Experts anticipate the amount of data collected globally to break the 40-zettabyte mark by the year 2020 at the latest. That is about five times the number of grains of sand on the planet—an impressive figure, and it underscores the colossal scale of the data flood. More importantly, the amount of data is nearly doubling every year.
This data revolution has triggered a far-reaching transformation in many areas of our lives. That applies not least to the customer journey. Consumers have increasingly more opportunities to find out about products and services, compare them to one another, and make purchasing decisions based on an unprecedented level of market transparency. They exchange views across a wide variety of channels, provide feedback, and also read the reviews of others.
In the age of big data and the emergence of do-it-yourself programs, the role of market research is changing. While the Internet of things (IoT) is becoming an increasingly abundant source of data, people are beginning to ask if the role of the market researcher is superfluous. This paper will examine the role of market researchers in the world of big data.