Enterprise Feedback Management Market

Enterprise Feedback Management Market Outlook from 2024 to 2034

The global enterprise feedback management market size is estimated to stand at USD 2,677.5 million in 2024. By 2034, the market is forecast to reach USD 14,096.8 million. Throughout this period, the market is expected to register an astounding CAGR of 18.1%. Businesses have long since recognized the importance of customer feedback, but the paradigm has undergone massive change.

In recent times, leveraging customer feedback has come to be known for understanding, acting on insights, and fostering rapid engagement.

Customer feedback is considered the heartbeat of a successful enterprise. It includes the essence of customer experiences, uncovering preferences, pain points, and desires. This voice offers invaluable data, whether via reviews, surveys, or social media interactions. Varied applications of solutions, like enterprise feedback management, are instrumental in capturing customer feedback and navigating the market for enterprise feedback management software.

Key Highlights:

• Several businesses are increasingly using survey software to offer reports and insights that are crucial for successful customer relationship management (CRM) strategies. In depth, these firms utilize enterprise feedback management systems to gather feedback from conversations, standardize customer care solutions, and assess information.
• Increasing interest and adoption of various channels and innovations, as well as changing service goals, are expected to raise opportunities for enterprise feedback management vendors.
• The growing demand for useful insights from duplicated or unstructured data is raising the deployment of enterprise feedback management solutions.
• Increasing launches of innovative enterprise feedback management technology solutions with text analytics and real-time speech capabilities that help organizations take customer survey technologies and tools to the next level. Thus empowering organizations to respond to customer feedback easily and influence them at crucial points.

Attributes	Details
Enterprise Feedback Management Market Size (2024)	USD 2,677.5 million
Enterprise Feedback Management Industry Forecasted Size (2034)	USD 14,096.8 million
Projected Value CAGR (2024 to 2034)	18.1%

Enterprise Feedback Management Market Trends and Opportunities

Attributes	Details
Trends	Increasing use of enterprise feedback management in multiple industries, such as BFSI and manufacturing, to gain useful insights from past and present data, as well as forecast market developments that are expected to influence clients’ requirements. These solutions assist firms in assuring information correctness and controlling risk. Surging deployment of these solutions to resolve issues linked with the present performance of the services, product, or workplace. Therefore, enterprise feedback management software is finding extensive applications in various industry verticals to protect and improve consumer experience. Rising digital transformation initiatives across different enterprises, along with accelerating integration between CRM software and feedback management software, are leading to new avenues for leading vendors. Growing demand for personalized customer experience.
Opportunities	The growing popularity of on-demand business models and the rising adoption of omnichannel shopping experiences are fueling companies to employ strategic initiatives to boost sales of enterprise feedback management. The surging adoption of artificial intelligence in enhancing customer engagement and unexplored potential within emerging economies is predicted to develop lucrative growth opportunities for the market players.

Market Restraints that Limit the Potential of Enterprise Feedback Management Players

The increasing adoption of EFM software is escalating concerns over security and data theft. As the incidences of privacy issues and cybersecurity increase in these solutions and other digital tools, the sales of EFM are anticipated to be negatively impacted. On top of this, cloud-based feedback management solutions are being significantly adopted, thereby raising the risk of privacy concerns and data security. These attacks can come in different forms and can result in various losses like customer and business data.

Enterprise Feedback Management Industry Analysis by Region

In North America, the rapid adoption of next-generation innovations like AI, IoT, machine learning, and big data analytics are enhancing the market scope of enterprise feedback management (EFM) systems. This is because these technologies help procure important insights from multiple feedback datasets. Similarly, in Europe, the adoption of EFM is expected to remain strong over the forecast period due to a high level of willingness to optimize operations systems.

Countries in the Asia Pacific are predicted to expand at a remarkable pace, as these countries are relatively new to the enterprise feedback management software and tools and showcase robust economic conditions for leading vendors to flourish.

Country	Forecasted CAGR (2024 to 2034)
The United States	14.90%
Germany	17.50%
Japan	19.30%
China	18.60%
Australia	21.60%

Robust Digital Transformation in the United States to Raise Utilization of Enterprise Feedback Management

Deployment of enterprise feedback management is predicted to expand at an impressive CAGR of 14.90% through 2034. Growth in the next ten years is predicted to increase due to:

• The rising popularity of feedback-handling solutions among enterprises boosts productivity and output.
• Climbing demand for prompt authentic information by leading firms.
• The increasing significance of digital transformation among corporations like Oracle, IBM, Amazon Web Service, and others.

Increasing Popularity of Cloud Computing Raising Market Growth in Germany

Demand for enterprise feedback management is expected to surge at a CAGR of 17.50% through 2034. The following factors are propelling the market growth:

• The growing popularity of cloud computing is enhancing the application scope of enterprise feedback management software and tools.
• The increasing significance of operational efficiency in SMEs and leading organizations.
• Software businesses in the region are gaining impetus from government bodies to develop free and open-source software to remotely manage and access significant quantities of data.

