Publication Month: Feb 2021 | Report Code: TIPRE00017536 | No. of Pages: 124 | Category: Technology, Media and Telecommunications | Status: Published
The COVID-19 outbreak hindered the growth of the global market in 2020, and thus there is a decline in the y-o-y growth. However, the growth is expected to normalize from 2021 onwards and the market is projected to grow at a steady pace.
Real-time functionality of an application offers interactive and engaging user experience, especially in social media platforms. Increasing user expectation is fuelling the demand for real-time commenting systems across the world. As a huge chunk of global population is using web applications, such as Twitter, Facebook, and Instagram, their expectation from social media platforms and the application as a whole is constantly increasing. These platforms are being highly used by individuals for showcasing both appreciation and grief related to a brand’s product over the years. Thus, the concerns raised on these platforms through comments are handled by brands or enterprises to engage customers and fulfill their needs. Real-time commenting would imply instant feedback or engagement with the client, which enable enterprises and brands to attract customers’ attention by giving prompt and immediate service. Also, negative feedbacks and client’s appreciation through comments help enterprises to provide better customer service and maintain brand name in the market.
North America has the highest acceptance and development rate of emerging technologies owing to the favorable government policies to boost innovation and reinforce infrastructure capabilities. Any hindrance on industries is projected to hamper on the region's economic development. Currently, the US is the world's worst affected country due to the COVID-19 outbreak. It is becoming apparent with the COVID-19 pandemic spreading across the US that few can escape its scope, presenting significant challenges to all industries. However, it has been observed that businesses have increased their online marketing initiatives and adopted other online strategies to attract both old and new customers during the pandemic. For instance, according to studies, Amazon recorded an increase in sales by 37% owing to the COVID-19 pandemic. The close down of all retail outlets by the government authorities coupled with the social distancing norms laid down by them is affecting the investments by retail outlets. For instance, the sales of online grocery segment across the US recorded an increase by 210.1% due to the outbreak. This shift in online shopping has also increased the presence of online platforms across various social media platforms such as Facebook, Twitter, and Instagram. Thus, the above mentioned factors are expected to propel the commenting systems markets across the region. On the other hand, the high adoption of work from home culture across major economies such as the US, and Canada is also influencing the adoption of solutions that assists in simplifying work among teams working remotely. According to studies, more than 67% of enterprises across the US has adopted work from home environment due to the pandemic. This high adoption of remote working is influencing the demand for real-time commenting systems in order to enable teams to work and make clear communication regarding a project. Thus, the outbreak of the virus is expected to influence the North America commenting systems market positively.
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As people spend maximum of their time on social media, social media marketing have become a major strategy than traditional marketing system. This has attracted many companies to invest huge capital to build a good social media presence, which would enable them to reach a larger customer base and enhance customer experience. The brands reply to each customer’s comment on their pictures, videos, and other contents floated in the social media, which makes the post an interaction forum, thereby creating more interest in the brand. This has made several brands to invest in creating a strong social media presence over the years. For instance, in 2019, Nike invested a capital of US$ 2.4 billion in marketing their products online with the help of big data, social media, and other digital platforms. This allows the company to track and trace the ROI and compare with their competitors; thus, enabling them to take proper data based business decisions. This rise in investment by brands to develop a strong online presence is influencing the adoption of commenting systems in order to offer better customer experience, thereby contributing to the growth of the market.
The global commenting system market, by application, is bifurcated into SMEs and large enterprises. The large enterprise led the market in 2019. The benefits conferred by commenting systems such as simplifying complex and personal interaction processes and real-time commenting solutions are attracting large enterprises to adopt the commenting systems. In the recent time across any organization, social media or online marketing is considered as a core component. With the expansion of large enterprises, the distribution processes and operations across the retail industry are becoming complex that demand constant communication with clients to offer better customer experience. Commenting system solutions help them address all concerns related to clients on real-time basis, thus, creating a good brand image of the company. The commenting systems market for large enterprises segment is well established and is expected to dominate the market during the forecast period.
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The List of Companies - Commenting System Market