The global consumer video feedback software market is expected to grow from US$ 1,505.15 million in 2021 to US$ 2,539.61 million by 2028; it is estimated to grow at a CAGR of 7.8% from 2021 to 2028.
Consumer video feedback software offers enterprises the ability to capture, analyze, and share video responses received from consumers. This software supports businesses in efficiently conducting market research or seeking feedback from their consumers to gather deep insights from all types of video feedback that text-based feedback can provide. This software helps the researchers, advertisers, marketing teams, and product managers to gather qualitative, actionable data to make insightful business decisions regarding marketing campaigns, product design, brand strategy, customer experience (CX), and in-store innovation. With the constant increase in enterprises acknowledging the influence that video can have on customer and employee experience programs, the adoption of consumer video feedback software is also increasing. The consumer video feedback software offers easy access to the tools required to capture and record the consumer’s thoughts, opinions, and feelings, which helps the organizations understand their customers’ requirements efficiently. Furthermore, the integration of artificial intelligence (AI) technologies such as machine learning, supports businesses to frequently derive the data sets that inspire action and drive impact. The video feedback offers the enterprises an opportunity to hear the authentic voice of their customers genuinely and permits them to make better business decisions quickly.
Impact of COVID-19 Pandemic on Consumer Video Feedback Software Market
According to the latest situation report from the World Health Organization (WHO), the US, Spain, Italy, France, Germany, the UK, Russia, Turkey, Brazil, Iran, and China are among worst-affected countries due to the COVID-19 pandemic. In 2020, the world economy suffered significant consequences, and the effects are expected to endure to some extent. Factory shutdowns, travel and trade bans, and border lockdowns to combat and contain the infection have led to disruptions in primary industries, such as FMCG, BFSI, electronics, IT and telecom, retail, and hospitality. Due to the COVID-19 outbreak, a sharp decline in the growth of these industries restrains the growth of consumer video feedback software market to some extent.
The overall consumer video feedback software market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the consumer video feedback software market with respect to all the segments. It also provides the overview and forecast for the market based on all the segmentation provided with respect to five major regions?North America, Europe, Asia Pacific, Middle East & Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the consumer video feedback software market.
A few major players operating in the market are UserTesting; dscout, Inc.; FocusVision; Qualtrics; Medallia Inc.; Voxpopme Ltd.; Product Peel, Inc.; Typeform; Phonic Inc.; and Discuss.io.