ID: MRFR/ICT/8927-CR | January 2021 | Region: Global | 137 pages
The post-COVID- 19 Global User Experience (UX) Research Software Market size is expected to grow from USD 183.8 Million in 2019 to USD 356.0 Million by 2026, at a compound annual growth rate (CAGR) of 11.9% during the forecast period.
The major factors fueling the user experience (UX) research software market include the increasing digitization initiatives, growth of online commerce business, and the rising adoption of mobile marketing among the vertices. Moreover, initiatives by governments and enterprises with a focus on digitalization and implementation of new technologies such as incorporating IoT technology and artificial intelligence in UX research software presents a lucrative growth opportunity for UX research software vendors. Several businesses operating across the globe are adopting online platforms to reach a huge customer base. Additionally, the rising need to meet consumer expectations, compliance with policies defined by legal authorities, and an increase in the number of Internet users boost the demand for UX research software solutions. The Internet is used for a range of operations, from carrying out complex analysis and helping in an organization's smooth functioning to creating value through new products and improving operational efficiency. Consumer-buyer behavior is changing due to the increasing use of Internet-connected devices, leading to digital transformation. Thus, the increasing influence of digital transformation has created a lucrative opportunity for the vendors operating in the user experience (UX) research software market during the forecast period. However, network security issues are expected to restrict the growth of the user experience (UX) research software market during the forecast period.
User Experience (UX) Research Software Market, 2018–2026 (USD MILLION)
Source: Industry Expert, Secondary Research, and MRFR Analysis
The market growth is driven by the increasing demand for automated solutions across various industry verticals. Moreover, UX research software offers several benefits, including flexibility, cost savings, increasing professionalism. It is widely deployed across industries, including BFSI, technology, education, retail, automation, and travel. This research software provides a competitive advantage; the use of UX research software is attributed to productivity improvement. The software is designed to help enterprises and individuals effectively and has become a key solution for small, medium, and large enterprises.
MRFR has segmented the user experience (UX) research software market by type, application, and region.
Based on type, the user experience (UX) research software market has been divided into cloud and on-premises. Among these, the cloud segment dominated the market in 2019; it is expected to maintain its dominance throughout the forecast period at a higher CAGR of 13.3% during the forecast period. The cloud applications are powerful and scalable and possess flexible pricing to attract various enterprises to move to the cloud. The cloud possesses the capability to run large applications without the requirement of a supercomputer or a data center. On-premises deployment is considered a safe and reachable alternative for several enterprises. One of the major advantages of on-premises deployment over the cloud is that it is highly secured against cyber-attacks and security breaches. Based on application, the global user experience (UX) research software market has been segmented into large enterprises and SMEs (small and medium enterprises). The large enterprises segment dominated the global user experience (UX) research software market in 2019; it is estimated to maintain its dominance throughout the forecast period. On the other hand, the SMEs segment is expected to register the higher CAGR of 15.8% during the study period, 2020–2030. Large enterprises adopt the software to boost their marketing activities and gain more customers. This would help improve the sales of the business, thus lead to profitability. SMEs are increasingly using UX research and investing in the technology to identify and prove or disprove their assumptions, find commonalities across their target audience members, and recognize the audience's needs, goals, and mental models
By region, the user experience (UX) research software market has been segmented into North America, Europe, Asia-Pacific, and South America, and the Middle East & Africa. North America dominated the user experience (UX) research software market in 2019 with a value of USD 86.9 million and is expected to reach USD 255.4 million in 2030 at a CAGR of 10.5%. However, the market in Asia-Pacific is estimated to witness the highest CAGR of 17.3% during the forecast period, 2020–2030.
GLOBAL: USER EXPERIENCE (UX) RESEARCH SOFTWARE MARKET, BY REGION, 2019 (% SHARE)
Source: Industry Expert, Secondary Research, and MRFR Analysis
North America is likely to be the largest contributor to the user experience (UX) research software market. This includes the US, Canada, and Mexico. According to MRFR analysis, the US is expected to gain the highest market share, followed by Canada and Mexico. Some of the factors responsible for the growth of the market include an increase in online commerce business with the increasing need for User Experience Analytics and growth in mobile marketing across industry verticals. In Asia-Pacific, the increasing number of social media platforms and rising adoption of mobile marketing for the promotion of products and services and advancements in digital platforms are the main factors driving the growth of this market; the increasing purchasing power of the middle-class population is also expected to play a key role in driving the growth of the market. Europe is projected to register the second-largest market share during the forecast period owing to the increase in the usage of UX and social media platform solutions. Additionally, the increase in the number of Internet users is expected to boost the growth of the European user experience (UX) research software market during the forecast period.
