AI Tools for Market Research You Must Try in 2024

Using AI tools for market research is a game changer.

Come to think of it, what is that one thing you wish you had more of? For me, it is nothing but time! And that’s precisely what artificial intelligence saves. Especially in a world that is crazy about instant data!

This blog will look into the top AI market research tools, their features, and pricing, and all that you need to make a decision!

Before we get into the details, we have to cover the basics. But if you are already clear with what you want, feel free to jump ahead to the good part!

• Top AI Market Research Tools

For the rest of us…

Off we go!

What is an AI Market Research Tool?

An AI market research tool is like having an advanced assistant for businesses that seek comprehensive insights. Well, think of it as a sophisticated data analyst who can collect, process, and interpret vast amounts of information.

When you have a question about your market, these tools don’t just find the answer but dig deep. They uncover patterns and trends that might be hidden from the human eye.

These tools utilize cutting-edge technologies such as advanced algorithms and machine learning to automate and elevate market research.

Benefits of Using AI Tools for Market Research

So, why are businesses hooked on AI tools for Market Research? Here’s the lowdown:

• Efficiency Boost: AI tools make things faster. They zip through tasks that would take humans ages. This speed not only saves time but lets businesses act quickly on insights.
• Super Accuracy: No room for errors. Artificial Intelligence doesn’t mess around. It’s meticulous and precise. When it analyzes data, you can trust that the results are on point—no room for mistakes.
• Real-Time Data: Get updates on the spot. AI tools keep you in the loop with the latest market trends. No more waiting around!
• Easy on Small Businesses: Even if you’re small, AI tools are your budget-friendly ally for deep market insights. Who wouldn’t like a tool that provides powerful insights without draining your resources?
• Customer Connection: With these tools, you can understand your customers better. It’s like having a virtual chat that gets them.

Read More: Benefits of Using AI in Your Surveys

Top 11 AI Tools For Market Research

Here’s a table for a quick sneak peek…

Now, let’s get started with the first in the lot…

1. SurveySparrow: For Conversational Surveys and Advanced Analytics

SurveySparrow makes market research easy. Whether it is data collection, or decoding customer sentiments, the platform has something for you. Create surveys, share them, analyze data, and get insights. And, reaching your audience isn’t a hassle anymore. You can share the surveys via email, WhatsApp, or any social media platform.

This feature set is perfect for you as it does not stop at data collection. Once you have the responses flowing in, tap into each of them with sentiment analysis. That’s not it, with the AI powered text-analytics feature, you can conduct root cause analysis, identify the key drivers and point out your strengths and weaknesses compared to the competitors!

Now, don’t just take my word for it. Let’s see why SurveySparrow’s market research tool stands out.

Key Features

• Conversational Interface: The most essential skill needed while interacting with an audience is the ability to keep them hooked. The conversational surveys you make with SurveySparrow can fetch 40% more responses! Plus, you get 1000+ pre-designed templates that are fully customizable with multiple question and field types.
  
  Here’s a sample template. Feel free to customize it the way you want. 

Market Research Survey Template

Preview Template

Use This Template

• Question Piping for Human Touch: Infuse a conversational flow into your surveys for a more engaging experience.
• Smart Surveys: Create surveys with different questions for a personal touch. Ask questions based on previous answers for a more focused interaction. Let the audience skip the questions that don’t apply to them and answer only those based on the previous responses.
• AI Survey Builder: Use the power of AI to build surveys. Enter a prompt and let AI do the magic. Plus, with the ChatGPT plugin, everything becomes more accessible!
• Conversational Forms: Make surveys feel like a chat for a more engaging experience- one question at a time! (You can also create single-page forms)
• Insights and Tracking: Dive into your data with an easy-to-understand dashboard and track survey performance. Visualize the insights on the executive dashboard with graphs and charts. You also get a WordCloud, to keep a count of the most repeated keywords.
• Audience Segmentation: Categorize the sections based on trends and patterns. This will help you run campaigns that hit the mark!

Try SurveySparrow with a risk-free 14-day trial. No credit card is required, and you can cancel anytime. (Oh, and switch to the forever-free plan any time!) Need a demo? We’ve got that covered too.

If you want a bit more advanced features, the paid plan starts at $19/month.  

Let’s quickly move on to the next tool in the list…

2. Hubspot: For UX Insights

Hubspot hosts a set of easy-to-use AI tools that can boost your productivity while saving you a ton of time! You get market research templates that use multiple questions, such as demographic and competitor, and those catering to various industries. 

