore the significant trends in market research shaping the 2024 landscape, providing valuable insights and opportunities for businesses to maintain competitiveness.

Latest Trends in Market Research for 2024

Trend 1: AI and ML in Market Research

Artificial Intelligence (AI) and Machine Learning (ML) are controlled to revolutionize market research practices by enhancing efficiency across various processes, from data collection to predictive modeling. These technologies will automate tasks, allowing researchers to focus on strategic interpretation. AI-driven sentiment analysis will be pivotal in understanding consumer emotions and opinions, facilitating refined brand strategies tailored to consumer sentiment while addressing ethical considerations and user privacy.

Trends in Market Research (AI and Machine Learning

The Future of AI and Machine Learning

AI and ML are still in their early stages of development, but they have the potential to revolutionize the world as we know it. In the years to come, we can expect to see even more innovative and groundbreaking applications for these technologies.

AI and ML applications in market research bring numerous advantages, including: 

Trend 2: Emphasis on Big Data Analytics

The era of big data has elevated the significance of predictive analytics in market research. Businesses will increasingly rely on advanced analytics techniques to identify patterns, forecast trends, and gain deeper insights into their target audience. This approach enables data-driven decision-making, optimizing marketing strategies, and creating personalized customer experiences.

Big data analytics has transformed market research by providing deeper insights through: 

Trend 3: Adoption of Video for Qualitative Research 

Video-based research methodologies are gaining traction, offering richer insights compared to traditional text-based approaches. The surge in online/video focus groups and consumer-generated video content presents an opportunity for businesses to capture nuanced data such as body language and facial expressions. Leveraging video analytics platforms allows for efficient processing of large volumes of data, providing valuable insights across various industries.

The rise of voice search and virtual assistants has significantly influenced consumer behavior by: 

Trend 4: Leveraging Social Listening and Sentiment Analysis

Social media platforms serve as helpful sources of real-time consumer insights. By employing social listening and sentiment analysis tools, businesses can monitor customer sentiment, identify emerging trends, and engage with their audience effectively. Harnessing data from social media enables organizations to understand public perception, track competitor activities, and inform decision-making processes.

Social listening and sentiment analysis provide invaluable insights into consumer sentiments by: 

Trend 5: Mobile Research and Location-Based Targeting 

The ubiquity of smartphones has propelled the adoption of mobile market research methodologies. Surveys, in-app feedback, and location-based research enable businesses to gather real-time insights from consumers on the move. The accessibility of mobile market research facilitates a comprehensive understanding of consumer behavior, enabling organizations to adapt strategies accordingly.

Mobile research and location-based targeting have a profound impact on marketing strategies by: 

Trend 6: AR and VR in Market Research 

Virtual Reality (VR) and Augmented Reality (AR) technologies are expanding beyond gaming, offering immersive experiences for market research. By simulating real-life scenarios, businesses can gauge emotional responses, test product prototypes, and enhance customer experiences, providing valuable data to drive innovation and satisfaction.

Augmented Reality (AR) and Virtual Reality (VR) are shaping the future of immersive technologies in market research by: 

Trend 7: Blockchain for Data Security 

Blockchain technology ensures transparency, integrity, and security in data transactions, addressing concerns about data accuracy and participant anonymity. Its adoption in market research enhances security and trust among participants, leading to more reliable results and fostering a conducive research environment.

Blockchain technology ensures transparency and security in market research by: 

Trend 8: Predictive Analytics and Forecasting 

Predictive analytics empower businesses to make proactive decisions based on anticipated trends in market research, identifying potential disruptions and opportunities. This approach enables organizations to stay ahead of the competition and optimize strategies, particularly beneficial in sectors with rapidly changing dynamics.

Predictive analytics and forecasting are crucial in predicting market trends by: 

Trend 9: Collaborative Research with Consumers 

Ethnographic research gains importance, providing rich qualitative data by observing consumer behavior in natural environments. Immersion in consumers’ worlds facilitates a deeper understanding, uncovering unmet needs and informing product and service development.

Collaborative research with consumers benefits market research by: 

Trend 10: Personalisation in Research Findings 

Tailoring research findings to individual preferences enhances engagement and relevance, driving actionable insights and fostering stronger connections with the target audience.

Personalization in research findings caters to specific business needs by: 

Trend 11: Integrated Research Approaches 

Integrated research approaches combine various methodologies to provide a more holistic view of the market. This trend involves merging qualitative and quantitative data, online and offline research, and various technological tools. 

Integrated research approaches combine various methods for: 

Trend 12: Emotion and Neuromarketing Research 

Analyzing facial expressions and emotional responses provides deeper insights into consumer behavior, enabling businesses to create emotionally engaging marketing campaigns and enhance customer experiences.

Emotion and neuromarketing research contribute to understanding consumer psychology by: 

Trend 13: Cross-Cultural Research 

Understanding cultural influences on consumer behavior is crucial for global businesses, necessitating cross-cultural research approaches to ensure the relevance and effectiveness of strategies across diverse markets.

Cross-cultural research is key to expanding into global markets by: 

Conclusion 

Looking ahead to 2024 and beyond, it’s clear that AI, data analytics, user experience, and research will all play significant roles in understanding the market. As industries continue to evolve, the field of market research in 2024 offers numerous opportunities for businesses to utilize advanced technologies, data analytics, and consumer insights to drive growth and innovation. Embracing these trends in market research allows organizations to stay ahead of the curve and effectively meet evolving customer needs. To learn more about our services, please get in touch with us at user.com.sg/contact-user.

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