27 Jun Market Research Agencies expect a stable 2024, but view future positively

June 27th 2024. As is its annual custom, CUBE polled its members’ expectations for this year and the next. The conclusion? The market research firms expect a stable 2024, but are optimistic in the medium term. Although naivety does lurk around the corner.

Belgian market research firms expect the market to remain stable this year compared to 2023. This is due, according to CUBE president Tom De Ruyck (Human8) to the fact that a lot of clients are postponing their market research decisions, driven by three reasons: global economic uncertainty, the shift we are seeing in the political sphere and AI, which many expect to change the playing field, but for which it is not yet clear exactly how.

“It leads to caution around long-term engagements and pressure from procurement departments,” Tom De Ruyck knows.

The big transformation called AI

Despite the stability, CUBE members are optimistic about their own situation. The majority of respondents see themselves improving this year and an equally large proportion feel they have already integrated AI into their operations and processes in a good way. “AI is really being embraced in our country,” reads Tom De Ruyck in these results. “I wonder if there is not a form of naivety in this. Is what we are doing enough when you take into account the gigantic speed at which AI is evolving? And what will it do to the nature of our industry? Will we need completely different profiles within a few years?”

De Ruyck therefore advocates that, as market research firms, members should move in the direction of consultancy rather than being data crunchers. “Everyone will have to adapt,” he echoes. “A lot of our basic tasks will be fulfilled by AI. We have to ask ourselves how we will be able to deliver new value for clients.”

The role of CUBE

In such a context, connecting market researchers with each other and market researchers with the latest trends and knowledge is very important. It makes Tom De Ruyck conclude that an association like CUBE is needed more than ever. “Hence, with new events and a number of roundtables, we want to provide those connections even more.”

As a member of CUBE, you can request access to the full study at info@cubelgium.be.