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Feedback And Reviews Management Software Market Size, Share & Growth 2024-2033 | Trends & Key Players
Feedback And Reviews Management Software Market Size
According to The Business Research Company's, 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.
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Market Drivers and Trends:
The expansion of the e-commerce industry is expected to propel the growth of the feedback and reviews management software market going forward. The e-commerce industry refers to the sector of the economy that focuses on conducting commercial transactions electronically, primarily over the Internet. The expansion of the e-commerce industry can be attributed to increasing Internet penetration, changing consumer preferences, and the globalization of markets. Feedback and review management software enhances online and e-commerce platforms by providing businesses with valuable insights into customer satisfaction, helping them improve products, services, and the overall user experience. For instance, in February 2024, according to the United States Census Bureau, a US-based government agency, total US e-commerce sales reached an estimated $1,118.7 billion in 2023. This marked a notable increase of 7.6% (±1.2%) compared to the figures recorded in 2022. Additionally, e-commerce sales in the US in 2023 accounted for 15.4% of total sales, up from 14.7% in 2022. Therefore, an expansion of the e-commerce industry is driving the growth of the feedback and reviews management software market.
Major companies operating in feeder automation are adopting sustainable electrification technologies such as all-in-one protection relays, to improve efficiency and reliability while reducing complexity and installation costs. Protection relays continuously monitor electrical parameters such as current, voltage, and frequency on distribution feeders. For instance, in May 2021, ABB Ltd., a Switzerland-based manufacturing company, launched an all-in-one protection relay, REX610, which is designed to support safe, smart, and sustainable electrification by providing optimal protection for all basic power distribution applications with only six variants, making it easy to order, set up, use, and service. REX610 facilitates communication and interoperability among substation automation devices and various smart services, including those available on the ABB Ability platform. It provides a plug-and-play solution with installed hardware modules that unlock all available functionality, allowing users to adapt to changing protection, communication, and network requirements.
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Major Key Players of the Market:
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
Feedback And Reviews Management Software Market 2024 Key Insights:
• 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 Synergy Between E-Commerce Expansion And Feedback Management Software
• Increasing Focus On Launching Innovative Online Review Management Platforms For IT Companies
• North America was the largest region in the feedback and reviews management software market in 2023
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