Key players in the global online survey software market: SurveyMonkey, Qualtrics, and Confirmit. Other Prominent Vendors in the market are: CloudCherry, Campaign Monitor, Getfeedback, Inqwise, Medallia, QuestionPro , SoGoSurvey, SurveyGizmo, Toluna, and Zoho
The analysts forecast global online survey software market to grow at a CAGR of 12.50% during the period 2017-2021. Online survey software is web-based or mobile-based software solution implemented by enterprises for online data collection as per business or consumer research requirements.
Online survey software can be deployed through on-premises or cloud-based software implementation model.
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The latest trend gaining momentum in the market is increased adoption of cloud computing. Cloud computing solutions are IT solutions that are used in ICT systems.
These solutions eliminate the need of installing in-house software and hardware. The cost of in-house IT solutions is high compared to cloud-based solutions.
Cloud computing solutions are implemented in many of organizations irrespective of the size of the business.
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According to the report, one of the major drivers for this market is increased use of online survey software among SMBs. SMBs are the key target segment for market researchers, government surveys, and technology firms.
This is because they play a critical role in the growth of the economy worldwide. The requirements of these establishments are different compared to large organizations.
This is due to budget constraints and infrastructure development requirements. This sector contributes to the GDP, employment, and exports of a country.
Further, the report states that one of the major factors hindering the growth of this online survey software market is threat from open-source software. The rising popularity of web-based survey software among enterprises has created a high demand for the software.
It has also increased the availability of free and open-source software. Many free versions of open-source online survey software are available in the market.
Hence, vendors are compelled to compete with providers of free open-source online survey software.