Generative AI in Market Research Market By Type (Text Generation, Image Generation, Video Generation, and Voice Generation), By Application, By Deployment, By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

Report Overview

Generative AI in Market Research Market size is expected to be worth around USD 265.5 Mn by 2032 from USD 37.0 Mn in 2022, growing at a CAGR of 22.4% during the forecast period from 2023 to 2032.

Generative AI, like GPT-4 architecture, is being applied in market research in order to increase capabilities and deliver a more precise and comprehensive analysis. Market research helps companies understand consumer behavior, market trends, and competition better. Using AI in market research enables more insights and automation of repetitive tasks while informing better decisions making. Nonetheless, it is vitally important that individuals remain mindful of any ethical concerns or biases associated with AI use so that critical evaluation can be applied when reviewing its results.

Driving factors

Improved Accuracy and Efficiency, Cost Reduction, and Demand for Personalization Drive the Generative AI in Market Research Market.

Utilizing modern technologies and digital platforms that offer abundant information has greatly assisted generative AI in its applications for market research. Generative AI can efficiently process massive volumes of data quickly and provide more precise insights compared to conventional methods of research, which often require much manual effort.

AI can significantly lower market research expenses associated with data collection, analysis, and report creation. There is an increasing demand for tailored marketing strategies and products. Generative AI can assist businesses in understanding consumers' preferences and behaviors on an intimate level so that they can tailor their offerings accordingly. With AI technologies continually developing and evolving, generative AI models have become more accurate, sophisticated, and accessible, leading to widespread usage in market trend research. As businesses expand globally, understanding different markets becomes critical.

Generative AI can analyze data from across cultures and regions, helping companies tailor their strategies accordingly. Certain regions are encouraging AI technologies with incentives or grants as well as favorable policies from government and regulatory bodies. Consumers' expectations for high-end and innovative products and services increase as they become more technologically proficient. Generative AI can help companies meet this challenge by expediting market research-driven product and service development.

Restraining Factors

Data Privacy and Security Concerns, Regulatory Challenges, and Algorithmic Bias are Restraining Market Growth.

Generative AI is used for processing large volumes of sensitive information; privacy and security restrictions could potentially hinder its usage in areas with stringent regulations for data protection. Generative AI models may inherit biases present in their training data and produce biased or unbalanced results, prompting concerns over fairness and bias in AI algorithms that prevent organizations from fully adopting this technology.

Each country has its own regulations regarding AI and artificial intelligence (AI), making understanding these regulations and meeting compliance a daunting and time-consuming challenge for companies. Integrating generative AI into existing workflows and systems can be an involved process, particularly for businesses that have established systems over decades that may not be compatible with AI technologies.

Although a wealth of data exists, only certain samples offer high quality. Poor-quality data can compromise the effectiveness of AI solutions, while in certain circumstances, there might not be enough material for useful analysis. However, there remain concerns over the reliability of AI systems when used for critical decision-making purposes. Accountability must also be established should an AI system prove faulty or cause harm.

Covid-19 Impact on Generative AI in Market Research Market

The pandemic forced businesses to accelerate their digital transformation plans. Given the shift toward remote working and the increasing significance of digital channels, market research driven by artificial intelligence became necessary for understanding rapidly changing consumer behaviors and market trends. Due to the epidemic, many businesses faced financial strain resulting in budget reductions and resource limitations, hindering them from investing in advanced technologies like AI-generative. Businesses that had AI already implemented recognized its advantages and continued to invest in it. The pandemic led to an explosion of online activities that generated vast data.

Generative AI was at its finest during this epidemic as companies worked on analyzing market trends and consumer behavior following its impact. Rapid decision-making became crucial as market conditions quickly altered during an epidemic outbreak. Generative AI proved useful for providing real-time data that helped companies adjust their strategies more quickly, yet disruptions to supply chains prevented companies from purchasing the equipment and software necessary for the implementation of the systems. Furthermore, AI models trained on data from before the pandemic struggled to provide accurate forecasts in response to disruptions in supply chains.

By Type Analysis

The Text Generation Segment Accounted for the Largest Revenue Share in Generative AI in Market Research Market in 2022.

Based on type, the market is segmented into text, image, video, and voice generation. Among these types, text generation is expected to be the most lucrative in the global generative AI in market research, with the largest revenue share of 32.4%. Generational AI has quickly become an invaluable asset to market researchers globally and is revolutionizing how businesses collect information and make sound decisions. Advances in machine-learning techniques and generative AI models such as GPT-3 have demonstrated their capacity for creating coherent and relevant texts across a variety of domains.