Execution of Big Data Tactics to Increase Adoption of Enterprise Feedback Management in China

In China, the vendors of enterprise feedback management are finding a growth of 18.60% through 2034. Over the forecast period, the market is predicted to be driven by:

• Increasing government’s emphasis on executing big data tactics to forecast emerging consumer trends and find out possible dangers.
• The rapid proliferation of cloud technologies and other upcoming technologies.
• Factors like enhancing economic conditions and rising focus on customer satisfaction and experience

Japan to Observe Staggering Growth in the Next Decade

The adoption of enterprise feedback management is predicted to intensify in Japan at an excellent CAGR of 19.30% through 2034. Key factors driving the market growth are as follows:

• Increasing availability of innovative solutions by key players to continuously engage with clients and prospects during different phases of their lifecycles.
• Surging demand for efficient feedback management systems as businesses prioritize customer experience.
• Rising deployment of cloud-based feedback management solutions to boost scalability and accessibility.

Australia to Attract Investors and Software Vendors Owing to its Astonishing Growth Rate

In Australia, the deployment of enterprise feedback management services is rising at a pace of 21.60% through 2034. The market is driven by:

• Growing demand for EFM solutions to exploit the data-gathering process to keep the attention of customers while they engage with a business or organization.
• Increasing emphasis on capturing feedback from different channels like online review sites and social media platforms.
• Prioritization of high-quality customer support via immediate responses and tailored interactions, thus encouraging customers to offer detailed feedback.

Enterprise Feedback Management Industry Analysis by Segment

Large Enterprises to Capture a Leading Share in Type Category

Attributes	Details
Top Type	Large Enterprises
Market Share in 2024	51.3%

As per a recent enterprise feedback management market report, the large enterprises segment is predicted to acquire a massive 51.3% in 2024. This segment is projected to hold its dominance owing to:

• Increasing desire of enterprises to acquire strong automation abilities and monitoring systems for strategic decision-making and resource allocation.
• Large organizations' rising use of high-tech tools like advanced analytical engines, process blueprints, and real-time data-gathering tools is accelerating the use of enterprise feedback management.
• Escalating significance among large organizations is the deployment of effective data methodologies to categorize and forecast potential dangers and then use feedback data to make quicker business choices.

Web Touch Point to Possess a Prominent Share in the Market

Attributes	Details
Top Touch Point	Web
Market Share in 2024	28.4%

The web segment is projected to capture a share of 28.40% in 2024. The segment is driven by factors like:

• Customers and employees are increasingly using web-based feedback channels to easily access feedback from any device that has an internet connection.
• Growing preference for real-time data analysis and reporting, thus allowing organizations to swiftly recognize trends, issues, and patterns from the feedback and take immediate actions.
• Rising integration of machine learning and AI technologies in web-based platforms to automate sentiment analysis, predictive insights, and anomaly detection. This is because organizations conveniently obtain deeper meaning from this feedback and curb potential issues before they escalate.

Competitive Strategies Adopted by Leading Players to Increase Their Revenue

• Key players are integrating machine learning and AI in enterprise feedback management for faster and more actionable insights from the gathered feedback.
• Industry leaders are developing comprehensive reports and dashboards with interactive visualizations to support data-driven decision-making.
• Leading companies are collaborating with other tech firms to integrate EFM solutions with HR, CRM, and marketing platforms for a streamlined experience.
• Key players are acquiring smaller players that have expertise in niche categories or certain technology solutions to bridge the gap in their software offerings.
• Industry players are providing customized and personalized EFM solutions that are adjusted to particular pain points and needs of multiple industries and company sizes.

Recent Development in Enterprise Feedback Management Market

• In March 2023, Medallia, Inc., an expert in employee and customer experience, announced that it has been recognized as the Leader in Customer Feedback Management, Q1 2023. The company distinguishes itself from the competitors with breadth and depth of offering.
• In February 2023, Alchemer, a leading provider of enterprise feedback and experience management technology, introduced Alchemer Workflow. This solution leverages Alchemer’s long line of heritage to provide an efficient method to close the feedback loop with employees and customers.

Key Vendors of Enterprise Feedback Management

• IBM Corporation
• Verint Systems Inc.
• MaritzCX
• MirrorWave
• Qualtrics, LLC
• Ipsos SA
• InMoment, Inc.
• Cvent, Inc.
• Confirmit, Inc.
• Ambivista
• Others

Key Segments in the Enterprise Feedback Management Market Report

By Type:

• Small Enterprises
• Medium Enterprises
• Large Enterprises

By Touch Point:

• Company Website
• Branch/Store
• Web
• Call Center
• Social Media

By Vertical:

• Energy and Utilities
• BFSI
• Healthcare
• Automotive
• Transportation
• Consumer Goods and Retail
• Media and Entertainment
• Hospitality
• Manufacturing

By Region:

• North America
• Latin America
• Europe
• Asia Pacific
• The Middle East and Africa

Frequently Asked Questions

How Big is the Enterprise Feedback Management Market?

The enterprise feedback management industry is estimated to be valued at USD 2,677.5 million in 2024.

What is the Future Forecast of the Enterprise Feedback Management Market?

The enterprise feedback management market size is forecast to surpass USD 14,096.8 million by 2034.

What is the Projected CAGR for the Enterprise Feedback Management Industry?

The CAGR of the enterprise feedback management industry is expected to be 18.1% through 2034.

Which are the Leading Companies offering Enterprise Feedback Management?

IBM Corporation, Verint Systems Inc., and MaritzCX are enterprise feedback management industry leaders.

Which Region is Estimated to Significantly Appreciate the Market’s Growth?

The Asia Pacific is expected to make a significant contribution to the overall market growth.