Feedback Management Software Market Research, 2031
The global feedback management software market was valued at $8.8 billion in 2021, and is projected to reach $28.7 billion by 2031, growing at a CAGR of 12.9% from 2022 to 2031.
Growing digital transformation initiatives across enterprises coupled with rising integration between feedback management software and CRM software boost growth of on demand business model and provide new avenues for the feedback management system market. Moreover, surging demand for personalized customer experience fuel the market growth. However, data security and privacy concern related to cloud-based software are some of the factors that hinder the market growth.
Moreover, increasing adoption of artificial intelligence in improving customer engagement along with untapped potential of emerging economies is expected to create lucrative growth opportunities for the market during the forecast period. Increasing popularity of on demand business model, along with increasing adoption of omnichannel shopping experience has mandated the companies to adopt strategic initiatives that would boost the feedback management software industry growth across the globe.
Feedback management software is a system of processes and software that allows enterprises, large-sized as well as SMEs businesses, non-profit organizations, and all such other entities to deploy and manage feedback surveys centrally ensuring dissemination of authority and analysis. It is ideally a web tool that is intended to collect, distribute, and analyze feedback data which can be turned into strategic decisions for future advancements. These systems have the potential to have a significant impact on all possible aspects related to the workplace, business, or enterprise. As a consequence, it can proactively be used as real data to resolve issues associated with the current performance of the product, services, or workplace. This results in ensuring, protecting, and improving the consumer experience, thereby feedback management software finding a wide range of applications in different industry verticals. The feedback management software market is segmented into Component, Type, Deployment Mode, Organization Size and Industry Vertical.
Segment Review
The feedback management software market is segmented on the basis of component, type, deployment mode, organization size, industry vertical, and region. By component, it is categorized into software and services (professional services and managed services). By type, it is categorized into customer, employee, and client. By deployment mode, it is segmented into on-premise and cloud. By organization size, it is bifurcated into large enterprises and small and medium-sized enterprises. By industry vertical, it is segmented into retail and e-commerce, travel and hospitality, education, healthcare and life sciences, IT and telecom, BFSI, government and public sector, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA region.
By deployment mode, the on-premises segment captured the largest market share in 2021, and is expected to continue this trend during the forecast period. This is attributed to numerous advantages offered by the on-premises deployment such as a high level of data security and safety. Companies prefer on-premises model, owing to high data security and less data breach as compared to cloud-based deployment models, which has resulted in increase in the implementation of feedback management software market forecast.
Region-wise, the Asia-Pacific market is expected to grow at a significant rate in the future on account of increased proliferation of cloud technologies and other emerging technologies, particularly in countries such as China, Japan, and India. Furthermore, the region would be a pivotal region for market expansion due to improving economic conditions, a significant number of call centers, and increasing focus on customer experience and satisfaction. These factors are further driving the adoption of feedback management software, which, in turn, drive the market growth across the region.
The report analyzes the profiles of key players operating in the feedback management software market, such as Alchemer, Engagedly, Inc., Explorance Inc., Filecamp AG, Momentive Inc., Pageproof.com Limited, ProofHub, LLC, Qualtrics, LLC, QuestionPro Inc., and UserVoice, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the feedback management software market.
Top Impacting Factors
Growing digitalization and automation trends across enterprises demand for Feedback Management Software
The integration of digital technologies is gradually increasing across enterprises, ranging from start-ups to multinationals, to deliver operational optimization and improve customer experience. Besides, the digital transformation initiatives arise from pain points, business/innovation needs, and growth imperatives on the customer side of the business. These are generally caused by the rising importance of an end-to-end customer experience investment approach, which in turn, is creating the need for the implementation of feedback management software.
Furthermore, the need to enhance the customer experience plays a prominent role that can aid businesses to gain a competitive edge, increase productivity, and improve transparency. As a result, feedback management software finds a greater application in customer relationship management, and are contributing to the increased potential of feedback management software industry, globally.
Data security and privacy concerns
The adoption of feedback management software has raised concerns about data theft and security. Besides, the rising incidence of cybersecurity and privacy issues in feedback management solutions and other digital tools is anticipated to limit sales. On the other hand, the rising adoption of cloud-based feedback management solutions has increased the risk of data security and privacy concerns. This is due to a range of businesses now shifting toward the cloud, and instances of security attacks are also increasing. These cyber security attacks can come in a range of forms and can lead to a range of losses such as businesses and customer data. These factors are expected to restrict the market growth during the forecast period.
Growth in adoption of artificial intelligence in customer engagement
Growing adoption of advanced technologies and digital solutions for improving customer engagement has proliferated the implementation of feedback management software. This digital solution has a revolutionary and radical effect on the customer experience market worldwide as it enables seamless monitoring of customer reviews and feedback within the value chain.