These solutions enable more cost-effective insights generation, enabling companies to uncover previously hidden patterns, anticipate trends, and draw actionable insights from vast amounts of data. Generative AI has become indispensable to the market research industry as companies aim to understand customer behaviors better while improving marketing strategies.

The Image Generation Segment is Fastest Growing Type Segment in Generative AI in Market Research Market.

The image generation segment is projected as the fastest-growing type segment in generative AI in the market research market from 2023 to 2032. Generative AI has rapidly become an essential tool for analyzing and generating images for market research applications and image generation purposes. Generative AI techniques, including deep learning-based models, produce realistic yet precise images used in market research studies. Generative AI allows researchers to quickly generate realistic mockups of product designs and customized advertisements using images and enhance datasets for more precise analyses.

By Application Analysis

The Market Trend Forecasting Holds the Significant Share in the Application Segment of Generative AI in the Market Research Market.

Based on application, the market is divided into data analysis and visualization, survey generation, sentiment analysis, and market trend forecasting. Among this, the market trend forecasting segment is dominant in the application segment in generative AI in the market research market, with a market share of 35%. Generative AI is revolutionizing forecasting trends in market research by providing powerful tools for scenario analyses, predictive simulations, unstructured information analyses, and dynamic visualizations.

Companies strive to remain competitive in an ever-evolving marketplace, including Generative AI in trend forecasting processes, allowing data-driven decisions, identification of emerging opportunities, and more precise management of market dynamics with greater certainty.

Data Analysis and Visualization is Identified as the Fastest Growing Application Segment in Projected Period.

Data analysis and visualization is also an important application segment in generative AI in the market research market, and it is expected to grow faster in the application segment in the generative AI in Market Research. Artificial intelligence-powered data analysis generative and visualization tools have revolutionized market research. By enabling researchers to quickly study large volumes of data, uncover patterns not obvious at first glance, and gain insightful insights, these applications have become essential tools for market analysts worldwide.

By Deployment Analysis

The Cloud-Based Segment Accounted for the Largest Revenue Share in Generative AI in Market Research in 2022.

Based on deployment, the market is segmented into cloud-based and on-premises. Among these types, the cloud-based is expected to be the most lucrative in the global generative AI in market research market, with the largest revenue share of 54.4%. Cloud-based deployment is integral to the global generative AI market research market. Due to its scalability, accessibility, cost efficiency, security advantages, and ease of deployment, it is often used when using market research applications based on AI.

As demand for more advanced visualization and analysis increases, cloud deployment will experience tremendous growth and advancement.

The On-Premises Segment is Fastest Growing Deployment Segment in Generative AI in Market Research Market.

The on-premises segment is projected as the fastest-growing deployment segment in generative AI in the market research market from 2023 to 2032. On-premises deployment holds great value in the global generative AI market research industry. It affords organizations control, flexibility, and performance benefits - however, initial investments may be significant, and scaling may be restricted - making this market research solution attractive to market research firms that prioritize security and customization of data collection processes. Alongside cloud solutions, this market may remain relevant.

Key Market Segments

Based on Type

• Text Generation
• Image Generation
• Video Generation
• Voice Generation

Based on Application

• Data Analysis and Visualization
• Survey Generation
• Sentiment Analysis
• Market Trend Forecasting

Based on Deployment

• Cloud-Based
• On-Premises

Growth Opportunity

Integration with Other Technologies, Small and Medium Enterprises Adoption, and Developing Markets Creates Opportunity in the Market.

Combining generative AI with other emerging technologies like IoT blockchain, IoT, and 5G could open up endless opportunities. Integrating IoT data with the power of generative AI will help uncover real-time consumer behaviors and preferences. As Generative Artificial Intelligence becomes more affordable and accessible, it presents medium and small-sized enterprises with the possibility to utilize AI for market research without incurring significant upfront investments.

Countries that are just starting out using AI for market research offer immense growth potential, and as these markets expand and mature further, businesses and governments will likely invest even more money in AI technologies. Real-time analytics and predictive models using artificial intelligence could prove transformative for companies seeking to make swift, informed decisions using accurate and timely information. Generative AI can aid marketers in crafting highly tailored marketing strategies by analyzing consumer preferences and habits - leading to greater customer satisfaction and loyalty.

Latest Trends

Explainable AI, Federated Learning, Fine-Tuning, and Transfer Learning are the Latest Trends in the Market

There's an increasing need for AI models to be transparent and understandable by humans, which makes the use of explainable AI an attractive solution for market research purposes. Explainable AI allows researchers to build trust in the AI-generated data while making better choices based on it. As the privacy of data becomes an ever-increasing priority, federated training has emerged as an emerging trend. It allows AI models to be trained on multiple servers or devices using local data samples without sharing anything, protecting privacy while still taking advantage of AI insights into market research.

