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Market Research Industry
The use of artificial intelligence, machine learning and automation is expected to reduce costs, increase efficiency and result in higher turnover in the market research industry. The main clients for market research are manufacturing (consumer non-durables), financial and insurance, and information and telecommunications and ICT companies. During poor economic conditions, market research companies may make their research freely available to market themselves and get new clients. This practice is on the increase and may end up being detrimental to the sector. Coronavirus is expected to have a major effect on the industry as economic challenges may see companies reduce spending in areas such as market research. The market research industry in Africa is expected to be hard hit, particularly in countries which predominantly rely on face-to-face interviews.
Technology and Innovation
There has been growth in digital and data analytics in the market research sector. Due to social media and ubiquitous mobile devices, it has become easier and faster for market researchers to reach out to more people than ever before. This has led to more insights being generated, leading to a better understanding of customers. However, it has also led to more intrusive behaviour on the part of the market researchers, who often breach personal spaces and privacy. Market research companies are increasingly using advanced research technologies to produce insights including eye tracking, video analysis and voice technology, blockchain, data automation, artificial intelligence and machine learning.
This report focuses on the market research industry and includes information on the state of the industry, major players and trends and the factors that influence the industry including the effect of the coronavirus pandemic There are profiles of 30 companies including local branches of multinationals such as Ipsos, Nielsen and Kantar, local companies such as Plus 94, Quest Research and Mictert and small companies including Khumbula Consulting and Thetha Insights.