Voice of the Customer Market

Voice of the Customer Market Overview

The global Voice of the Customer Market was valued at $XXX billion in 2023, and it is projected to reach $YYY billion in 2030, with a CAGR of XY % from 2024 to 2030.

The voice of customer (VoC) market refers to the industry that focus on gathering and analyzing feedback directly from customers to understand their preferences, needs, and expectations. This includes collecting data from various sources such as surveys, interviews, social media, and customer interactions to understand the needs and desires of their target audience.

VoC helps businesses to gain valuable insights into customer satisfaction and identify areas for improvement to offer personalized products and services for enhancing the voice of the customer market demand. The VoC market emphasizes the importance of customer-centric strategies fostering stronger relationships between businesses and their customers that ultimately drives the growth and competitive advantage of the businesses. 

Market Dynamics and Trends

The rising adoption of digital technologies in the banking, financial services, and insurance (BFSI) sector is propelling the growth of the VoC market. This sector is increasingly adopting VoC solutions, such as chatbots and predictive analytics systems, to gain deeper insights into customer preferences, behaviors, and satisfaction levels. 

For instance, in February 2024, One Zero, an Israeli bank launched an AI powered chatbot that address customers’ queries and perform tasks independently. It is built with generative pre-trained transformer (GPT) technology that aims to be more personalized and conversational than standard chatbots. The introduction of such advanced technologies in BFSI sector fuels the growth of the VoC solutions for enhancing customer engagement and satisfaction.

Moreover, the rapidly growing healthcare sector further fuels the growth of the VoC market as healthcare providers strive to enhance patient experience and outcomes by adopting VoC solutions to gather feedback from patients. According to the India Brank Equity Foundation latest report, the Indian healthcare market was valued at USD 110 billion in 2016 and it is projected to reach USD 638 billion by 2025. 

Furthermore, as per the report published by the government of Canada, the country’s medical devices market is valued at USD 9.47 billion in 2022 that accounted for 2.3% of the global market. The significant growth of healthcare market increases the demand for VoC solutions to enhance patient feedback mechanisms for offering personalized healthcare services and products.

Additionally, the surge in the growth of automotive sector fuels the expansion of the VoC market as manufacturers increasingly prioritize understanding the consumer feedback to stay competitive in the market. The automotive companies leverage VoC solutions to enhance customer experiences, improve product offerings, and foster brand loyalty in a highly competitive landscape.

According to the McKinsey report 2023, the automotive market for passenger cars and light commercial vehicles (LCVs) is projected to grow at a compound annual rate of 1% from 89 million units in 2019 to 102 million units in 2030. This positive outlook reflects the growth of the VoC industry as companies prioritize consumer insights to improve products and customer satisfaction. 

However, the high implementation cost and complexities associated with VoC solutions such as the need for advanced analytics tools and integration with existing systems hinders the growth of the market. 

On the contrary, the integration of artificial intelligence (AI) in VoC solutions creates future growth opportunities in the market as AI enhances data analysis, improves customer insights, and automates feedback collection processes. For instance, in June 2024, Nice announced to launch CXone Mpower that aims to revolutionize the customer experience (CX) landscape by offering personalized customer interactions at larger scale with the help of AI.

Market Segmentations and Scope of the Study

The voice of the customer market report is divided on the basis of type, deployment mode, application, industries, and region. 

On the basis of type, the market is divided into feedback management software and survey software. On the basis of deployment mode, the market is segmented into cloud-based and on-premises. On the basis of application, the market is segmented into customer experience management, employee experience management, marketing, and customer service.

On the basis of industries, the market is divided into banking, financial services and insurance (BFSI), automotive, restaurants, healthcare, telecom & media, and technology & services. Regional breakdown and analysis of each of the aforesaid segments include regions comprising North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

North America holds the dominating in voice of the customer market share at present and is projected to continue its dominance throughout the forecast period. This is owing to the well-established healthcare sectors in countries such as the U.S. and Canada that necessitates the need for patient satisfaction surveys and real-time feedback systems to offer positive patient outcome.  

According to the Centers for Medicare & Medicaid Services (CMS) latest report, the U.S. National Health Expenditure (NHE) grew by 4.1% to USD 4.5 trillion in 2022 from USD 4.3 trillion in 2021 that is equivalent to USD 13,493 per person and accounted for 17.3% of GDP. VoC offers valuable insights into patient preferences, concerns, and service quality perceptions to enhance patient expectations that ultimately propels its adoption in the healthcare sector across the region.

