Global Survey Sheds Light on Future of Market Research and Business
In a recent survey conducted by HOK Research across eight key markets globally, insights from 78 professionals within the market research sector and businesses that commission market research were gathered to identify trends expected to impact the industry in the near and long term. The survey, spanning countries such as Germany, Poland, the USA, Singapore, France, South Africa, Switzerland, and the Netherlands, revealed a consensus around several critical future developments.
Key Discoveries Highlight Technological Impact and Data Challenges:
Technological Advancements: A significant portion of the responses pointed to Artificial Intelligence (AI), automation, and digitalization as the primary drivers of change. These technologies are predicted to revolutionize both the mechanisms of market research and broader business operations.
The Role of Big Data: As businesses and market research agencies drown in data, the ability to efficiently analyse and glean actionable insights from this data is becoming increasingly crucial. The survey emphasizes big data’s pivotal role in shaping future strategies.
Uncertainty Looms Large: Many respondents expressed a degree of uncertainty about the future, underscoring the fast-paced and unpredictable nature of technological advancements and market shifts.
A Closer Look at Global Participation:
Germany and Poland emerged as the most engaged markets, contributing a substantial share of the responses. This engagement signals a keen interest and perhaps a readiness to adapt to the identified trends. The USA and Singapore were not far behind, demonstrating a broad, global concern for the highlighted issues. Although smaller in numbers, responses from France, South Africa, Switzerland, and the Netherlands provided valuable insights, reinforcing the survey's international relevance.
Looking Ahead: The Need for Adaptability and Data Proficiency:
The findings underline a critical need for businesses and market research agencies to not only embrace technological innovations but also to enhance their data analytics capabilities. As the industry moves forward, adapting to the rapid pace of change and leveraging new technologies will be essential for survival and success. Furthermore, the survey points to a collective industry challenge of navigating future uncertainties, emphasizing the importance of flexibility and continuous learning.
As the market research and business sectors grapple with these forthcoming changes, the survey's insights serve as a timely reminder of the evolving landscape. The future, it seems, belongs to those ready to innovate, adapt, and harness the power of data in an increasingly digital world.
