Online Survey Software Market - Forecasts from 2023 to 2028

The global online survey software market is expected to grow at a CAGR of 22.07%, from an initial value of US$8.077 billion in 2021 to US$32.626 billion by 2028.

Online survey software is designed for providing a better understanding of an individual towards any brand, product, or political scenario. The demand for such software is expected to show promising growth during the forecast period owing to growing internet penetration which has made the firms in strategizing their online marketing techniques including conducting online surveys to get a better understanding of market demand and public product preferences. The surge in social media platform users has provided further opportunities for companies to conduct online surveys thereby enabling them in targeting new as well as niche customers. Furthermore, market development activities such as product launches are also expected to boost the online survey software market growth.

The global online survey market is driven by growing internet penetration.

Growing internet penetration in countries is the major factor driving the online survey software market growth, as it enables the companies to reach a larger portion of the population and get necessary insights related to the product, and services as per the prevailing market condition. The primary factor that has led to the deep penetration of the internet among the general population is the rapid increase in the number of smartphone users resulting from the burgeoning demand over the past decade, specifically in developing economies. According to the World Bank’s data, in 2020, the percentage of the population using the internet on a global scale stood at 60% which showed a significant increase of 17% in comparison to 2016. Furthermore, as per the same source, major developed countries such as the United States and China reported high internet penetration with 91% of the US population having access to the internet in 2020, whereas in China 70% of the population was an active internet user.

The favorable initiative by the governments of countries to promote the 5G network is also acting as an additional driving factor that will promote the trend of conducting online surveys, as it will enable the companies to get quick customer insights and expand their reach among the general population. In October 2022, the Indian government launched 5G services in India that will provide social benefits and economic opportunities that would help in transforming Indian Society.

Key Developments.

• In January 2022, Snap Surveys Ltd announced the launch of the “Employee Engagement Survey”, an online solution that enables companies to understand their employee’s work engagement and their relationship with the management. The online solution will help companies with employee retention.
• In January 2023, three new survey creation tools have been introduced by Momentive, the company behind SurveyMonkey and GetFeedback, for SurveyMonkey Enterprise and premium users in the United States. These new tools, which include language customization options, extra best/worst question kinds, and a multilingual email collector, enable users to produce surveys of professional calibre without having to have a strong background in research.

North America accounts for major shares of the global online survey market.

By geography, the tank level monitoring market has been segmented into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific. The prime reason driving the North American online survey market growth is the early adoption of technology in the region owing to its states of the art infrastructure. Furthermore, comprehensive education and workplace programs also support segment development.

High awareness about the benefits of online surveys, supported by the presence of major market players, is boosting online survey software demand. Huge internet penetration and the low cost of conducting web surveys are driving the demand for these software solutions across various industries to keep abreast with the prevailing market situation. Moreover, an increasing number of people using social media platforms via smart devices is also attracting retailers to conduct online surveys to know consumer behavior and preferences. Marketing and getting to know consumer preferences on social networks is one of the finest strategies to expand a business and improve the quality of products and services because of the yearly growth in social media users in the United States. For instance, according to official data, 74.2% of adults in 2021 were using Facebook. In the same year, 60.7% of adults were Instagram users.

Based on application, the global online survey market is expected to witness positive growth through the retail sector.

Online surveys in recent times are regarded as an efficient modern technique imperative for conducting surveys aiming to collect information about the targeted audience's views and experiences. These surveys are beneficial as they are conducted with the main intention of gathering insights into the market. The retail segment of the online survey software market is expected to grow owing to the recurring consumer data requirements by these sectors. The retail segment imperatively uses consumer data for the motive of studying consumers' tastes and preferences for stocking and other operations. The booming e-commerce industry is the major driver of retail online survey software demand growth. According to US Census Bureau News, Department of Commerce, the estimated U.S. retail e-commerce sales for the second quarter of 2021, adjusted for seasonal fluctuation but not for price adjustments, were $222.5 billion, a 3.3 % (±0.7%) increase over the first quarter of 2021. Total retail sales for the second quarter of 2021 are expected to be $1,666.8 billion, a 5.2% (±0.4%) rise from the first quarter of 2021.

Market Segmentation:

By Application

• Retail
• Market Research
• Healthcare
• Financial Service
• Manufacturing

By Product

• One Time Charge
• Partially Charge
• Time To Pay

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• UK
• Germany
• France
• Spain
• Others
• Middle East and Africa
• UAE
• Israel
• Saudi Arabia
• Others
• Asia Pacific
• Japan
• China
• India
• South Korea
• Taiwan
• Thailand
• Indonesia
• Others