Market research in 2023 aims to increase sample diversity with a larger range of demographics, and thus businesses will have a greater opportunity to thoroughly research their target audience.
New trends in marketing research: Statistics show that 5.07 billion people will use the Internet by the end of 2022 and this number is growing at 3.5% annually. For market researchers, the Internet is the most reliable place to find their target audience. Experts expect the popularity of the online survey market to remain at a high level, growing by 16% annually until 2026.
An example of a trend in market research is the use of microdata. This trend aims at focusing on individual consumer behaviours. Why is market research necessary? Market research is essential because it gives you insights about your products based on the customers’ behaviour and their response towards your company.
Some educated guesses based on current trends in the market research industry are-
- Focus on AI and Machine Learning: The use of AI and machine learning in market research is expected to continue to grow in 2023. These technologies will be used to analyze large amounts of data and provide valuable insights that can help companies make better business decisions.
- Increased use of Automation: Market research companies are also expected to increase their use of automation in 2023. Automation will help to streamline processes, reduce costs, and improve the accuracy and speed of data analysis.
- Rise of Voice and Visual Search: With the increasing popularity of smart speakers and voice assistants, market research companies will need to adapt to the rise of voice search. Visual search is also expected to grow in popularity, especially with the use of augmented reality technology.
- Greater Emphasis on Customer Experience: Companies are becoming more customer-centric, and market research will play a crucial role in helping businesses understand their customers’ needs and preferences. In 2023, market research will likely focus more on understanding customer experience and feedback.
- Growing Importance of Data Privacy: As data privacy concerns continue to rise, market research companies will need to take extra precautions to protect the data they collect. In 2023, we can expect to see increased focus on data privacy and security.
- Shift to Agile Research: With the increasing pace of business, market research companies will need to become more agile in their approach. Agile research methodologies will become more prevalent in 2023, allowing companies to respond quickly to changing market conditions and customer needs.
Overall, we can expect to see continued growth and evolution in the market research industry in 2023, as companies adapt to changing market conditions and embrace new technologies and methodologies.
