Asia-Pacific Consumer Video Feedback Software Market

Market Introduction

The APAC countries are home for several SMEs across industries, which capitalize heavily on advanced technologies and this factor is favoring the consumer video feedback software market in the region. The continuously growing economies in this region are China, India, Japan, South Korea, Singapore, Taiwan, and Malaysia. The cultures of a remote office, home office, and coworking spaces are tremendously growing in the region, which is encouraging the individuals to incorporate video interviewing technologies into their systems. APAC is experiencing digitization owing to the affordable prices of internet and increase in the adoption of digital devices, such as computer, laptops, and smartphones. Further, the presence of large population and robust economic development in the region are driving the growth of BFSI, FMCG, retail, hospitability, and IT & telecom industries. Currently, BFSI is one the industries experiencing significant level of digitization as the governments across APAC are strongly propelling the adoption of digital currency. Further, owing to the increasing adoption of modern lifestyle coupled with the rising disposal income among masses, the FMCG industry in the region is currently experiencing significant traction. Large organizations and SMEs operating in the FMCG sector are incorporating various data gathering and analytical tools for improving the product offering, which is creating significant opportunities for the growth of the APAC consumer video feedback software market. As the e-commerce industry is thriving in the region and organizations are highly inclined toward developing their digital marketplace, companies are investing in various data gathering and analytics operations to enhance the customer’s user experience at the digital marketplace. This factor is subsequently creating lucrative opportunities for the APAC consumer video feedback software market. Meanwhile, supermarket retailers are actively investing in analytics tools to improve the overall in store experience of customers and increase retention rate of customer. Meanwhile, the increasing use of customer testimonials in marketing campaigns by SMEs is among other factor boosting demand for consumer video feedback software. Industries in APAC countries are facing substantial loss owing to the COVID-19 outbreak. Amid the outbreak, organizations in APAC are investing significantly in digital solutions such as consumer video feedback software, which is driving the growth of the consumer video software market in the region. With the growing importance of customer intelligence among organizations in APAC, the market is anticipated to witness the highest growth during the forecast period.

According to the Organization for Economic Co-operation and Development (OECD), the pandemic has affected major economies, including China, India, South Korea, and Vietnam, of the region and these countries have experienced a downward industrial growth during the first two quarters of 2020. Asia Pacific constitutes the world’s two most populated countries—India and China—which are also hubs of key retailers, FMCG, restaurants, malls, and hospitality industry. The disruption in business operations due to the COVID-19 outbreak has affected the supply chains and negatively impacted the development and delivery schedules of various products and services from China and India. Due to limited revenue growth in 2020, several owners of retail stores, malls, restaurants, and hotels, have postponed their plans of implementing consumer video feedback software. However, as COVID-19 recovery rate has begun improving each day, consumer video feedback software is likely to gain traction. Therefore, enterprises are expected to invest in and implement the software in the coming months of 2021, which will, in turn, surge the demand for consumer video feedback software. The impact of COVID-19 pandemic on Asia Pacific’s consumer video feedback software market was marginal in 2020.

Market Overview and Dynamics

The consumer video feedback software market in APAC is expected to grow from US$ 368.29 million in 2021 to US$ 698.21 million by 2028; it is estimated to grow at a CAGR of 9.6% from 2021 to 2028. Escalating requirement for data driven solutions for enhanced decision-making; 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. The intense focus of these market players on offering advanced technological video feedback solutions to efficiently collect the data and analyse it for better decision making, is supporting the growth of consumer video feedback software.

Key Market Segments

On basis of deployment, the APAC consumer video feedback software market is categorized as cloud and on-premises. In 2020, the cloud segment held the largest share APAC consumer video feedback software market.  Based on end user, the market is segmeneted into FMCG, BFSI, electronics, IT and telecom, retail, hospitality, and other end users. In 2020, the retail segment held the largest share APAC consumer video feedback software market.

Major Sources and Companies Listed

A few major primary and secondary sources referred to for preparing this report on the consumer video feedback software market in APAC are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are FocusVision; Medallia Inc.; Product Peel, Inc.; Qualtrics; Typeform; UserTesting; and Voxpopme; among others.

Reasons to buy report

• To understand the APAC consumer video feedback software market landscape and identify market segments that are most likely to guarantee a strong return
• Stay ahead of the race by comprehending the ever-changing competitive landscape for APAC consumer video feedback software market
• Efficiently plan M&A and partnership deals in APAC consumer video feedback software market by identifying market segments with the most promising probable sales
• Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form APAC consumer video feedback software market
• Obtain market revenue forecast for market by various segments from 2021-2028 in APAC region.

APAC CONSUMER VIDEO FEEDBACK SOFTWARE MARKET SEGMENTATION

By Deployment

• Cloud
• On Premise

By End User

• FMCG
• BFSI
• Electronics
• IT and Telecom
• Retail
• Hospitality
• Other End users

By Country

• Australia
• China
• India
• Japan
• South Korea
• Rest of APAC

Company Profiles

• FocusVision
• Medallia Inc.
• Product Peel, Inc.
• Qualtrics
• Typeform
• Voxpopme

Asia-Pacific Consumer Video Feedback Software Market Strategic Insights

Asia-Pacific Consumer Video Feedback Software Market Segmentation Analysis

Asia-Pacific Consumer Video Feedback Software Market Report Highlights

Asia-Pacific Consumer Video Feedback Software Report Scope

Asia-Pacific Consumer Video Feedback Software Market Country and Regional Insights