Home Industry Insights AI Gaining Momentum in 2024, Reveals Entropik Survey

Insights AI Gaining Momentum in 2024, Reveals Entropik Survey

by CIOAXIS Bureau

Entropik announced the launch of its first edition of the Annual Industry Report on Insights AI. The survey highlights the growing popularity of Insights AI, with 76% of participants viewing it as an opportunity to reshape the market research industry through hyper-personalisation. Insights AI, a set of AI technologies – Emotion AI, Behavior AI, and Generative AI – apart from analysing data, helps 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.

Insights AI integration helps brands by offering unparalleled depth and precision in understanding consumer motivations, preferences, and experiences. The survey revealed that 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.

This inaugural edition delves deep into Insights AI in relation to user research and consumer research across various industries and offers an understanding of its evolution, applications, and future trends.

One of the findings underscores that Insights AI has significantly reduced the time for receiving insights, achieving a six-fold improvement compared to traditional methods. The report further emphasises the broad impact of Insights AI across industries, particularly in the e-commerce, BFSI, and OTT sectors.

Key Findings:

Insights AI in User Research:

* 29.1% see AI as a tool for enhancing the e-commerce user experience through personalised product recommendations
* 47% of respondents identify a lack of AI expertise as a major hurdle in the BFSI sector, while 35.2% cite regulatory compliance concerns
* 34.7% cite data privacy and security concerns
* 26% identify a lack of awareness and understanding of AI technology
* 13% consider cost and financial resources to be the biggest barriers to adopting Insights AI

Insights AI in Consumer Research:
* In the OTT sector, 27% believe that predictive content curation is a significant benefit offered by AI, while 23% see its potential in addressing content fatigue and providing personalised recommendations
* 60% of respondents believe that consumer packaged goods will be the most impacted industry by Insights AI
* Surprisingly, only 20% of industry leaders have adopted Insights AI-based tools in their businesses, revealing a potential growth area for the technology

Speaking about the report, Ranjan Kumar, Co-founder & CEO, Entropik, said, “Our 1st Annual Industry Report is not just a compilation of data; it is a strategic guide for businesses navigating the complexities of user research and consumer research in the age of AI. This report underscores our unwavering commitment to research, innovation, and democratising access to AI knowledge. It’s not just about the trends, it’s about the ‘why’ and the ‘how’ – empowering businesses to harness the power of AI for real-world impact. The valuable insights gathered from marketers reflect not only the current pulse of our industry but also inspire us to continue pioneering solutions that drive progress.

The report also ventures into the future with a dedicated chapter on “Trends to Watch Out for in 2024.” The predominant upcoming trends in Insights AI encompass Prescriptive Analytics, Moderated Interviews with Emotional Awareness, and Synthetic Users with Emotional Awareness. The section also addresses challenges and considerations, offering businesses a strategic roadmap to effectively leverage Insights AI.

Summarising the report’s significance, Entropik emphasises that Insights AI research has the power to influence and change consumer behaviour, improve brand loyalty, and facilitate the repositioning of products and services by creating contextual cues.

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