Unlock the Power of AI in Market Research: Discover the Top 5 AI Tools for Qualitative Data

AI tools are revolutionising the way market researchers collect and analyse qualitative data. By leveraging AI, market researchers are now able to gain deeper insights into their customers' preferences and behaviours, identify buying trends, and make informed decisions about product and service improvements. With a wide range of AI tools available, it can be difficult to determine which ones are best suited for qualitative research. In this article, we'll discuss the top five AI tools for market researchers.Here are our top five AI tools for market researchers to consider.

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‍1. SumUps

SumUps is the ultimate artificial intelligence (AI) tool for market researchers processing large amounts of qualitative data. It offers powerful summarising features that can help you categorise data and generate summaries based on key words as well as stratification of the data. SumUps also enables users to ask questions from the text and get back concise and accurate answers. This tool is equipped with user-friendly features and robust customer support, which makes it ideal for streamlining large-scale data summarisation and report preparation. In addition, the advanced AI algorithms of SumUps reduce the manual effort involved and makes the summarisation and analysis process faster, for maximum efficiency. It can be used to process a range of qualitative data sources, including PDFs, transcripts and tabular data, making it a great choice for market research analysis.

‍Cost: In beta - Free for market reserachers (until Aug 30th, 2023).

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‍2. NVivo

‍NVivo is a qualitative data analysis software from QSR International which provides unique capabilities to organise, store, visualise and analyse data. It offers users tools to code, query, visualise and work with unstructured data from planning a research project to writing a research proposal. It has a broad range of flexible and powerful qualitative analysis techniques which helps to discover patterns in a qualitative dataset. It has drag and drop features which help to quickly identify trends and detect relationships.

‍Cost: $ 2,038 USD (NVivo for Mac, Non-Academic, One Time Fee)

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‍3. Lexalytics

‍Lexalytics is an Artificial Intelligence-powered analytics platform that provides natural language processing (NLP) and text analytics solutions. It facilitates the transformation of text into insight across a variety of fields, including Voice of Customer, Voice of Employee, Customer Experience Improvement, Social Listening, Market Research and other Business Intelligence programs. It combines machine learning and natural language processing to detect meaningful patterns and insights within text, and provides a range of algorithms to ensure accuracy and relevance to the user’s needs. They also offer Semantria, a cloud-based SaaS solution that offers both flexibility in deployment and translation of text into useful decisions.

‍Cost: $999 / month USD (plus setup costs)

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‍4. Stratifyd

‍Stratifyd provides AI-powered analytics to help enterprise companies uncover insights from structured and unstructured data. It uses a range of Natural Language Processing (NLP) and Machine Learning (ML) algorithms to identify patterns and relationships in text data and also incorporates predictive analytics, anomaly detection, sentiment analysis and topic modelling to provide in-depth insights. They offer a range of features such as automated anomaly detection, semantic search, personalised recommendations and real-time analytics to help customers to quickly gain actionable insights.

‍Cost: Book a demo for info

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‍5. MAXQDA

‍Maxqda is a qualitative data analysis software that can help to organise, store, visualise and analyse Next-Generation data. It provides a platform for exploring qualitative content, from research planning to writing reports. It offers powerful coding facilities to quickly identify patterns and detect relationships. It also offers a host of advanced features such as multimedia support, visual analysis tools, mixed-methods analysis, advanced reporting and visualisations, that makes it easy to uncover trends in the qualitative data.

‍Cost: $395 - $493 / year USD (depending on tier)

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As AI technology evolves, more sophisticated tools will become available to help market researchers generate more accurate insights from customer surveys and interviews. It’s important to select the right AI tool for your needs, as different tools are suitable for different research tasks and objectives. By utilising the right AI tools, market researchers can gain valuable insights into customer behaviours, preferences, and trends