The global online survey software market is expected to grow at a compound annual growth rate of 16.04% over the analyzed period to reach a market size of US$13.796 billion in 2026 from US$4.870 billion in 2019. Online surveys are a modern technique to conduct surveys aiming to collect information about the targeted audience's views and experiences. Surveys are conducted to gather greater insights into the market and forecasting progress. It also facilitates working on loopholes for greater efficiency. Rising internet penetration and growing internet usage have enabled conducting surveys through internet means, reducing the hefty cost of on-ground surveys. Growing social media means has widened the market scope, providing a greater audience. The burgeoning of the data monetization market supports the market growth. Moreover, the digitalization of economic activities provides significant growth potential. However, strict government policy concerning privacy and growing cyber frauds may hinder the market growth.
Growing internet penetration is the prime reason driving the market
The prime driver, driving growth in the market, is rising internet penetration around the globe. Data by World Bank shows that internet users have increased significantly from 3.18 billion users in 2015 to 4.8 billion users in 2020. Rising disposable income accompanied by cheap internet packages has increased internet penetration. Growing digitalization has made usage of the internet a necessity. Furthermore, the province of free internet by the government has also increased internet accessibility. A rise in the internet has resulted in a surge in market scope for online survey software. Companies can now survey different parts of the world through their remote location using the internet, reducing the cost and time of the survey.
Furthermore, rising social media has created another powerful platform for organizations to survey online means. Data for Our World in Data shows that the number of people using Facebook has increased from 100 million in 2008 to 2.38 billion in 2019 while those using Twitter have increased from 43.25 million in 2010 to 330 million in 2019. Instagram is another emerging platform with who reached a billion users in 2018. These social media platforms are being productive in conducting short surveys through online survey software and facilitate and increased reach.
The burgeoning growth of the Data Monetization Market will provide market stability to the online survey software industry
Data Monetization is an emerging field that collects data from the target audience to develop greater insights into the market and generate economic benefits through this data. The data Monetization industry uses several tools, including online survey software, to collect the data for monetization. This market is anticipated to grow at a CAGR of 6.02% (source: KSI) and will create a significant opportunity for the online survey software market. Monetization includes data from a distant part of the world. Online survey software eases the collection of these data and storage at a convenient space, which increases the adoption of the software in the industry. Further, the rising adoption of cloud software amplifies the efficiency of online software as it provides a storage area. Hence, cloud services accompanied by speedier connectivity and collection of data are predicted to increase the market adoption of online survey software in the data monetization industry during the forecasted period.
Based on application, the online survey software market is segmented into retail, manufacturing, healthcare, financial services, and market research. The financial services and retail segment are predicted to hold a significant share during the forecasted period owing to recurring consumer data requirements by these sectors. In the retail segment, consumer data is required to study consumers' tastes and preferences for stocking and other operations. This data also enables forecasting consumer behavior and predicting opportunities for business expansion. In the financial service segment, data is required to determine several macroeconomic indicators for formulating strategies and observe growth. The manufacturing sector will hold a noteworthy role owing to determine the demand-supply ratio and other indicators.
Strict government policy concerning privacy and growing cyber frauds may hinder the market growth.
A major hindrance facing the online survey software market is the strict government policy of data collection. Growing instances of cybercrimes have raised concerns by government bodies and organizations around the world resulting in the implementation of stricter rules that binds the online survey software market as well. Further, growing consumer awareness and preferability of a private life restraint the audience to fill such survey forms. Following an unknown link comes with a risk of phishing scams which decreases the trust of the audience in certain online sources and affects the data collection by online survey software.
North American online survey software market will hold a significant share. However, the Asia Pacific online survey software market is projected to grow at an exponential rate.
Based on geography, the online survey software market is divided into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific regions. The North American region is projected to hold a significant share of the market during the forecasted period. However, the Asia Pacific online survey software market is expected to grow at the fastest rate. Rising internet penetration and increasing use of social media will provide significant market opportunities. The area also contains a large proportion of the global population that provides a humongous market for the data monetization industry. Statistics from Internet World Stats show that 51.8% of global internet users live in the Asia Pacific region (Data till 2020, Q3). Hence the region has a wide prospect for the market.
Covid Pandemic Insights
The coronavirus pandemic positively affected the online survey software market. Containment measures adopted by the government included nationwide lockdown and travel restrictions due to which the workforce found it difficult to commute for work. Hence, the adoption of online working trends and work from home trends increased the internet using population drastically. Citing data from Internet World Stats, the proportion of internet users increased drastically from 50.8% in 2019 to 63.2% in 2020, increasing the market for online survey software. Further, a surge in social media usage by 63% was observed during the lockdown period which favored the industry.
|Market size value in 2019||US$4.870 billion|
|Market size value in 2026||US$13.796 billion|
|Growth Rate||CAGR of 16.04% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Application, Product, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Zoho Corporation Pvt. Ltd., Medallia, Confirmit AS, Inqwise, SurveyMonkey, Campaign Monitor, QuestionPro Survey Software, Qualtrics|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What is the size of global online survey software market?
A1. Online Survey Software Market was valued at US$4.870 billion in the year 2019.
Q2. What will be the online survey software market size by 2026?
A2. The global online survey software market is expected to reach a total market size of US$13.796 billion by 2026.
Q3. What are the growth prospects for the online survey software market?
A3. The online survey software market is expected to grow at a CAGR of 16.04% over the forecast period.
Q4. What factors are anticipated to drive the online survey software market growth?
A4. The prime driver, driving growth in the online survey software market, is rising internet penetration around the globe.
Q5. Which region holds the largest market share in the online survey software market?
A5. The North American region is projected to hold a significant share of the online survey software market during the forecasted period.