Consumer Video Feedback Software Market is expected to reach US$ 2,539.61 million by 2028

High Growth Potential in Small and Medium-Sized Enterprises (SMEs) Sector to Provide Growth Opportunities for Consumer Video Feedback Software Market during 2021–2028

According to our latest market study on “Consumer Video Feedback Software Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Deployment and End User,” the market is expected to grow from US$ 1,505.15 million in 2021 to US$ 2,539.61 million by 2028; it is expected to grow at a CAGR of 7.8% from 2021 to 2028.

The consumer video feedback software market is dominated by large enterprises, especially in North America and Europe. Complex large-scale operations, high operational costs, prevailing trend of real-time work, and fast adoption of advanced solutions are among key factors driving the demand for consumer video feedback software solutions and services across large enterprises globally. Additionally, large enterprises are in the forefront of digital transformation to improve operations and enhance process security. However, SMEs are witnessing huge growth in adopting consumer video feedback software by replacing traditional feedback solutions. On the other side, the lack of awareness and trained resources to handle the advanced solutions at potential cost hinders the adoption of consumer video feedback software among SMEs. However, SMEs are increasingly investing in cloud-based consumer video feedback software owing its growing popularity, which is offering lucrative growth opportunities for the players 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, which, in turn, would drive the market growth during the forecast period.

Based on deployment, the consumer video feedback software market is bifurcated into cloud and on-premises. The cloud segment held a larger share in 2020. Similarly, based on end-user, the consumer video feedback software market is segmented into FMCG, BFSI, Electronics, IT and Telecom, Retail, Hospitality, and Other End Users.

The FMCG sector has been flourishing since the last two decades owing to the rising disposal income among masses coupled with the increasing adoption of modern lifestyle, especially in Asia-Pacific. Modern and fast-paced lifestyle has led to lesser time available at the disposal among individuals, which has propelled the adoption of packed consumer products in food, beverage, and personal healthcare industries. Moreover, 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.

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.

UserTesting; dscout, Inc.; FocusVision; Qualtrics; Medallia Inc.; Voxpopme Ltd.; Product Peel, Inc.; Typeform; Phonic Inc.; and Discuss.io are a few major companies operating in the consumer video feedback software market.

Consumer Video Feedback Software Market — by Geography, 2020 and 2028 (%)

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Consumer Video Feedback Software Market Forecast Analysis

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Consumer Video Feedback Software Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Deployment (Cloud and On Premise) and End User (FMCG, BFSI, Electronics, IT and Telecom, Retail, Hospitality, and Other End Users)