Big Potential of Big Data – Can Market Research Still Thrive?

market research and big data

market research and big data

Digitization and overdose of technology is creating different types of impacts on various industries. Experts claim that big data and different types of digital information are disrupting the world. According to IBM, the total amount of digital information available on the web accounts for more than 2.5 quintillion bytes. Such diverse existence of information also affects the market research industry. There is a constant debate about the advantages and disadvantages of big data on business research industry. Big data has a great potential, there is no denial about that. However, experts claim that it poses a great competition and growth opportunity to this industry.

Processing Big Data for Business Analysis

There is a growing global demand for processing the existing big data to collect valuable information. Businesses are also demanding special big data centers to serve pure purpose of marketing and analysis of various industries. Adapting to the increased use of technology and digital data is just the beginning for the research industry in coming to terms with big data. Resorting to social media marketing and seeking help from online surveys and interactions are some of the basic ways of using big data in a positive manner for a research project. The industry is expected to gain valuable information from petabyte data. Petabyte is the incomprehensible amount of information available on the web. All this information can be easily utilized for significant conclusions.

Can Market Research Still Thrive

Big Data with Big Opportunity

Rather than treating it as a big threat, big data has to be used as a big opportunity for marketing research. Understanding customer mindset is the basic goal of business analysis, which gets a major boost with the amount of data available on the web. Along with traditional sources, experts can use diverse data to solve the core factors influencing customer preferences and the reasons why they make particular buying choices. No matter how big the information is, it is always available in a somewhat scattered state. It needs human intervention for sorting it out.

Attention to details and things such as validity of the data and choosing the exact insightful information from the clutter requires expert analysts. Along with identifying critical facts and information on the web, researchers can obtain sparkling results from engaging the customers in meaningful communication and socialization channels. All these factors indicate the highlighted importance of market research even in the era of digitization. Hence, it is safe to say that big data will broaden the horizons of industrial research and fulfill it in a better and positive way.

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