Unlike the traditional approach, the output from AI-driven market research can be combined with other sources, such as sales, text, social media, behavioral and passive data. This will yield new recommendations that will have 10x the impact traditional market research does and reflect a changing marketplace. Absolutdata’s CEO, Anil Kaul, discusses how AI solutions can provide marketers with real-time data and recommendations that optimize decisions for the future.

The martech space has exploded over the past decade; The number of available solutions has grown from about 150 in 2011 to more than 7,000 in 2019. At the same time, the market research sector has experienced a decline, with global revenue down from a high of $46.1 billion in 2014 to $45.8 billion in 2017. But AI is about to disrupt and revitalize market research — that’s great news for marketers.

Until now, market research has been viewed as an expensive tool that’s used only for high-stakes marketing projects. While automated surveys have made data collection easier, most market research initiatives still require expensive consultants and take several weeks, if not months, to complete. That makes it too costly to use in everyday marketing decisions. That’s not the case with AI.