Insights AI Gaining Momentum in 2024, Viewed as a Huge Opportunity by Marketers
Entropik, a leading Human Insights AI company,
announced the launch of its first edition of the Annual Industry Report on
Insights AI. The survey highlights the growing popularity of Insights AI,
with 76% of participants viewing it as an opportunity to
reshape the market research industry through hyper-personalization. Insights
AI, a set of AI technologies – Emotion AI, Behavior AI, and Generative AI –
apart from analyzing data, helps marketers understand the subconscious human
emotions that can shape consumer decisions. The report's findings are drawn
from a diverse pool of 100+ product, UX, and market research heads.
“Trends to Watch Out for in 2024.”
Insights AI integration helps brands by offering
unparalleled depth and precision in understanding consumer motivations,
preferences, and experiences. The survey revealed that nearly 58% of
respondents are familiar with the term "Insights AI" in research, and
notably, 20% of participants expressed a belief that
traditional research methods have become ineffective in contemporary times.
This inaugural edition delves deep into Insights AI
in relation to user research and consumer research across various industries
and offers an understanding of its evolution, applications, and future trends.
One of the findings underscores that Insights AI
has significantly reduced the time for receiving insights, achieving a six-fold improvement
compared to traditional methods. The report further emphasizes the broad impact
of Insights AI across industries, particularly in the e-commerce, BFSI, and OTT
sectors.
Key Findings:
Insights AI in User Research:
- 29.1%
see AI as a tool for enhancing the e-commerce user experience through
personalized product recommendations
- 47%
of respondents identify a lack of AI expertise as a major hurdle in the
BFSI sector, while 35.2% cite regulatory compliance concerns
- 34.7%
cite data privacy and security concerns
- 26%
identify a lack of awareness and understanding of AI technology
- 13%
consider cost and financial resources to be the biggest barriers to
adopting Insights AI
Insights AI in Consumer Research:
- In
the OTT sector, 27% believe that predictive content curation is a
significant benefit offered by AI, while 23% see its potential in
addressing content fatigue and providing personalized recommendations
- 60%
of respondents believe that consumer packaged goods will be the most
impacted industry by Insights AI
- Surprisingly,
only 20% of industry leaders have adopted Insights AI-based tools in their
businesses, revealing a potential growth area for the technology
Speaking about the report, Mr. Ranjan
Kumar, Co-founder & CEO, Entropik, said, “Our 1st Annual
Industry Report is not just a compilation of data; it is a strategic guide for
businesses navigating the complexities of user research and consumer research
in the age of AI. This report underscores our unwavering commitment to
research, innovation, and democratizing access to AI knowledge. It's not just
about the trends, it's about the 'why' and the 'how' – empowering businesses to
harness the power of AI for real-world impact. The valuable insights gathered
from marketers reflect not only the current pulse of our industry but also
inspire us to continue pioneering solutions that drive progress.”
The report also ventures into the future with a
dedicated chapter on "Trends to Watch Out for in 2024." The
predominant upcoming trends in Insights AI encompass Prescriptive Analytics,
Moderated Interviews with Emotional Awareness, and Synthetic Users with
Emotional Awareness. The section also addresses challenges and considerations,
offering businesses a strategic roadmap to effectively leverage Insights AI.
Summarizing the report's significance, Entropik
emphasizes that Insights AI research has the power to influence and change
consumer behavior, improve brand loyalty, and facilitate the repositioning of
products and services by creating contextual cues.
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