Insights Into The Feedback And Reviews Management Software Market’s Growth Potential 2024-2033
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033
The feedback and reviews management software market size has grown rapidly in recent years. It will grow from $12.25 billion in 2023 to $14.32 billion in 2024 at a compound annual growth rate (CAGR) of 16.8%. The growth in the historic period can be attributed to the rise of online review platforms, growth in recognition of the importance of reputation management for businesses across various industries, rise in demand for software solutions that facilitate customer engagement, increase in competition, and rise in compliance with regulations and standards. The feedback and reviews management software market size is expected to see rapid growth in the next few years. It will grow to $26.90 billion in 2028 at a compound annual growth rate (CAGR) of 17.1%. The growth in the forecast period can be attributed to the expansion of omnichannel feedback collection methods, increasing emphasis on real-time feedback collection and analysis, rise in demand for actionable insights, increasing focus on personalization in customer experiences, and rise in emphasis on reputation monitoring and management. Major trends in the forecast period include the adoption of AI and ML technologies, the adoption of real-time feedback analysis capabilities, integration with customer relationship management (CRM) and customer experience (CX) platforms, and focus on personalization in customer experiences.
The expansion of the e-commerce industry is poised to drive the growth of the feedback and reviews management software market going forward. The e-commerce industry, characterized by conducting commercial transactions electronically over the Internet, is expanding due to increasing Internet penetration, evolving consumer preferences, and globalization. Feedback and review management software play a crucial role in enhancing online platforms by providing businesses with actionable insights into customer satisfaction, thereby improving products, services, and overall user experience. For instance, in February 2024, according to the United States Census Bureau, US e-commerce sales surged to an estimated $1,118.7 billion in 2023, marking a significant 7.6% (±1.2%) increase from 2022. Additionally, e-commerce sales constituted 15.4% of total sales in 2023, up from 14.7% in 2022. Therefore, the expansion of the e-commerce industry is driving the growth of the feedback and reviews management software market.
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What Are The Key Trends That Influence Feedback And Reviews Management Software Share Analysis?
Major companies in the feedback and reviews management software market are focusing on advanced solutions like online review management platforms to boost revenues. These platforms help businesses monitor, manage, and respond to customer reviews across online platforms. For example, in May 2024, GINIX, a UK-based provider of online review management solutions, launched an innovative platform tailored for IT companies. GINIX’s platform offers a suite of technologies for effective reputation management through monitoring, analysis, and interaction techniques. This software helps businesses respond promptly to reviews, increase positive feedback, and provides detailed statistics to outperform competitors.
Which Market Players Are Driving Growth In The Feedback And Reviews Management Software Market?
Major companies operating in the feedback and reviews management software market are Qualtrics International Inc., Yext Inc., Semrush Holdings Inc., Birdeye Inc., Trustpilot Group plc, Podium Corporation Inc. , Reputation.com Inc., eKomi Holding GmbH, TrustRadius Inc., ReviewTrackers Inc., Listen360 Inc., CustomerGauge B.V., BrightLocal Services Ltd., PeerSpot Technologies, Customer Thermometer Ltd., Loopon AB, NiceJob Inc., ReviewPush, Grade.us LLC, ReputationStacker, Capterra Inc., ResellerRatings.com, Review Inc., BlueJay Reviews, Rize Reviews
How Is The Global Feedback And Reviews Management Software Market Segmented?
1) By Type: Customer; Employee; Client
2) By Deployment Mode: Cloud-Based; On-Premise
3) By Application: Large Enterprises; Small And Medium Sized Enterprises (SMEs)
4) By Industry Vertical: Banking, Financial Services, and Insurance (BFSI); Government And Public Sector; Retail And E-Commerce; Travel And Hospitality; Education; Healthcare And Life Sciences; IT And Telecom; Other Industry Vertical
Read The Full Feedback And Reviews Management Software Market Report Here
The Feedback And Reviews Management Software Global Market Report 2024 provides an overview of the feedback and reviews management softwaremarket for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The feedback and reviews management software market forecast analyzes feedback and reviews management software market size, feedback and reviews management software market share, leading competitor and their market positions.
The Table Of Content For The Feedback And Reviews Management Software Market Include
1. Feedback And Reviews Management Software Market Executive Summary
2. Feedback And Reviews Management Software Market Segments
3. Feedback And Reviews Management Software Market Size And Template Market Growth Rate
4. Key Feedback And Reviews Management Software Market Trends
5. Major Feedback And Reviews Management Software Market Drivers
……
25. Key Mergers And Acquisitions In The Feedback And Reviews Management Software Market
26. Top Feedback And Reviews Management Software Companies
27. Feedback And Reviews Management Software Market Opportunities And Strategies
28. Feedback And Reviews Management Software Market, Conclusions And Recommendations
29. Appendix
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