Enterprise Feedback Management Market Growth – Trends & Forecast 2023-2033

A Complete Study of Enterprise Feedback Management in Korea from (2023 to 2033)

It is projected that in 2023, the adoption of enterprise feedback management systems in Korea could reach a total valuation of USD 114.7 million. Furthermore, the nation's enterprise feedback management demand is expected to soar at an 8.9% CAGR over the next 10 years.

According to our research report, by 2033, the adoption of enterprise feedback management systems is anticipated to bring in around USD 266.0 million in revenue in Korea.

Key Insights on the Enterprise Feedback Management Sector of Korea

• In 2018, the net revenue generated by the adoption of enterprise feedback management in Korea was estimated to be only USD 72.3 million.
• According to a study conducted in Korea between 2018 and 2022, the enterprise feedback management industry experienced a compound annual growth rate of 9.8%.
• This growth can be attributed to the increasing interest in and recognition of diverse distribution channels by multinational companies, as well as evolving business goals in Korea.
• The emergence and availability of social networking feedback and real-time customer data on smartphones and other electronic devices have also contributed to this trend.

Attributes	Details
Industry size of Korea in 2023	USD 114.7 million
Expected Industry Size of Korea by 2033	USD 266.0 million
Forecasted CAGR between 2023 to 2033	8.9%

Top 5 Key Trends Influencing Demand for Enterprise Feedback Management in Korea

• Enterprise feedback management enables smooth interaction, increases transparency, and provides support for ongoing rules and compliance in a wide range of corporations and organizations. Given the rise in the establishment of industries and multinational businesses in South Korea, the demand for enterprise feedback management is poised to surge.
• The introduction of enterprise feedback management software has created a way to extract valuable insights even from unorganized or redundant data. As a result, EDM solutions are predicted to see increased demand, as businesses in Korea now prioritize providing accurate and fast information for their clients.
• Large firms' feedback processes and operations require the use of sophisticated analytical engines, process blueprints, and real-time data collection technologies. These businesses prioritize efficient data approaches to classify and foresee any risks, followed by the utilization of this feedback data to enable quicker decision-making.
• The high cost of enterprise feedback management systems may limit their adoption in many small and medium-sized business sectors. Furthermore, the complexity of enterprise feedback systems has the potential to cause algorithms to malfunction, necessitating substantial maintenance costs in the meantime.
• The enterprise feedback software operates entirely based on different client feedback that it receives, including some embedded feedback. This indicates that there could be some critical or irrelevant remarks that may be quite cryptic and perplexing.

Category-wise insights

The enterprise management industry in Korea is expected to witness a significant presence of large enterprises, exerting dominance over the sector during the forecast period. As of 2023, these large-scale corporations already command a substantial share of the industry, accounting for an impressive 61.2%.

The growing adoption of enterprise feedback solutions in large corporations for the ability to automate resource allocation and strategic decision-making is a primary factor. This indicates that the industry is currently being driven by the activities and initiatives of these key players, who possess the capacity to implement sophisticated feedback management systems on a substantial scale.

Enterprise Feedback Management in Korea based on Enterprise Size	Large Enterprises
Total Share (2023)	61.2%

Large businesses are common in this industry, which can be linked to their innate ability to invest in cutting-edge technology and solutions. As a result, they can fully utilize corporate feedback management to boost customer engagement, operational effectiveness, and overall performance.

Their significant industry share indicates both their commitment to using cutting-edge procedures to keep a competitive advantage in Korea and their effect on the industry landscape.

BFSI Sector is the Leading End User for Enterprise Feedback Management systems in Korea

Based on end user verticals that utilize enterprise feedback management solutions, the BFSI segment was figured out to leading demand generator in Korea. Given the complex nature of work in banking, financial services, and insurance firms, this segment is poised to garner higher traction in the coming days.

The BFSI sector places a high priority on customer satisfaction and experience. As a result, these institutions can obtain important information from their customers directly by using feedback management solutions. As a result, companies can be better able to tailor their services and products to satisfy customer requirements.

Enterprise Feedback Management in Korea based on End User Verticals	Banking, Financial Services, and Insurance (BFSI) Sector
Total Share (2023)	22.7%

The BFSI industry operates in a highly competitive environment where it is crucial to remain aware of customer demands and act quickly to address grievances. These organizations are given the means and capacities to accomplish exactly that by enterprise feedback management, assuring their agility and responsiveness in a constantly changing industry.

Besides BFSI, the media and entertainment industry is a remarkably growing segment in Korea that is anticipated to boost the adoption in several media houses.