The Key Players of the Global User Experience (UX) Research Software Market include UserTesting (US), Qualtrics (US), Hotjar (Malta), Lookback (California), UserZoom (London), Validately (New York), Userlytics (California), UsabilityHub (Victoria), TryMyUI (California), Woopra (San Francisco, CA), Usabilla (Amsterdam), TechSmith (US) and User Interviews (New York).
In August 2020, Hotjar’s new integration with Google Optimize made it easy to explore and compare differences in how your users experience website test variants. The Hotjar x Optimize workflow is ideal for empathizing with how well users can complete their objectives and drawing better conclusions about your tests
In August 2020, TechSmith Relay rebranded to TechSmith Knowmia, a solution that offers Zoom integration. Zoom cloud recordings are uploaded automatically to the appropriate user library in Knowmia without requiring any extra steps.
In April 2020, TechSmith released an updated version of Camtasia 2020, its screen recording and video editing software. This new version comprises features to make it easier for first-time creators to easily produce better training, tutorials, lessons, and knowledge sharing videos.
In December 2020, Qualtrics, one of the leading players in the customer experience and creator of the experience management category, partnered with Toyota Research Institute, Toyota’s in-house research company, to work with the former’s Qualtrics CoreXM solution.
In March 2020, Woopra joined HubSpot Apps for agency services program to provide agency partners with end-to-end customer journey analytics.
IMPACT OF COVID- 19
User Experience (UX) Research Software Market is substantially influenced due to the increasing pandemic situation of COVID-19 across the world. Fluctuating consumer preferences and behavior due to the changing global pandemic scenario will considerably influence the user experience (UX) research software market over the projected timeframe. For instance, in March 2020, the World Health Organization (WHO) announced the COVID-19 as a global pandemic, resulting in several countries under lockdown. There is a high probability that the outbreak will have a long-term effect on consumer lifestyle and behavior. It may also increase UX research software usage due to the increasing demand for UX research software across vertices. The outbreak is creating economic hardships for enterprises and consumers across the globe. COVID-19 has created a massive challenge for businesses globally: to continue functioning despite global shutdowns of offices and other facilities. The sudden and swift shift of workers from on-site to remote work environments is has become a major challenge for organizations in this COVID-19 pandemic. Organizations are focused on connecting their workers and employees virtually and ensure end-to-end security in the connection. Technological advancement is a continuous process. There is an increasing trend of using artificial intelligence, cloud technology, edge computing, and machine learning, along with IoT technology. IoT is dependent on the network connectivity of the devices. The advent of is 5G technology, combined with IoT technology, is also expected to create opportunities across various industry verticals. It can be used in maximizing efficiency and minimizing wastage of resources
Key Questions Addressed by the Report
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, By Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||UserTesting (US), Qualtrics (US), Hotjar (Malta), Lookback (California), UserZoom (London), Validately (New York), Userlytics (California), UsabilityHub (Victoria), TryMyUI (California), Woopra (San Francisco, CA), Usabilla (Amsterdam), TechSmith (US) and User Interviews (New York).|
|Key Market Opportunities||
|Key Market Drivers||The market growth is driven by the increasing demand for automated solutions across various industry verticals. Moreover, UX research software offers several benefits, including flexibility, cost savings, increasing professionalism.|
Frequently Asked Questions (FAQ) :
Global UX research software market is projected to grow at approximately 11.9 CAGR during the assessment period (2020-2026).
The valuation of the global UX research software market is estimated to increase to approximately USD 356.0 MN by the end of 2026.
Increasing digitization initiatives, growth of online commerce businesses, rising adoption of mobile marketing, and initiatives by governments and enterprises about the implementation of IoT technology and artificial intelligence are major tailwinds pushing the growth of the global UX research software market.
Qualtrics (US), UserTesting (US), Hotjar (Malta), UserZoom (London), Lookback (California), Validately (New York), UsabilityHub (Victoria), Userlytics (California), TryMyUI (California), Usabilla (Amsterdam), Woopra (San Francisco, CA), User Interviews (New York), and TechSmith (US), are some of the top players operating in the global UX research software market.
North America is expected to hold the highest market share in the global UX research software market.