Utilizing trained models and customizing them to specific market research tasks has become an increasingly popular trend, helping researchers save both time and effort creating them from scratch. Furthermore, using information from related areas to leverage performance further. Generative AI uses artificial datasets to augment real data from market research studies. This can be particularly useful when collecting real data is costly or time-consuming; additionally, it allows models to be trained across a greater array of scenarios for greater reliability.

Market researchers are increasingly turning to artificial intelligence (AI) algorithms for analyzing data from various sources and formats - such as images, texts, and voices - gaining more significant insights into customer behaviors and market trends. The multimodal analysis offers greater clarity into customer and market behavior trends.

Regional Analysis

North America Accounted for the Largest Revenue Share in Generative AI in Market Research in 2022.

North America is estimated to be the most lucrative market in the global generative AI in market research market, with the largest market share of 43.6%. North America is widely considered an innovator in applying artificial intelligence technologies, such as using generative AI for market research. AI and tech firms, a vibrant innovation ecosystem, and substantial R&D investments all play key roles in making China such an undisputed world power. Companies throughout North America place great value on customer experience, personalization, and data-driven decision-making. Regulators' environments in both nations tend to support AI development; however, privacy concerns have increased.

Asia-Pacific is Expected as Fastest Growing Region in Projected Period in Generative AI in Market Research Market.

Asia-Pacific is expected to be the fastest-growing region in the generative AI market research market forecast period. Asia-Pacific region is diverse, and AI adoption varies considerably, with China being one of the main players with regard to research and development investment. China boasts one of the highest adoption rates due to strong government support as well as a massive consumer base and technology companies operating there. Generative AI market research is experiencing incredible success due to government backing as well as rapidly growing technology companies.

India is emerging as an AI market with large numbers of skilled individuals and growing investment. Generative AI for market research applications has grown alongside an expanding startup ecosystem and digital transformation across industries. Japan, South Korea, and Australia have also achieved great strides in adopting artificial intelligence technologies, with particular attention paid to high-tech industries and innovations.

Key Regions and Countries

North America

• US
• Canada
• Mexico

Western Europe

• Germany
• France
• The UK
• Spain
• Italy
• Portugal
• Ireland
• Austria
• Switzerland
• Benelux
• Nordic
• Rest of Western Europe

Eastern Europe

• Russia
• Poland
• The Czech Republic
• Greece
• Rest of Eastern Europe

APAC

• China
• Japan
• South Korea
• India
• Australia & New Zealand
• Indonesia
• Malaysia
• Philippines
• Singapore
• Thailand
• Vietnam
• Rest of APAC

Latin America

• Brazil
• Colombia
• Chile
• Argentina
• Costa Rica
• Rest of Latin America

Middle East & Africa

• Algeria
• Egypt
• Israel
• Kuwait
• Nigeria
• Saudi Arabia
• South Africa
• Turkey
• United Arab Emirates
• Rest of MEA

Market Share & Key Players Analysis

Companies such as OpenAI, Google (DeepMind), IBM, Microsoft, and Facebook (Meta) are leaders in developing generative AI technologies. These firms have played an instrumental role in developing AI capabilities used for market research. From language processing to image generation and more advanced AI features such as facial recognition software. DataRobot, Databricks, and H2O.ai are among many startups and specialized businesses that have established a niche by providing AI solutions tailored explicitly toward market research.

Nielsen, Ipsos, and Kantar are market research solution providers who are also adopting and incorporating AI technology in their products. As market research evolves and grows, new players and innovations may appear that alter the competitive landscape as companies focus on personalizing insights with data while employing ethical AI applications.

Top Key Players in Generative AI in Market Research Market

• ai
• Microsoft Corporation
• Amazon Web Services, Inc.
• IBM Corporation
• Adobe
• Google LLC
• Genie AI Ltd.
• Other Key Players

Recent Development

• In 2023, DeepMind recently unveiled DeepMind Insights. It utilizes AI algorithms for market research data analysis and provides businesses with extensive insight, helping them make informed decisions and enhance their marketing strategies.
• In 2023, NielsenIQ, a top provider of market intelligence and consumer insight, recently unveiled NielsenIQ AI Insights. This platform uses artificial intelligence technology to assist its customers in discovering hidden patterns, building prescriptive models, and extracting insights from massive amounts of data.

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