Key features

• AI Content Generation: You can create AI-powered emails and surveys to reach out to your audience. There are pre-designed survey templates that you can use as well.
• Predictive Analytics: The platform uses AI algorithms to predict future trends. This will help in risk assessment and developing marketing campaigns that work.
• Chatspot: This is HubSpot's AI assistant, powered by ChatGPT. It can help you get unique insights by engaging the audience with a human-like approach.
• AI Reports: Automate report generation just by entering a prompt. Once the reports are created, you can edit and filter the details according to how you want to visualize your data.
• Social Media Monitoring: AI and social media listening are deadly combinations that must be in your market research toolkit. You can monitor the sentiments, interests, and preferences of your audience. 

G2 Rating: 4.4/5 (11000+ Reviews)

Capterra Rating: 4.5 (4000+ Reviews) (CRM)

Users appreciate the intuitive interface and how interconnected everything is within Hubspot. Another feature that comes up to my mind is the email customization features. 

Pricing

• Free Version: Yes
• The pricing for marketing software starts at $800/month.
• The sales hub professional plan is $90/mo/seat. 

3. Hotjar: For Website Analysis

Hotjar is an all-in-one analytics and feedback tool that helps businesses understand and analyze user website behavior. It gives you insights into what users click on, where they move their mouse, and how they scroll through your web pages.

This information helps businesses improve their websites to make them more user-friendly.

Key Features

• Heatmaps: Hotjar generates visual heatmaps showing where users click, move, and scroll on your website. This helps identify the most engaging and problematic areas of your pages.
• Session Recordings: Record and play back videos of real users interacting with your website so you can see how they navigate it. This feature helps uncover usability issues and understand user journeys.
• Feedback Polls and Surveys: This lets you create simple surveys on your website to ask users about their experiences or preferences. You can gather direct feedback from users to understand their preferences, pain points, and opinions.
• User Recruitment and Testing: With Hotjar, you can recruit and test users for feedback on new features, designs, or prototypes.
• Conversion Funnels: This shows users’ steps on your website before completing a goal (like making a purchase), helping you understand where they might drop off. This feature is essential for optimizing the user journey and increasing conversion rates.

G2 Rating: 4.3 (300+ Reviews)

Capterra Rating: 4.7 (500+ Reviews)

Users find the Heatmaps as the most useful feature of the platform. It helps them tap into the products from the user’s perspective!

Pricing

• Free Forever Plan: 35 daily sessions
• Paid plan starts at $32 /month

Over to the next…

4. Appen: For Data Annotation

Established in 1996, Appen is a globally recognized leader in providing high-quality training data for machine learning and artificial intelligence. It focuses on Large Language Models and deep learning.

The platform follows ethical AI practices and believes in the transformative power of Artificial Intelligence.

Key Features

• Data Annotation: The skilled team tags various types of data to help train AI algorithms, making them smart in recognizing images and understanding language.
• Speech Data Collection: The platform gathers many speech recordings to help AI better understand spoken words. They record and write down what’s said, making AI smarter in recognizing speech.
• Text Data Collection: It takes written information and makes it better for AI to understand. This makes AI better at understanding language and generating human-like text.
• Geo-Local Evaluation: Dives deep into data tied to specific locations, ensuring that AI doesn’t just understand the content but does so in a way that fits the local scene.
• Search Relevance Evaluation: Appen rigorously evaluates search engine relevance through human evaluators, continuously enhancing search algorithms for improved user experience.

G2 Rating: 4.2/5 (20+ Reviews)

Capterra Rating: 4.8/5 (30+ Reviews)

The reviews are all positive for Appen, and users appreciate how easy it is to use. However, there are mixed opinions about the onboarding process.

Pricing

• Free Version: No
• You can request a consultation with their team

5. Consensus: For Comprehensive Insights

Consensus goes beyond conventional analytics, offering a sophisticated platform that amalgamates data from diverse sources for a holistic understanding of market dynamics.

It combines information from everywhere to give you the big picture of what’s happening in the market.

Key Features

• Integrated Data Fusion: Consensus is excellent at putting all the info from different places into one clear view. No more missing important details—it’s all there in one place.
• Predictive Analytics Engine: It’s not just about what happened. Consensus can also tell you what might happen next. This helps you plan and stay ahead of the game.
• AI-Driven Sentiment Analysis: Consensus goes beyond numbers. It can read the ‘vibes’ in the data, telling you how customers feel. Understanding emotions helps you make decisions that connect with your audience.
• Real-time Collaboration Hub: Teams can work together in real-time using Consensus. It’s like a meeting hub where everyone can discuss the data, ensuring everyone is on the same page.

G2 Rating: 5/5 (2 Reviews)

Capterra Rating: 4.9/5 (180+ Reviews)

A customer on Capterra calls it “A Brilliant Tool For Interactive Engagement With Customers.” At the same time, they feel the customer segmentation feature of the tool would do well with some improvement.

