2021 Consumer Video Feedback Software Market Emerging Technologies with $2,539.61 Million by 2028

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 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.

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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.

Strategic Insights:

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 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.

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