New York, Sept. 15, 2021 (GLOBE NEWSWIRE) -- Consumer Video Feedback Software Market: Key Insights
According to our new research study on “Consumer Video Feedback Software Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Deployment, End User, and Geography,” the Consumer Video Feedback Software Market is projected to reach US$ 2,539.61 million by 2028 from US$ 1,505.15 million in 2021; it is expected to grow at a CAGR of 7.8% from 2021 to 2028.
Consumer Video Feedback Software Market: Competitive Landscape and Key Developments
UserTesting, Medallia Inc., FocusVision, Typeform (VideoAsk), and dscout, Inc. are among key players profiled during the study of the consumer video feedback software market. In addition, several other essential market players were also studied and analyzed to get a holistic view of the market and its ecosystem.
In 2021, UserTesting established a new application procedure for its Philanthropic Giving Program, which is designed to make monetary grants to nonprofit and charitable groups that are working to bring positive and innovative change in their communities.
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The global FMCG sector combines consumer goods with different product categories, consisting of marketing, production, and distribution of health, home, personal care, and food & drink items. The rising disposable income of consumers allows them to spend a substantial amount on luxury personal care, as well as other FMCG products. Furthermore, the increase in trend of R&D for the new brands & products, online shopping, and expansion of the FMCG network, specifically in the rural areas of the developing countries, is anticipated to create a significant opportunity for the FMCG market players. Recently, the growing concerns of consumers related to their health and personal hygiene and selection of essential products as per their hygienic compatibility, are constantly changing their purchasing decisions. With the adoption of advanced technological solutions in the FMCG industry, consumer video feedback software procurement is also growing. In the FMCG industry, the feedback survey of personal care products by the consumers takes time to time to efficiently analyze the feedback data and meet their requirement. Similarly, there is a constant growth in the retail sector—especially internet retailing, which is the modern way of shopping—owing to increased penetration of mobile devices, smartphones, and internet services and emergence of the e-commerce industry as a powerful shopping platform globally. Expanding number of suppliers opting for online selling and changing buying behavior of consumers are also boosting the retail sector across the world. Currently, rising purchase of online fresh groceries and mounting number of prepared food delivery companies are expected to propel the retail sector. The development of dedicated retailing apps, mobile-first sites, increase in e-payment methods, and other tools make shopping on smartphones much more accessible. The retailers also accept the video feedback software to receive time to time product feedback from the consumers, analyze the data precisely, and further make changes in the services. Thus, the constant growth in FMCG and retail industries is boosting the deployment of consumer video feedback software across the world.
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North America is anticipated to be the highest revenue-generating region in the global consumer video feedback software market during the forecast period, with the US holding highest market share, followed by Canada. Organizations in these countries have heavily invested in the consumer research activities, which is contributing to the adoption of consumer video feedback software. Moreover, the region has been enormously responsive toward implementing the latest technological advancements, such as integration technologies with mobile and cloud technologies with consumer video feedback software solutions. North America is also characterized by high GPD per capita, positive outlook toward the adoption of new technologies by masses, and dynamic consumer behavior, owing to which organization operating in various industry utilizes various are strongly inclined for investing resources for gathering insightful data for product development in order to be address the changing consumer preference. Furthermore, North America is one of the leading regions in terms of the development and adoption of new technologies owing to the favorable government policies that boost innovation and strengthen the infrastructure capabilities. Hence, any hindrance on the growth of industrial sector hampers the economic growth of the region. Presently, the US is the world’s worst-affected country due to the COVID-19 outbreak. Retail stores were affected severely in 2020 due to the outbreak. According to the real estate firm, CoStar Group, as many as 12,000 stores were temporarily shut in the US in 2020. J.C Penney and GameStop were among the key retail brands that closed their stores in 2020. Similar trend was visible in the hospitality industry. However, the industry has been resilient in these times of pandemic. Enterprises that were likely to implement consumer video feedback software in 2020 had to either delay the implementation plan or scrap it completely, thereby positively impacting the demand for the software.
The consumer video feedback software is majorly being used as research software and survey software to collect real-time feedback from the customers. This solution basically focuses on collecting and managing data and analyzing video insights exclusively, instead of text-based, quantitative feedback. The rising adoption of advanced cloud-based video feedback permits the customers to offer candid, off-the-cuff answers to open-ended questions, empowering them to contextualize and emotionally engage with qualitative insights. The consumer video feedback software is a data-driven solution for effective decision-making by enabling the targeting of current customers for video feedback or source video feedback from an outside audience, allowing the consumers to record video feedback with the help of their smartphones or tablets. The software also provides video analysis features such as keyword analysis, human or computer transcription, or sentiment scoring, that assist users to precisely manage, tag, sort, analyze, and share individual video responses with customers or stakeholders.
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Consumer Video Feedback Software Market: Deployment Overview
Based on deployment, the consumer video feedback software market is bifurcated into on-premises and cloud. The technology sector has witnessed a significant rise in cloud-based consumer video feedback solutions in recent times. The cloud-based video feedback platforms help companies get qualitative and quantitative analysis of their consumer’s reactions and improve their products as well as assist them in the marketing of their products. The internet infrastructure has matured in developed countries, as well as it is flourishing in several developing countries, which allows the end users in these countries to access the cloud-based video feedback solutions.
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