How Can Technology Be Used In Market Research Industry?

1. How Can Technology Be Used In Market Research Industry?

2. Market Research is all about the process of gathering, analyzing, and interpreting information about the market, a product, or service offered to the customers. It involves understanding the target audience, spending habits, and needs & buying behavior of the consumers. • It provides relevant market data which helps in understanding the industry challenges, current scenario, and market opportunities so form your business and marketing strategies. It is done through 2 methodologies, i.e., primary and secondary. • Primary Research involves data collection, market survey, in-depth interviews and consulting industry experts to gather desired information • Secondary Research comprises of gathering market information through reports, journal, articles, and studies conducted by government agencies, trade associations or other businesses within that industry. • According to a market research company, it is estimated that the global revenue for the market research industry will reach a value of USD31 Bn by 2020. In 2018, North America region accounted for the highest market share of 45%. Countries such as China, India, Brazil, and Russia are experiencing an increase in the demand for market research owing to rapid industrialization and increasing competition in the market.

3. As we know, technology is playing a significant role in disrupting every industry, which is resulting in enhanced productivity, cost optimization, revenue management, and others. Market research is an industry which requires cost-effective & quality delivery with satisfying results to the clients within the committed deadlines. • Integration of technology in market research has created an immense opportunity for the market researchers to access their respondents globally, collect market insights instantly. It has enabled the integration of data collection, survey analysis, customer loyalty study, customer satisfaction survey, churn rate analysis, and others through the combination of various tools and software. It is indeed driving a change in the market research industry in several ways which are demanding highly skilled workforce. • Application of big data, artificial intelligence, and machine learning is enabling the market research firms to deliver quality results, and also it creates an ability for them to surface the previously hidden insights and to generate better end-to-end customer experience from the gathered data. It helps them to formulate an advanced level of business strategies for their clients so that they can proceed with a smarter and quicker decision making the process. • Some of the analytical tools and software used in this industry are R, SPPS, Python, Tableau, and others. • Some of the top survey tools used by the best market research companies include SurveyMonkey, MySuveyLzab, SapprowSurvey, Gosurvey, and others.