Entropik, a Human Insights AI company, released its Annual Industry Report on Insights AI today. The report, based on a survey of over 100 product, UX, and market research heads, reveals a significant interest in Insights AI technologies, including Emotion AI, Behavior AI, and Generative AI, for transforming market research through deep consumer understanding. With 76% of respondents acknowledging its potential to revolutionize the field, the findings suggest a shift towards more nuanced and effective research methodologies.
Key Highlights:
- 76% of participants see Insights AI as transformative for market research.
- 60% believe the consumer packaged goods (CPG) sector will be most affected by Insights AI.
- Insights AI offers a six-fold improvement in speed for obtaining insights compared to traditional methods.
- Major industries impacted include e-commerce, BFSI (Banking, Financial Services, and Insurance), and OTT (Over-The-Top) content providers.
- Challenges identified include AI expertise, regulatory compliance, data privacy, awareness, and cost.
The survey indicates a growing familiarity with Insights AI among researchers, with nearly 58% of respondents versed in its applications. However, 20% believe traditional research methods are now less effective, pointing to a pressing need for innovative approaches like Insights AI. This technology not only aids in understanding consumer motivations and preferences with unprecedented depth but also significantly reduces the time required to gather insights.
In user research within the e-commerce sector, 29.1% of respondents highlight the role of AI in enhancing user experience through personalized recommendations. The BFSI sector faces hurdles such as AI expertise scarcity (47%) and regulatory compliance issues (35.2%), while data privacy (34.7%) and lack of AI understanding (26%) are common concerns across fields. Financial barriers also pose a significant challenge for 13% of those surveyed.
For consumer research, predictive content curation in the OTT industry is seen as a major advantage by 27% of respondents, with 23% valuing AI’s ability to combat content fatigue through personalization. Despite the acknowledged impact of Insights AI, only 20% of industry leaders have adopted these tools, highlighting a significant area for growth.
Mr. Ranjan Kumar, Co-founder & CEO of Entropik, emphasized the report’s role as a strategic guide for navigating user and consumer research in the AI era, aiming to democratize AI knowledge and inspire innovation and progress.
Looking ahead, the report identifies key trends for 2024, such as Prescriptive Analytics and the use of Synthetic Users with Emotional Awareness, offering businesses a roadmap to effectively leverage Insights AI. It concludes with the potential of Insights AI to influence consumer behavior, enhance brand loyalty, and facilitate product and service repositioning, underscoring its broad impact across industries.
