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Online Survey Software Market Segmented By Solution such as Online Survey Software and Services having Enterprise Size such as SMEs and Large Enterprises
Online surveys is now a pretty common activity in international development programs. Online survey software’s are specifically designed to collect feedbacks or data that brings actionable information through online surveys or forms. The software allows to build questionnaires and enable to share them online.
The features offered by online survey software may vary depending on the type of surveys that are required. However, some key features that any survey software must include are survey display options, logic and branching, offline survey collection, and option for various types of answers.
Major online surveying software’s are based on SaaS models which makes them very convenient to most types of users. The need to identify right sales channels and potential customer, businesses of all sizes are increasingly adopting online survey software which would propel the growth of online survey software market.
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Coronavirus has now become a threat to humans and to the global economy. The pandemic has not only changed the way of economies that are functioning now, but has forced the global teams and industries to change the way of managing their workforces.
As organizations around the world are striving to adjust to the current pandemic situation, companies and businesses are increasingly conducting online surveys to identify customer demographics and potential of their future business.
Online survey software are playing a critical role in the growth of the business economy and to identify critical business opportunities & market trends. The online survey software market has shown significant growth during the pandemic.
It is expected that the growth will increase by nearly 4% - 6% in Q1-Q3 2020. Online survey software enable business to improve customer experience and enhance business operations amid the COVID-19 lockdowns.
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The primary reason for businesses to conduct any online survey is to make effective decisions that grow business by selling products and services to their existing customers, and attract new customers by increasing the effectiveness of product/service to better suit their needs.
The feedbacks received from conducted surveys, help businesses to decide, on which products to focus, invest and enhance, and which products are relatively defocus/discontinue. The survey enable businesses to efficiently allocate resources based on real, data-oriented insights from their own customers. Thus, businesses of all sizes are increasingly adopting online surveys software to identify potential customers and enhance business plans.
Increasing Internet Penetration and Usage across Emerging Countries
The number of internet users is estimated to increase in both urban as well as rural regions, indicating a dynamic growth in access to internet services. This increase in usage of the internet has given rise to the number of people using internet applications around the world.
As the online survey software are totally dependent on the internet connectivity, poor or no internet connectivity can cause significant disadvantages. Countries with higher internet penetration have seen significant increase in adoption of online survey software. The rollout of high-speed internet has boosted the demand for online survey software among small and mid-sized enterprises.
North America accounts for significant market share owing to the presence of major software vendors and global companies that are always focused on providing better services and products to their customers to increase their sales. APAC is projected to be the fastest-growing regional market during the forecast period.
This growth is majorly attributed to the increasing retail and e-commerce industry in countries like China and India along with the rising number of small and mid-sized enterprises in this region.
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Key players in the online survey software market are focusing on product innovation and strategic partnerships with the regional vendors to collaborate for offering advanced online survey software solution and services to effectively conduct online surveys.
The major players offering online survey software solutions include SurveyMonkey, Formstack, Google, Microsoft, LimeSurvey, Qualtrics, Confirmit, among others.
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