New Research on Consumer Perceptions of AI shows a gap in Brand Trust

CMB Launches new Consumer Pulse Research that evaluates emotional drivers of AI adoption

BOSTON, Aug. 5, 2024 /PRNewswire/ -- With artificial intelligence (AI) rapidly evolving, understanding the emotional underpinnings of consumers choice is crucial for brands seeking to gain competitive advantage. CMB's new market research study among 1,000 US adults' sheds light on how consumers are currently using AI their aspirations and anxieties, and their needs by industry. AI aided in the data collection and analysis of this research, and in particular quantifying human emotions although all results were validated by our expert consultants.

Consumer Sentiments: Hopes, Dreams, and Fears

CMB's research reveals that consumers are at a crossroads with AI technology. On one hand, there is a strong sense of optimism about the potential of AI to enhance convenience, improve efficiency, and drive innovation. Many consumers believe that AI can seamlessly integrate into their daily lives, making tasks simpler and experiences richer. Those most positive about AI felt inspired by it, often using AI for creative or programming activities.

However, fear was the strongest emotion felt by consumers. Many consumers expressed concerns about privacy, data security, and the potential for job displacement. There is also apprehension about the ethics of AI decision-making and the risk of bias in automated systems. Comfort levels vary widely, with a noticeable divide between early adopters and laggards who were more hesitant about AI technology.

Competitive Landscape Analysis

The current competitive landscape shows significant variation across sectors specifically:

• Healthcare: Is leading the way in AI adoption, consumers are most optimistic about Healthcare as an industry poised for AI integration; they look forward to scheduling improvement and symptom checking. However, they also have high levels of concern across the board, including concerns about data privacy, incorrect diagnoses, and loss of human touch in medical care.
• Financial Services: privacy and data security are the driving significant concerns, but so is the idea that AI could give bad investment advice or have macro-economic implications. Established players were more likely to be trusted to develop AI solutions, with newer brands suffering from greater skepticism regarding adoption. Financial services brands should be thoughtful about how to position AI integration in their space.
• Media and Entertainment: Fears are highest in media and entertainment, although some Media, Entertainment, and Gaming brands also garnered high trust scores. Microsoft ranked the highest of all brands when it came to trust of creating responsible and functional AI.

"I think it's pretty exciting…there's a lot of potential for just efficiency and creativity."

Conclusion

As AI continues to advance, companies should focus on driving trust in order to create a more open environment for adoption. By understanding consumer hopes, fears, and comfort levels, and by implementing strategies to address these emotions, brands can foster greater trust and acceptance. This approach not only enhances user experiences but also positions organizations as leaders in responsible AI adoption.

To access the full report, click here.

For more information on brands highlighted in this report, visit: https://www.cmbinfo.com/contact/

About CMB
CMB is a full-service custom market research and strategy firm, helping the world's leading brands engage, innovate, and grow. As a U.S. Top 25 Market Research & Data Analytics Firm, we're known for our relentless decision focus, creativity, and deeply consultative approach. We leverage the best of advanced analytics, consumer psychology, and market strategy to tackle game-changing initiatives. Our expertise includes market identification, segmentation, brand health, loyalty and advocacy, and product and service development. CMB is committed to helping our clients strengthen and grow their businesses, and we believe it is also our responsibility to help strengthen the quality of life in the communities we live and work. Learn more about CMB here. 

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SOURCE Chadwick Martin Bailey, Inc.