A new report by Entropik, a leading Human Insights AI company, reveals that Insights AI is gaining momentum in 2024 and is viewed as a huge opportunity by marketers to reshape the market research industry through hyper-personalization.
Insights AI is a set of AI technologies – Emotion AI, Behavior AI, and Generative AI – that can help 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.
According to the report, 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. The report also highlights the broad impact of Insights AI across industries, particularly in the e-commerce, BFSI, and OTT sectors.
One of the key benefits of Insights AI is that it can significantly reduce the time for receiving insights, achieving a six-fold improvement compared to traditional methods. The report further emphasizes that Insights AI can offer unparalleled depth and precision in understanding consumer motivations, preferences, and experiences.
The report also identifies some of the challenges and barriers to adopting Insights AI, such as a lack of AI expertise, regulatory compliance concerns, data privacy and security issues, and cost and financial resources. The report suggests some possible solutions and best practices to overcome these hurdles and leverage Insights AI effectively.
The report concludes by stating that Insights AI is a promising and emerging field that can transform the market research industry and create new opportunities for marketers to deliver personalized and engaging experiences to consumers.