Rapid Evolution in Digital Strategies
Since the COVID-19 crisis, the landscape of market research has been transforming at an unprecedented pace. As businesses rapidly digitise their operations, the market research industry is no exception. This transformation has fundamentally altered not just the pace of business, but also the core practices within the market research sector. A notable shift is the recognition that traditional business models may no longer be viable, prompting a move towards building new digital businesses.
Investment in Technology and Talent
The pandemic has highlighted the increasing importance of technology in both strategy and operations. Market research firms are investing more in digital and technology capabilities, even as resources in other areas are curtailed. This shift signifies a strategic view of technology as a differentiator from competitors, rather than just a cost centre. The highest-performing companies in the market research industry have made bold investments in technology and possess strong capabilities, further emphasising the link between technology endowment and economic outperformance.
Emerging Technology Trends in Market Research
The industry is increasingly focusing on environmental sustainability. Technology is a major accelerant for sustainability initiatives. It’s not just about “green IT”; it’s about integrating technology and data from the start. For instance, digitised operations enable sustainable processes, reducing emissions and waste. Cloud, IoT, and blockchain technologies enable the measurement and tracking of environmental and social impact across value chains. AI and advanced analytics generate data and insights on the environmental and social impact of products or services, and data sharing within ecosystems fosters collaboration on environmental and social issues.
In 2024, optimisation and consolidation of security investments are expected to be driven by economic factors and evolving threat tactics. Misconfiguration and unpatched vulnerabilities remain significant causes of data breaches. A systematic approach to security, including regular patch management and security audits, is crucial. The proliferation of IoT devices poses additional security risks, necessitating proactive security measures. Businesses must focus on enhancing legal and regulatory compliance and investing in advanced AI/ML-integrated security solutions.
DSIGHT - Decision as Connected to Insight
Technology and AI are being leveraged to automate the insights value chain, guiding professionals in creating impactful business decisions. Automation in market research leverages technology to reduce human tasks in the process of gathering market insights, enabling faster and more accurate data collection and analysis. Automated tools streamline survey design, data collection, and analysis, resulting in more productive and actionable decision-making. They enable real-time data analysis, allowing researchers to make timely and informed decisions. Additionally, automated reporting in an interactive format ensures consistency and accuracy in data presentation.
The Road Ahead
The trends observed in the market research industry point towards a transformative future. With a growing focus on sustainability, cyber security, advanced technology, and strategic use of insights, the industry is poised for significant evolution. These changes are not just about adopting new technologies but also about rethinking how market research can more effectively meet the changing demands of businesses and consumers.
As we look towards the horizon of the market research industry, it’s evident that the journey of digital transformation is both complex and dynamic. Embracing these changes requires not only a keen understanding of emerging technologies but also a strategic partner who can guide this journey with expertise and precision.
Enter Platform 24. With our deep-rooted expertise in IT services, tailored specifically for the market research sector, we stand at the forefront of this digital evolution. Our commitment to technological innovation and cyber security ensures that your business is not just adapting but thriving in this post-COVID landscape.
Choose Platform 24, the partner who understands the unique challenges and opportunities within the market research industry, for your digital transformation needs. Whether it’s harnessing the power of AI for insightful data analysis or implementing robust cyber security measures, we are equipped to elevate your IT strategy to new heights.