Moreover, the presence of key market players such as InMoment, Medallia Inc., and others are launching various VoC products with AI features that further drives the growth of market in the region. These AI-driven solutions enable businesses to analyse customer feedback more effectively, uncover insights, and enhance customer experiences in real time. 

For instance, in February 2024, Medallia launched four AI innovations Ask Athena, Intelligent Summaries, Smart Response, and Themes that aims to empower organizations to democratize insights, engage employees, and personalize experiences on a large scale using cost-effective and secure AI solutions. Such innovative product launches propels the growth of the market as it enables organizations to effectively harness insights and personalize customer experiences. 

On the other hand, Asia-Pacific is considered fastest growing region in the VoC industry. This is due to the expanding automotive sector as manufacturers seek to understand consumer preferences and enhance vehicle experiences through targeted feedback solutions. According to the International Trade Administration (ITA) report 2023, China is the world’s largest vehicle market by both annual sales and manufacturing output and domestic production is projected to reach to 35 million vehicles by 2025. By leveraging VoC solutions, companies gather valuable feedbacks to enhance product design and customer satisfaction that consequently fuels its demand in the region.

Furthermore, the rapid expansion of the telecom industry is fuelling the growth of the VoC industry across the region. Telecom companies prioritizes customer insights to enhance service offerings and improve overall user experiences that makes VoC solutions essential to stay competitive in the market. According to the India Brand Equity Foundation (IBEF) report 2024, India is the second-largest telecom market in the world with 1.19 billion users. VoC allows telecom companies to identify areas for improvement in network reliability, customer service interactions, and service offerings, thereby accelerating voice of the customer market growth in the region.

Competitive Analytics

Various key players operating in the VoC sector includes InMoment, Medallia Inc., Qualtrics, Feedier Technologies, SurveySparrow Inc., NICE Ltd., Verint Systems Inc., Qualaroo, Inc., SurveyMonkey, SentiSum, and others. These companies continue to adopt various market development strategies including product launches to maintain their dominance in the VoC industry.

For instance, in October 2023, SurveyMonkey launched its generative AI tool Build with AI that aims to allows customers to use natural language prompts to create surveys in under a minute, providing guidance for drafting surveys and improved insights for survey responses. 

Furthermore, in January 2023, InMoment launched New XI Platform to advance the ability for companies to improve customer experience and boost their business performance by using predictive AI text analytics.

Key Benefits

• The report provides quantitative analysis and estimations of the voice of the customer market from 2024 to 2030, which assists in identifying the prevailing market opportunities.

• The study comprises a deep-dive analysis of the current and future voice of the customer market trends to depict prevalent investment pockets in the industry.

• Information related to key drivers, restraints, and opportunities and their impact on the voice of the customer market is provided in the report.

• Competitive analysis of the key players, along with their market share is provided in the report.

• SWOT analysis and Porters Five Forces model is elaborated in the study.

• Value chain analysis in the market study provides a clear picture of roles of stakeholders

Voice of the Customer Market Key Segments

By Type 

• Feedback Management Software 

• Survey Software

By Deployment Mode 

• Cloud-based

• On-premises

By Application 

• Customer Experience Management

• Employee Experience Management

• Marketing

• Customer Service

By Industries

• Banking, Financial Services and Insurance (BFSI)

• Automotive

• Restaurants

• Healthcare

• Telecom & Media

• Technology & Services

By Region

• North America

  • The U.S.

  • Canada

  • Mexico

• Europe

  • The UK

  • Germany

  • France        

  • Italy        

  • Spain        

  • Denmark        

  • Netherlands        

  • Finland        

  • Sweden        

  • Norway        

  • Russia        

  • Rest of Europe    

• Asia-Pacific

  • China

  • Japan

  • India

  • South Korea

  • Australia

  • Indonesia

  • Singapore

  • Taiwan

  • Thailand

  • Rest of Asia Pacific

• RoW

  • Latin America

  • Middle East

  • Africa

REPORT SCOPE AND SEGMENTATION:

Key Players

• InMoment

• Medallia Inc.

• Qualtrics

• Feedier Technologies

• SurveySparrow Inc.

• NICE Ltd.

• Verint Systems Inc.

• Qualaroo Inc.

• SurveyMonkey 

• SentiSum