Further, AI technology has gained significant traction in almost every business sector right from increasing customer trust to finally displaying the best choice of product to the customers. With the emergence of the pandemic, the need for such an AI-based system has reached a huge demand with major companies integrating it into their business mode, thereby feedback management solutions are gaining significant prominence in the international market. In addition, the rapid economic development in the customer experience market coupled with the need for voice assistants and facial recognition technology in customer feedback are the factors expected to pave numerous opportunities for market growth during the forecast period.
COVID-19 Impact Analysis
The COVID-19 outbreak had a negative impact on the feedback management software industry. The effects of the COVID-19 crisis on the global economy will reduce the growth of the feedback management software market in the short run, i.e., 2020 and 2021, owing to the pandemic has bought a drastic shift in the users buying behavior, with emergency measures and lockdown adopted by the government to restrain the pandemic spread has led the users to adopt online channels for goods and services. Further, the disrupted supply chain for a range of industry vertical functioning in a bid to mitigate the impact of the COVID-19 outbreak has imposed the limited adoption of the feedback management software market, especially in the short-run.
Moreover, feedback management software market is expected to gain traction in the long-run outlook, owing to continued surge in demand for advanced feedback solutions to boost the customer experience in the post-pandemic period. Following the COVID-19 outbreak, a major focus on personalization measures has been the key strategy adopted by the companies to achieve colossal growth within the overall market scenario, which considerably expanded the penetration of the feedback management system market.
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the feedback management software market analysis from 2021 to 2031 to identify the prevailing feedback management software market trends.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the feedback management software market growth assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global feedback management software market size.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global feedback management software market share, key players, market segments, application areas, and market growth strategies.
Feedback Management Software Market Report Highlights
| Aspects | Details |
 Market Size By 2031 | USD 28.7 billion |
 Growth Rate | CAGR of 12.9% |
 Forecast period | 2021 - 2031 |
 Report Pages | 275 |
 By Component |
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 By Type |
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 By Deployment Mode |
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 By Organization Size |
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 By Industry Vertical |
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 By Region |
|
 Key Market Players | Qualtrics, LLC, Engagedly, Inc., Alchemer, UserVoice, Inc., Explorance Inc., QuestionPro Inc., Filecamp AG, ProofHub, LLC, Momentive Inc., Pageproof.com Limited |
Analyst Review
Increase in the integration of IoT and digitalized solution in customer experience enable better satisfaction of business stakeholders be it, consumers or employees, in driving the financial performance toward the feedback management software market growth. Additionally, with the emergence of the COVID pandemic, there has been a major upgradation within the business model, bringing a transition towards the adoption of online working scenarios thereby creating the demand for efficient customer analysis, which in turn boosts the market growth. Prominent players in the market have developed and launched new technologies, such as Momentive, QuestionPro Survey Software, UserVoice to cater to a wide customer base across the globe.
The retail and e-commerce segment has a predominant share in the feedback management software market and is expected to maintain this trend during the forecast period. However, demand for feedback management software is expected to significantly increase across other applications, including travel & hospitality, education, healthcare & life sciences, IT & telecom, BFSI, government & public sector, and others.
Moreover, increase in technological advancements, such as AI-enabled feedback solutions and other supporting technical developments are expected to supplement the growth of the feedback management software market. Market players have adopted product launch, acquisition, and partnership strategies to improve their product portfolio and expand their geographical outreach. Emerging economies are expected to provide lucrative growth opportunities to market players in the future.
Major challenges for service providers are data security and privacy concern. rising incidence of cybersecurity and privacy issues in feedback management solutions and other digital tools is anticipated to limit sales. On the other hand, the rising adoption of cloud-based feedback management solutions has increased the risk of data security and privacy concerns. This is due to a range of businesses now shifting toward the cloud, and instances of security attacks are also increasing. However, this challenge can be overcome by providing digital security training to all employees has proliferated demand for feedback management software, which is expected to boost the market growth during the forecast period.
Key players operating in the feedback management software market include Alchemer, Engagedly, Inc., Explorance Inc., Filecamp AG, Momentive Inc., Pageproof.com Limited, ProofHub, LLC, Qualtrics, LLC, QuestionPro Inc., and UserVoice, Inc. Key players have adopted various growth strategies to enhance and develop their product portfolio, strengthen their feedback management software market share, and to increase their market penetration.
The feedback management software market is estimated to grow at a CAGR of 12.9% from 2022 to 2031.
The feedback management software market is projected to reach $28,680.70 million by 2031.
Growing digital transformation initiatives across enterprises, rising integration between feedback management software and CRM software, and surging demand for personalized customer experience contribute toward the growth of the market.
The key players profiled in the report include Alchemer, Engagedly, Inc., Explorance Inc., Filecamp AG, Momentive Inc., Pageproof.com Limited, ProofHub, LLC, Qualtrics, LLC, QuestionPro Inc., and UserVoice, Inc.
The key growth strategies of feedback management software market players include product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations.
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