Customer feedback devices refer to physical devices designed to obtain real time customer feedback. Customer service involves all the processes to ensure efficient customer satisfaction. Customer feedback is taken while carrying out a transaction, during sale, or while returning an item. Companies acquire customer feedback in different forms including in-person interaction, phone calls, and self-service systems. An efficient customer service strategy helps in maintaining and strengthening client relationships, thereby directly impacting the company’s revenue. It is one of the major factors helpful in establishing a company’s reputation and brand. For this reason, companies work hard to enhance their customer satisfaction levels. Many of the popular enterprises know the importance of outstanding customer service as it is one of the key differentiators between retaining and losing a customer.
The rising penetration of broadband and 4G/LTE network across regions especially in Europe, North America, and Asia Pacific is anticipated to drive the customer feedback devices market across the world. In addition, increasing investments in network infrastructure by telecom service providers and governments is projected to boost the demand for customer feedback devices during the forecast period. The increasing adoption of internet of things (IoT) across industries and enterprises are expected to supplement the growth of the customer feedback devices market. Apart from this, customer survey solutions are projected to experience flourishing opportunities across the world. This is the result of reduced deployment time and elimination of hardware cost associated with traditional customer feedback devices. Moreover, growing emphasis of small and medium enterprises (SME’s) and large enterprises on reduction of network equipment costs and adopting online or cloud-based operations in business is likely to contribute to the growth of the customer feedback devices market over the medium term period. However, complexity associated with deployment of customer feedback devices as well as additional peripheral devices required for deployment are expected to restrain the customer feedback devices market. Similarly, high maintenance cost of customer feedback devices is one of the major barriers for growth of the customer feedback devices market. However, ongoing investment in cloud/virtual solutions across the world is projected to offer lucrative opportunities for the customer feedback devices market during the forecast period.
The global customer feedback devices market can be segmented based on component, end-use, and geography. Based on component, the market can be segmented into hardware, software, and services. The hardware segment can further be classified into countertop, wall-mounted, and floor-standing. The services segment can be sub-divided into managed services, professional services, and support and maintenance services. Based on end-user, the market can be segregated into airports, railways, bus terminals, ports, shops, malls, government offices, and others. Based on geography, the global customer feedback devices market is divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
North America held the leading share of the global customer feedback devices market in 2017, followed by Europe. This trend is expected to continue during the forecast period. Several factors such as increasing demand for new and advanced feedback systems, technological breakthroughs in the field of smart sensors and devices, supporting government regulations, and rising adoption of IoT and related services are driving the market in North America and Europe.
The market in Asia Pacific is expected to expand at the maximum growth rate between 2018 and 2026. This growth can be attributed to increasing disposable income of people in the region coupled with rising concerns about consumer satisfaction. Moreover, consumers in Asia Pacific are becoming more aware about these customer-centric products and are willing to invest in them, considering their long-term benefits. Developing economies in Asia such as India and China are inviting global players to enter the market in these countries. This is in turn promoting the growth of the customer feedback devices market in the region.
In the current scenario, a few well-established players have deeply penetrated the customer feedback devices market by introducing new and competitive products. Companies are strengthening their position in the market through mergers and acquisitions and continuous investments in research and development (R&D) activities to find solutions that would cater to changing requirements of customers. Furthermore, vendors are planning to invest in Artificial Intelligence (AI), Big Data analytics, and advanced machine learning with an objective to offer cost-competitive and technologically advanced products.
Some of the key players operating in the global customer feedback devices market are HappyOrNot Ltd., Wavetec, EMSE A.S., FeedbackNow, Qwesteo, QMETRIX GMBH, ViewPoint, Roidu, Qmatic, Twistar, and WebInfra.
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