AI synthetic audiences are already here and poised to upend the consulting industry

A new technology is coming to dethrone the expert guessers of McKinsey, Nielsen, Gartner, Publicis and the rest, with AI synthetic audiences already being used to generate digital versions of people that can then be surveyed almost instantly and affordably. This technology has the potential to disrupt the entire consulting industry, which is projected to be worth over 250 billion dollars by 2025. The use of synthetic audiences is still in its early stages, but it has already been used by companies such as Coca-Cola and Procter & Gamble to gather insights into consumer behavior. The impact of this technology on the consulting industry cannot be overstated, as it has the potential to replace many of the jobs currently done by human consultants. For example, a study by the McKinsey Global Institute found that up to 40 percent of the work currently done by consultants could be automated using AI and machine learning algorithms. This could lead to significant cost savings for companies, as they would no longer have to pay for the services of human consultants. The background of this technology is rooted in the development of advanced machine learning algorithms that can generate highly realistic digital models of people. These models can then be used to simulate real-world scenarios, such as focus groups and customer surveys, allowing companies to gather insights into consumer behavior in a highly efficient and cost-effective way. For example, a company like Nike could use synthetic audiences to test the effectiveness of a new marketing campaign, without having to actually conduct the campaign in the real world. What to Expect Next The use of synthetic audiences is expected to become more widespread in the coming years, as more companies begin to realize the potential benefits of this technology. According to a report by ResearchAndMarkets, the global market for AI-powered market research is expected to grow to over 10 billion dollars by 2027, with the use of synthetic audiences being a key driver of this growth. The Future of Consulting The consulting industry is likely to undergo significant changes in the coming years, as the use of synthetic audiences and other AI-powered technologies becomes more widespread. For example, a report by Deloitte found that 61 percent of companies are already using some form of AI-powered technology to inform their business decisions, and this number is expected to grow to over 90 percent in the next few years. The Impact on Jobs The impact of synthetic audiences on jobs in the consulting industry is likely to be significant, with many jobs potentially being automated out of existence. However, it is also possible that new jobs will be created, such as those involved in the development and maintenance of synthetic audience technology. For example, a report by the World Economic Forum found that while AI and automation may displace up to 75 million jobs by 2022, they may also create up to 133 million new jobs in the same period. In conclusion, the use of synthetic audiences has the potential to significantly disrupt the consulting industry, and companies need to be aware of the potential benefits and drawbacks of this technology in order to stay ahead of the curve. With the global market for AI-powered market research expected to grow to over 10 billion dollars by 2027, it is clear that this technology is here to stay, and that it will have a major impact on the way that companies do business in the future. The key takeaway is that companies need to start investing in synthetic audience technology now, in order to stay ahead of the competition and to reap the benefits of this powerful new tool.