Pricing

• Free Plan: Yes, 20 AI credits per month
• The Premium Plan costs $8.99 / month

Over to the next tool…

6. ChatGPT: Conversational Analytics

ChatGPT is a cutting-edge market research tool transforming how businesses engage with data. It uses the power of conversational AI to facilitate insightful interactions, making market research more accessible and dynamic.

Key Features

• Conversational Analytics: ChatGPT isn’t just about data. It talks with you about it. This conversational approach makes understanding complex insights feel like a natural conversation, making data more digestible.
• Language Adaptability: It’s more like talking to a language expert. ChatGPT understands and adapts to different ways people ask questions. This versatility makes it easier for users to communicate and extract precise information.
• Continuous Learning Capability: The platform learns and evolves. The more you interact, the smarter it gets. This continuous learning capability ensures it stays on top of industry trends and evolving market dynamics.
• Dynamic Scenario Exploration: ChatGPT is not static. It can explore different scenarios with you, helping businesses anticipate outcomes and make informed decisions in a dynamic market environment.

G2 Rating: 4.7/5 (500+ Reviews)

Capterra Rating: 4.6/5 (50+ Reviews)

ChatGPT has become an essential part of everyone’s daily work life. It’s like a go-to assistant for most of the users. Don’t you agree?

Pricing

• Free Version: Yes
• Contact the team for a quote

7. Poll The People: For Instant Feedback

Poll The People is like having a conversation with the whole world. It’s not just surveys; it’s everyone’s opinions coming together. This tool helps businesses make decisions based on what a big group of people thinks.

It transcends traditional surveys. It’s like having an interactive platform where businesses can tap into real-time feedback to inform strategic decisions.

Key Features

• Crowdsourced Decision Making: It’s about collective decision-making. Businesses can get ideas from many people to make smarter choices.
• Instant Polling Feedback: Speed is key. The platform gives answers super fast. Businesses can ask a question and get responses right away, helping them stay quick on their feet.
• Interactive Engagement Tools: It’s not dull! There are fun tools like quizzes and visual polls. It makes answering questions enjoyable for people taking part.
• Demographic Targeting: Precision matters. This tool allows businesses to target specific demographics, ensuring that insights are comprehensive and tailored to their target audience’s unique characteristics.

G2 Rating: 4.5/5 (10 Reviews)

TrustRadius: 8.5/10 (10+ Review)

The polls and SMS voting are the most appreciated features of Poll the People. It is easy to use and can automatically trigger new questions.

Pricing

• Free version: No
• Lite Plan for $1 per response (pay-as-you-go)
• The Plus Plan is priced at $50/Month

8. Speak: For Sentiment Analysis

Imagine having a chat that helps your business grow. That’s Speak! It’s not about boring surveys. The platform lets you talk to your customers and understand what they want.

Key Features

• Talk Naturally: Speak doesn’t want formal answers. It chats with people in a friendly way, making conversations feel natural and getting more meaningful answers.
• Sentiment Analysis: Speak knows if people are happy, sad, or excited. Understanding feelings gives businesses a deeper look into what customers think.
• Multi-Channel Engagement: It’s not limited to one platform. Speak engages users across various channels, from websites to social media, creating a versatile approach to reach and connect with diverse audiences.
• Interactive Multimedia Elements: Speak incorporates multimedia elements like images and videos into conversations. This makes the interaction more dynamic and captures a broader range of responses.

G2 Rating: 4.9/5 (15+ Reviews)

Speak has no reviews on Capterra

As per a G2 Review, their customer support team is exceptional. Though there is a delay in replies, customers appreciate the fact that it is not a bot on the other end.

Pricing

• Free Version: No
• A Pay-as-you-go plan is there
• The Pricing Plan starts at $17/month

9. Pecan: For Predictive Analytics

Pecan is an AI tool for market research that’s all about looking ahead with its Predictive GenAI. No tech hurdles, no coding hassles—sign up for free and dive into the world of future-focused analytics.

Key Features

• Proactive Predictive Analytics: Users can generate accurate predictions effortlessly, transforming their data into valuable, customized predictive models without dwelling on historical data.
• Guided or DIY Predictive Modeling: The Predictive Chat guides users to a personalized, SQL-based Predictive Notebook, fostering an inclusive environment for diverse data teams.
• Messy Data Made Manageable: This unique feature ensures businesses can trust the predictions generated.
• Easy Deployment: It enables users to deploy these predictions effortlessly to relevant production systems.

G2 Rating: 4.8/5 (10+ Reviews)

There is only one review on Capterra for Pecan.