Competitive Landscape

The demand for enterprise feedback management is relatively new in Korea, resulting in fewer service providers and less competition in the Korean landscape. The expansion of enterprise-wide digital transformation programs and the increasing integration of CRM software have opened up new opportunities for the feedback management system industry in Korea.

Many businesses in Korea are now placing emphasis on the development of cutting-edge enterprise feedback management technology solutions, such as real-time text and speech analytics capabilities. Therefore, the unrealized potential of this emerging economy combined with the growing use of artificial intelligence to enhance consumer interaction could lead to profitable development prospects.

Recent Developments in Enterprise Feedback Management in Korea

• In October 2019, Qualtrics introduced CoreXMTM, an industry-leading insight solution and a cornerstone of experience management (XM). Qualtrics is a pioneering company in enterprise feedback management services and is also a leader in customer experience data collection for many businesses in Korea. CoreXM combines many cutting-edge features provided by Qualtrics Research CoreTM, along with brand-new functionality designed to assist in experience management. The company claims it can help professionals understand their customers' and workers' experiences, act on them immediately, and listen to them.
• In October 2023, Forbes once again recognized South Korea's Ipsos Strategy3 as one of the Best Management Consulting Firms in the World. The organization named Strategy3, Ipsos' marketing, innovation, and strategy consulting, is popular among 9,000 partners and executives of management consulting organizations from over 40 countries.
• In November 2019, the leading digital workflow service provider, ServiceNow, expanded its operations to include Korea. It started providing its digital workflows across the cloud-based Now Platform to enable better experiences and unleash productivity for both employees and the company.

Key Industry Players for Molded Enterprise Feedback Management in Korea

• K-Feedback
• Znbox
• Netizen Corporation
• Prime Research
• VOZGROW
• CustomerGauge
• FeedZ
• GetFeedback
• InMoment
• Medallia
• QuestionPro
• Qualtrics
• Survicate

Scope of the Report

Attribute	Details
Estimated Industry Size in 2023	USD 114.7 million
Projected Industry Size by 2033	USD 266.0 million
Anticipated CAGR between 2023 to 2033	8.9% CAGR
Historical Analysis of Demand for Enterprise Feedback Management in Korea	2018 to 2022
Demand Forecast for Enterprise Feedback Management in Korea	2023 to 2033
Report Coverage	Industry Size, Industry Trends, Analysis of key factors influencing Enterprise Feedback Management in Korea, Insights on Global Players and their Industry Strategy in Korea, Ecosystem Analysis of Local and Korea Providers
Key Cities Profiled	South Gyeongsang, North Jeolla, South Jeolla, Jeju
Key Companies Profiled	K-Feedback; Znbox; Netizen Corporation; Prime Research; VOZGROW; CustomerGauge; FeedZ; GetFeedback; InMoment; Medallia; QuestionPro; Qualtrics; Survicate

Table of Content

• 1. Executive Summary
• 2. Market Overview
• 3. Market Background
• 4. Korea Industry Analysis and Outlook 2018 to 2022 and Forecast, 2023 to 2033
• 5. Korea Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Solution
  • 5.1. (EFM) Suite
    • 5.1.1. Cloud-based/Web-based
    • 5.1.2. On-Premises
  • 5.2. Services
    • 5.2.1. Implementation & Integration
    • 5.2.2. Consulting Services
    • 5.2.3. Support & Maintenance
• 6. Korea Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Enterprise Size
  • 6.1. SMEs
  • 6.2. Large Enterprises
• 7. Korea Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Industry
  • 7.1. BFSI
  • 7.2. Retail & CPG
  • 7.3. IT & Telecom
  • 7.4. Healthcare
  • 7.5. Media & Entertainment
  • 7.6. Travel & Hospitality
  • 7.7. Government
  • 7.8. Others
• 8. Korea Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Region
  • 8.1. South Gyeongsang
  • 8.2. North Jeolla
  • 8.3. South Jeolla
  • 8.4. Jeju
  • 8.5. Rest of Korea
• 9. South Gyeongsang Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
• 10. North Jeolla Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
• 11. South Jeolla Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
• 12. Jeju Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
• 13. Rest of Korea Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
• 14. Market Structure Analysis
• 15. Competition Analysis
  • 15.1. IBM Corporation
  • 15.2. Verint Systems Inc.
  • 15.3. MaritzCX
  • 15.4. MirrorWave
  • 15.5. Qualtrics, LLC
  • 15.6. Ipsos SA
  • 15.7. InMoment, Inc.
  • 15.8. Cvent, Inc.
  • 15.9. Confirmit, Inc.
  • 15.10. Ambivista
• 16. Assumptions & Acronyms Used
• 17. Research Methodology