The 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.
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. It also provides video analysis features such as keyword analysis, human or computer transcription, or sentiment scoring, that assist the users to precisely manage, tag, sort, analyze, and share individual video responses with customers or stakeholders.
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.
Lucrative Regions for Consumer Video Feedback Software Providers
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Consumer Video Feedback Software Market Insights
Growing Fast Moving Consumer Goods (FMCG) and Retail Industries Fuel Growth of Consumer Video Feedback Software Market
The FMCG 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 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.
End User-Based Market Insights
Based on end user, the consumer video feedback software market is segmented into FMCG, BFSI, electronics, IT & telecom, retail, hospitality, and others. The FMCG segment led the market in 2020. With the growing competition, the FMCG companies are investing significantly in research activities and tools, such as consumer video feedback software, for studying the consumer behavior to offer better customer experience and product offering. For instance, Unilever, a prominent FMCG company, leveraged consumer video feedback software to study customer experience while shopping their products on e-commerce platforms. Moreover, as the consumer preference for FMCG products changes from region to region coupled with growing competition in the market, the adoption of analytical tools such as consumer video feedback software is projected to witness significant traction during the forecast period.
Consumer Video Feedback Software Market, by End User – 2020 and 2028 (%)
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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Consumer Video Feedback Software Market: Strategic Insights
Market Size Value in US$ 1,505.15 Million in 2021 Market Size Value by US$ 2,539.61 Million by 2028 Growth rate CAGR of 7.8% from 2021-2028 Forecast Period 2021-2028 Base Year 2021
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Consumer Video Feedback Software Market: Strategic Insights
| Market Size Value in | US$ 1,505.15 Million in 2021 |
| Market Size Value by | US$ 2,539.61 Million by 2028 |
| Growth rate | CAGR of 7.8% from 2021-2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Players operating in the consumer video feedback software market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:
- In 2021, Confirmit and FocusVision, two of the world's leading research technology businesses, successfully completed their merger.
- In 2020, VideoPeel raised $1.5 million to help businesses capture video testimonials and reviews at scale.
The global Consumer Video Feedback Software market has been segmented as follows:
Consumer Video Feedback Software Market – by Deployment
- Cloud
- On Premise
Consumer Video Feedback Software Market – by End User
- FMCG
- BFSI
- Electronics
- IT and Telecom
- Retail
- Hospitality
- Others
Consumer Video Feedback Software Market – by Geography
North America
- US
- Canada
- Mexico
Europe
- Germany
- France
- Italy
- UK
- Russia
- Rest of Europe
Asia Pacific (APAC)
- Australia
- China
- India
- Japan
- South Korea
- Rest of APAC
Middle East and Africa (MEA)
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
South America (SAM)
- Brazil
- Argentina
- Rest of SAM
Company Profiles
- UserTesting
- dscout, Inc.
- FocusVision
- Qualtrics
- Medallia Inc.
- Voxpopme Ltd.
- Product Peel, Inc.
- Typeform
- Phonic Inc.
- Discuss.io
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Deployment and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
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.
SMEs are witnessing huge growth in adopting advanced technology solutions such as consumer video feedback software by replacing traditional feedback solutions. The lack of awareness and trained resources to handle the advanced solutions at potential cost and high productivity, which has impacted negatively toward the adoption among SMEs. However, with the growing popularity of cloud-based consumer video feedback software, SMEs are increasing investing in such solutions, thereby offering a huge growth opportunity for the market players that are operating in the global consumer video feedback software market. Likewise, the growing trend of digital transformation among these enterprises to improve business processes by analyzing the data, enhancing productivity, and reducing costs, will further boost the adoption of consumer video feedback solutions and services among SMEs. This, in turn, will provide growth opportunities to the market players during the forecast period.
The global consumer video feedback software market was dominated by the cloud segment with market share of 77.5% in 2020. Cloud solution enables businesses to pay as they go and effectively scale up or down their business based on overall consumption, user requirements, and the company's growth. Virtual technology is used to host a company's applications remotely on a cloud-based server. There are no upfront costs, data may be backed up on a regular basis, and businesses only pay for the resources they use.
In 2020, North America led the market with a substantial revenue share, followed by Europe and APAC. Asia Pacific is a prospective market for consumer video feedback software market players.
The major companies in consumer video feedback software includes UserTesting, Medallia Inc., FocusVision, Typeform (VideoAsk), and dscout, Inc.
The major industries in consumer video feedback software includes FMCG, BFSI, electronics, IT & telecom, retail, hospitality, and others. The FMCG segment led the consumer video feedback software market globally with a market share of 20.4% in the year 2020.
The List of Companies - Consumer Video Feedback Software Market
- UserTesting
- Dscout, Inc.
- FocusVision
- Qualtrics
- Medallia Inc.
- Voxpopme Ltd.
- Product Peel, Inc.
- Typeform
- Phonic Inc.
- Discuss.io
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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