A user shares on G2 that it is one of the best platforms if you have just started coding. You can use your basic SQL knowledge as well. But again, it could be a bit complex for non-coders.

Pricing

• Free plan: No
• You can use the calculator and pay-as-you-go
• The Starter plan is priced at $950/month

Hey..hold on. We’re not done yet! There are a few more tools left for you.

10. FormX: For Data Extraction

FormX becomes your partner in automating data extraction and document conversion. It takes businesses on their digital transformation journey by seamlessly transforming analog to digital.

Key Features

• Versatile Document Handling: It takes the hassle out of handling various forms and documents. From invoices to HR forms, it effortlessly automates data extraction and conversion.
• Pre-configured Data Extraction Models: No need to start from scratch. Extracting data is just a click away, simplifying your workflow.
• Effortless API Integration: FormX.ai’s data extraction operates seamlessly through APIs. It returns results in JSON format.
• User-friendly Web Portal: Navigate with ease. The platform offers a user-friendly web portal with intuitive instructions. This makes it a low or no-code platform.

G2 Rating: 4.5/5 (3 Reviews)

There are no reviews on Capterra or Trust Radius.

Users feel that FormX needs to improve their customization options.

Pricing

• Free Trial: You get 100 pages free
• The Starter Pack will cost $299/month

11. Crayon: For Real-Time Market Monitoring

Crayon is a premier AI market research tool that delivers profound insights to businesses seeking clarity. It is a comprehensive solution, decoding market trends and providing real-time intelligence to drive informed decision-making. It is a go-to tool to get a sense of the market.

Key Features

• Real-time Market Monitoring: Crayon doesn’t blink. It keeps an eye on the market all the time. Get updates instantly and stay in the loop with what your competitors are up to and what trends are buzzing.
• Competitor Analysis Made Easy: Wondering what your rivals are cooking? Crayon’s got it covered. It analyzes your competitors’ moves so you can plan your next steps wisely and stay one step ahead.
• Customizable Alerts: No need to drown in unnecessary information. Crayon lets you choose what matters. Set up alerts for specific changes or trends so you only get what’s essential for your business.
• User-friendly Dashboard: Data doesn’t have to be confusing. The dashboard is like your business command center. It organizes all the information neatly, making it easy to understand and act upon.
• Market Trend Analysis: Predict the future (well, almost). It looks at trends and helps you see what’s coming. This way, you can adapt your strategies and stay relevant in a fast-changing market.

G2 Rating: 4.6/5 (300+ Reviews)

Capterra: 4.6/5 (6 reviews)

You can’t edit out the information in the pdf/printable version in Crayon. This is a huge bottle neck for a few users. However, customers on G2 praise the new AI features and consider’s it a easy-to-use customer intelligence platform.

Pricing

• Free Plan: No
• You can request the team for a detailed quote

Over to the last tool in the lot!

12. Wevo: For AI-Powered Testing

Wevo emerges as a dynamic ally to your business. It simplifies the intricate world of market research for businesses. Think of it as your guide, navigating the complexities and providing clear insights to propel your success.

Key features

• Quick and Easy Insights: You get accurate and actionable reports are just minutes away. Effortless testing means more time for strategic improvements.
• Benchmark Your User Experience: Measure up against the best. Stack your user experience against competitors and industry benchmarks.
• Qualitative Feedback Simplified: Understand the “why” behind user feedback easily. No more guessing—just informed decision-making.
• AI-Powered Testing: It combines the power of artificial intelligence and real human experts to deliver fast UX insights. With data and feedback from 100-plus users per test, you get easy-to-understand reports in days, not weeks.
• Effortless Test Setup: WEVO takes it from there. Visualize what users like and dislike about your page and gain insights into industry benchmarks.

G2 Rating: 4.7/5 (70+ Reviews)

Wevo does not have reviews on Capterra or Trust Radius.

Users like how uncomplicated the set up is! And, testing is one of the most used feature. A customer shared on G2 that the platform’s ability to visualize how the users experience the pages and how they perform against competitors, is such a pro!

Pricing

• Free Plan: No
• Request the team for a quote

Wrap Up!

Using AI tools for market research is like having a super-smart assistant for your business! Take your time, go through this list, and choose the one that best suits your requirements.

They learn and adapt, making surveys feel more like friendly chats. Plus, they connect you with people worldwide, giving you a complete picture of what’s happening. Using AI tools isn’t just a choice right now. It’s a must for your business to come to the frontline!

If you’re still confused, why don’t you take SurveySparrow for a free spin? Oh, you need not share your card details or even invest right away. Try it out and see if it fits the bill! If you have any more queries, feel free to reach out. I’m right here.

Plus, the support team is just a chat away.