AI in Marketing Research Projected to Drive Significant Market Growth
Promising Solution for Enhancing Market Research
The global artificial intelligence (AI) market is projected to experience significant growth, with a compound annual growth rate (CAGR) of 36.6% from 2023 to 2030. The estimated market size in 2023 is USD 196.63 billion, and this growth is expected to be driven by advancements in AI technology and its increasing adoption in various industries, including marketing research.
Key Findings on the Role of AI in Marketing Research
Recent advancements in AI provide a promising solution to radically enhance many market research processes. A recent study categorizes marketing into five distinct functional themes integrated with AI: data collection, data analysis, data visualization, data prediction, and marketing automation. AI algorithms developed using data can efficiently organize unstructured data without losing specific actionable insights.
A bibliometric analysis identified six emerging clusters of AI in marketing research: psychosocial, segmentation and targeting, consumer behavior, customer relationship management, marketing strategy, and social media marketing. This indicates the growing importance and diversity of AI applications in marketing research.
The comprehensive analysis of the global market dynamics surrounding AI in market research provides valuable insights for stakeholders. It highlights the potential for AI to transform the way market research is conducted, yielding more accurate, efficient, and actionable results.
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