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The Evolution of Online Surveys: Top Software Insights for 2024
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According to The Business Research Company's, The online survey software market size has grown rapidly in recent years. It will grow from $3.11 billion in 2023 to $3.56 billion in 2024 at a compound annual growth rate (CAGR) of 14.4%. The growth in the historic period can be attributed to early Internet adoption, cost efficiency, globalization, rise of e-commerce, data security improvements, mobile device proliferation.
The online survey software market size is expected to see rapid growth in the next few years. It will grow to $6.33 billion in 2028 at a compound annual growth rate (CAGR) of 15.5%. The growth in the forecast period can be attributed to increased data analytics focus, diversification of survey types, user-friendly interfaces, enhanced security measures. Major trends in the forecast period include rapid technological evolution, technological advancements, integration with other tools, mobile responsiveness and accessibility, advanced analytics and reporting.
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Market Drivers and Trends:
The increasing penetration of the internet and its availability is driving the online survey software market. Increased internet penetration can lead to significant growth in important economic sectors such as education, healthcare, energy, and governance. Additionally, the number of surveys conducted via the internet has increased dramatically in the last ten years, owing to an increase in internet penetration and the relatively low cost of conducting web surveys in comparison to other methods. For instance, in 2021, according to the ITU, approximately 4.9 billion people or 63% of the world's population are using the Internet 2021. This represents a 17% increase since 2019, with 782 million people estimated to have gone online during that time. However, 2.9 billion people remain unconnected. Therefore, an increase in penetration of the internet and its availability is expected to boost the utilization of online survey software during the forecast period.
Technology advancement is gaining popularity in the online survey software market. Major players in the market are focusing on bringing innovative products to obtain an edge in the market against their competitors and strengthen their market presence. For instance, in January 2022, Snap Surveys Ltd., a US-based company, launched the Employee Engagement Survey and the Employee Engagement and Enablement Survey. These are ready-to-run surveys designed to gather views on various topics relevant to employees, such as job satisfaction, manager effectiveness, and organizational values. The surveys can be customized for each organization and provide insights into employee motivation, value, and organizational perception.
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Major Key Players of the Market:
Google LLC, Qualtrics, Zoho Corporation Pvt Ltd., SVMK Inc. (SurveyMonkey), Confirmit AS, Automattic (CrowdSignal), QuestionPro, Typeform S.L., Formstack LLC, SurveySparrow Inc., Alchemer (SurveyGizmo), Rybbon Inc., Qualaroo Inc., Questionnaire, Voxco Insights Platform, Snap Surveys Ltd., SoGoSurvey Inc., Formsite LLC, QuickTapSurvey, AskNicely, Checkbox Survey Inc., SurveyMethods, SurveyNuts, Novi Systems Inc. (Novi Survey), Feedbackify Ltd., Enalyzer, Dobility Inc. (SurveyCTO), Pollfish, Survey Anyplace, SurveyLegend AB, Qwary, Responster, Obsurvey Ltd., WorldAPP
Online Survey Software Market 2024 Key Insights:
• The online survey software market size is expected to see rapid growth in the next few years. It will grow to $6.33 billion in 2028 at a compound annual growth rate (CAGR) of 15.5%.
• Expanding Internet Access Fuels Growth In The Online Survey Software Market
• Technology Advancements Transform The Landscape Of The Online Survey Software Market
• North America was the largest region in the online survey software market in 2023
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