July 22, 2024

Increasing Adoption of Advanced Technologies to Enhance Customer Experience in the Field Survey Management Market

 

The global Field Survey Management Market is estimated to be valued at US$ 5.4 Bn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Field survey management involves collection of data through various surveying methods for understanding customer experience, satisfaction, and behaviours. It helps organizations gain meaningful insights to improve their products and services. Field survey management software integrates survey creation, sampling, data collection and analysis on a single platform. It offers advantages like real-time visibility, centralized data storage, higher response rates and reduced costs. The software allows creating customized surveys for different target audiences using various modalities like web, phone calls, emails etc. It also helps schedule surveys and assign them to field representatives. The collected data is analyzed using advanced analytics tools to generate actionable insights for enhancing customer experience. Industries like market research, healthcare, retail and transportation majorly rely on field survey management for gathering customer and market feedback.

Market key trends:
One of the key trends in the field survey management market is growing adoption of mobile technology. Field agents are increasingly using tablets and smartphones for conducting surveys on-the-go and receiving instant updates. This is improving response rates and timeliness of data collection. Another trend is the integration of advanced analytics tools like predictive analysis and machine learning. Market players are offering sophisticated data visualization and reporting features to help organizations make informed decisions based on insights. technologies like artificial intelligence are also being incorporated for automated data interpretation. Cloud-based delivery models are gaining popularity as well due to benefits like scalability, flexibility and lower costs. Vendors are focusing on developing vertical-specific solutions to better address the unique needs of industries like healthcare, transportation etc.
Growing digitization, mobile connectivity and analytical capabilities are expected to drive the demand for advanced field survey management solutions in the coming years.
Porter’s Analysis
Threat of new entrants: The field survey management market has moderate threat of new entrants as it requires high initial investment for research and development of new technology solutions along with established brand name.

Bargaining power of buyers: The bargaining power of buyers is low to moderate as there are large number of field survey management solution providers in the market offering customized solutions.

Bargaining power of suppliers: The bargaining power of suppliers is low as there are number of component suppliers.

Threat of new substitutes: Low threat of substitution as field survey management solutions offers unique features to extract actionable insights from collected survey data.

Competitive rivalry: High as the market comprises several global as well as regional players striving to gain more market share through product innovation and partnerships.

Key Takeaways
The global field survey management market size was valued at US$ 5.4 Bn in 2023 and is expected to witness high growth, exhibiting CAGR of 12% over the forecast period, due to increasing need to extract actionable insights from large volumes of survey data.

The North America region dominated the field survey management market in 2023 and is expected to continue its dominance during the forecast period. This is attributed to presence of key players and technological advancements in the region.

Key players operating in the field survey management market includes Nielsen Holdings PLC, Kantar TNS, GfK, IRI Consultants, comScore, Inc., IT, Research & Metadata Solutions (IRMS), The Brenett Group, Focu Pointe Global, and Ipsos. These players are focusing on new product development and partnerships for gaining more market share.