The online survey software market is predicted to grow at a CAGR of 16.04 % to reach a market size worth US$13.796 million by 2026. This market was valued at US$4.870 million in 2019. Feedback technologies and data collection technologies that allow information to be collected online through forms or surveys are known as online survey software. Online survey tools are increasingly used to measure customer satisfaction and feedback, given the growing penetration of the Internet and the growing demand for online services and products. In addition, the increasing trend of product marketing and the growing need for market research survey software in order to define consumer behaviour is expected to boost the growth of the online survey software market.
A well-designed online survey software serves as an easy-to-use platform that facilitates the creation of surveys with little effort. Additionally, it is a cost-efficient solution for the survey, which has increased the growth of the online survey software market. Increasing demand for feedback and survey tools is predicting the growth of online survey software as a good understanding of consumer behaviour becomes increasingly important.
Growth Will Be Fuelled by the Increasing Use of the Internet
Rising internet penetration throughout the world is the primary driver of growth in the market. Global internet users are estimated to grow to 4.8 billion users by 2020, according to World Bank data. As social media usage has increased constantly, getting a more comprehensive picture of consumer behaviour and using online surveys has become easier. A total of 2.4 billion people use the world's biggest social media platform, Facebook. Youtube and Whatsapp, which have around one billion users each, are other popular social media platforms. At least 3.5 billion of us have access to the internet, and there are 7,7 billion people on earth. (Source: ourworldindata.org). Surveys on social media can help companies collect feedback from customers, engage with them, gather demographic data, and conduct market research. Engaging in social media surveys is easy and inexpensive. A study utilizing social media has the advantage of reaching a large population and is therefore statistically relevant.
The Importance of Understanding Consumer Behaviour Has Led to Market Growth
Organizations have used online surveys to gain insights into consumer behaviour, buying patterns, and various other variables due to the increased competition of various verticals, including e-commerce and social networking. A survey study may assist organizations in designing services and products, and also help them address the increasing competition. Online surveys help organizations reach a wider audience and discover their preferences. The ease of creating surveys, the rise in the adoption of cloud computing, and the rising usage of smartphones and other internet-connected devices are some of the major factors driving the growth of the online survey software market. Application, vertical, and region-based segments are present in the market. The online survey software market is dominated by a number of vendors such as Qualtrics, SurveyGizmo, QuestionPro, SurveyMonkey, Inqwise, CloudCherry, get feedback, Confirmit, Campaign Monitor, and Medallia.
Consumer feedback is a major source of improvement for retail businesses using online survey software. As more people are connecting using smart devices over the internet due to Internet usage and technological advances, online survey software is seeing an increase in market growth. Various factors are driving the growth of the online survey software market, such as the growing e-commerce industry. Online survey software is used by e-commerce companies to gather feedback from their customers in order to improve products and services. For example, Amazon, Zomato, and other e-commerce companies frequently conduct customer surveys in order to learn what their customers think of their services. As part of a restaurant survey, people are likely to give honest feedback in the form of survey responses, either positive or negative. In a survey, when users share a negative experience, it can help foodservice platforms to handle criticism constructively because negative feedback help business to improve rather than hurting reputation.
The Government’s Policy of Collecting Data Poses a Constraint
In response to the growing instances of cybercrime, governments and organizations across the globe have adopted stricter regulations that bind the market for online survey software, too. As consumers become more aware of the importance of maintaining a private life, they tend not to fill out these survey forms. A link that does not belong to a known source may lead to phishing scams, decreasing faith in online sources, and potentially affecting data collection by online survey software. Increasingly, the importance of privacy and data security are recognized as social and economic activities take place online. It is equally problematic when information is collected, used, and shared with third parties without notice or consent by the consumer. A total of 128 countries out of 194 have legislation protecting data and privacy. The adoption rate is similar between Africa and Asia with 55 percent of the countries adopting such legislation, of which 23 are least developed. (Source: unctad.org)
Due to the presence of major market players and global companies that are always focusing on providing better products and services to their customers, North America captures a significant share of the market. Some of the most popular key players are SurveyGizmo, QuestionPro, SurveyMonkey, and Inqwise,
From assessing how well manufacturers and government agencies are distributing critical medical supplies to wherever they are most needed, to gauging the performance of retailers in keeping shelves stocked, and ensuring that customers are safe in their stores, the online survey software has played a major role during the pandemic. To get valuable feedback online, companies have hired market research specialists or hired agencies. When conventional survey methods aren't feasible, online surveys have become an important tool for COVID-19 research. The market for online survey software saw a positive impact as a result of Covid-19.