How AI is Transforming Market Research: Key Insights from ESOMAR 2024
How will artificial intelligence change the way we conduct market research? This question was at the heart of the ESOMAR Congress 2024 in Athens. AI was presented as the solution to many of the industry's current challenges, from more efficient data collection and management to the generation of synthetic data. This article summarizes the most exciting insights and latest developments:
AI for Data Collection: Conversational AI in interviews
One of the AI applications showcased at the event was the application of conversational AI tools for real-time, scalable interactions with respondents. For instance, a chatbot developed by Nexxt Intelligence, known as the inca platform , was demonstrated conducting in-depth qualitative interviews online. In a comparative study, respondents interacted with the chatbot longer than with human interviewers and their answers to probes frequently yielded richer insight than their answers to the original open-ended question.
Additionally, the use of chatbots could drastically reduce costs and time compared to traditional human-led interviews.
AI for Data Generation: The Role of Synthetic Data
Synthetic data was another hot topic. By leveraging AI to create synthetic data, companies can fill gaps in real datasets, especially when access to respondents is limited or when targeting niche segments. Companies like Fairgen were showcasing their innovative AI solutions in this space.
A critical insight discussed at the Congress was that the strength of any synthetic data lies in the quality of the real, primary data it's modeled after. Poor input leads to unreliable results, making the integrity of the original data foundational to the success of these AI-driven models.
AI for Data Management: Automating Time-consuming Tasks
Furthermore, the vast amounts of data collected can be analyzed with the help of AI. At the Congress, AI was showcased for its ability to handle time-consuming tasks, like cleaning data, categorizing responses, and even processing hours of video interviews.
For example, GetWhy'stool can automatically find, tag and store key quotes from video interviews, while platforms like ReDem gain popularity for cleaning data and combating survey fraud. Panels and institutional market researchers, particularly those focused on the US and Asian markets, have emphasized the need for advanced AI-driven solutions to address data quality and management challenges effectively.
The Essential Role of Human Oversight
Despite the rise of AI, human oversight remains essential. At the Congress, there was a clear message: AI should complement, not replace, human judgment. While AI can handle the heavy lifting in data processing, it lacks the contextual understanding that humans bring to the table. To ensure accuracy and maintain ethical integrity, AI-generated insights still need to be checked and validated by experienced researchers. The consensus among industry leaders was that a harmonious balance between AI and human oversight will lead to the most trustworthy and actionable insights.
Collaboration and Co-Creation: A Path to Innovation
Finally, the Congress underscored the need for collaboration—both between companies and in engagement with consumers . AI-driven tools make co-creation easier than ever, enabling researchers to work closely with their audiences and produce meaningful research outcomes.
What was particularly intriguing were the informal conversations happening behind the scenes: Potential partnerships between various AI providers were hinted at—suggesting synergies that could elevate market research solutions to new heights. This emerging trend holds great promise and will undoubtedly shape the future of the industry. While the full impact remains to be seen, the signs point clearly toward innovation driven by collaboration.
Our Two Cents?
AI has arrived in market research, and it's moving faster than ever. For companies looking to stay competitive, the choice is clear: embrace AI and ride the wave, or risk being left behind as the industry surges ahead.
