New York, US, Aug. 06, 2021 (GLOBE NEWSWIRE) — Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global UX Research Software Market information by Type, by Application and Region – forecast to 2026” 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%.
User experience (UX) research is the process of finding out customer needs, motivation, and behavior using different techniques like observation, task analysis, and other user feedback types. Its main motive is in performing user experience research. Cloud and on-premise are its different types that have wide applications in SMEs and large enterprises.
Dominant Key Players on UX Research Software Market Covered Are:
- TechSmith (US)
- Usabilla (Amsterdam)
- Woopra (San Francisco)
- TryMyUI (California)
- UsabilityHub (Victoria)
- Userlytics (California)
- Validately (New York)
- UserZoom (London)
- Lookback (California)
- Hotjar (Malta)
- Qualtrics (US)
- UserTesting (US)
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Market USP Exclusively Encompassed:
UX Research Software Market Drivers
As per the MRFR report, there are numerous factors that are propelling the user experience (UX) research software market growth. Some of these entail the increasing digitalization initiatives, growth of the online commerce business, growing adoption of mobile marketing among vertices, initiatives by the enterprise and governments with a focus on digitalization, implementation of new technologies like incorporating artificial intelligence and IoT technology in the UX research software, and businesses operating across the world adopting online platforms to reach a huge customer base. The additional factors fuelling market growth include the growing need to cater to customer expectations, compliance with policies that are defined by legal authorities, rise in the use of internet users, change in consumer-buyer behavior, increasing use of internet-connected devices, digital transformation, and growing focus on organizations all across the world towards understanding the needs of the customers and creating products as per their needs.
On the contrary, network security issues may limit the global UX research software market growth over the forecast period.
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North America to Remain Driving Force in User Experience (UX) Research Software Market
Geographically, the global user experience (UX) research software market is bifurcated into Europe, North America, South America, the Asia Pacific (APAC), & the Middle East and Africa (MEA). Of these, North America will remain the driving force in user experience (UX) research software market over the forecast period. An increase in online commerce business, increasing need for user experience analytics and growth in mobile marketing across industry verticals are adding to the global user experience (UX) research software market growth in the region. The US, followed by Canada and Mexico, hold the utmost market share.
APAC to Have Favorable Growth in UX Research Software Market
In the APAC region, the global user experience (UX) research software market is predicted to have favorable growth over the forecast period. An increasing number of social media platforms, rising adoption of mobile marketing, promotion of services and products, advances in digital platforms, and the increasing purchasing power of the middle-class population are adding to the global user experience (UX) research software market growth in the region.
Europe to Have Second-Largest Growth in UX Research Software Market
In Europe, the global user experience (UX) research software market is predicted to have the second-largest share over the forecast period. The increase in the use of UX and social media platform solutions, and the increase in the number of internet users are adding to the global user experience (UX) research software market growth in the region.
In South America & the Middle East, & Africa, the global user experience (UX) research software market is likely to have steady growth in the forecast period.
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Segmentation of Market Covered in the Research:
The MRFR report highlights on an inclusive analysis of the UX research software market based on type and application.
By type, the global user experience (UX) research software market is segmented into on-premises and cloud. Of these, the cloud segment will lead the market over the forecast period and at a 13.3% CAGR.
By application, the global user experience (UX) research software market is segmented into small and medium enterprises and large enterprises. Of these, the large enterprises segment will dominate the market over the forecast period.
COVID-19 Impact on the Global User Experience Research Software Market
The user experience (UX) research software market is influenced substantially due to the increasing COVID-19 pandemic situation across the globe. Fluctuating consumer preferences and behavior owing to the pandemic’s changing scenario will influence the market growth considerably over the forecast period. In March 2020, for instance, the WHO (World Health Organization) announced the novel coronavirus as a global pandemic, leading to lockdown in several countries. There are high chances that the outbreak will have a long-term impact on consumer behavior and lifestyle. This may also increase the usage of the UX research software owing to the growing need for UX research software across vertices. The outbreak is creating economic hardships for consumers and enterprises across the world. The novel coronavirus has created massive challenges for businesses worldwide to continue functioning irrespective of global shutdowns of facilities and offices. The swift and sudden shift of workers from on-site to remote work environments has turned into a key challenge for organizations in this pandemic. Companies are focused on connecting their employees and workers virtually and ensure end to end security in the connection. Advances in technology are a constant process. There is a rising trend to use artificial intelligence, machine learning, edge computing, cloud technology, along with IoT technology. The internet of things is dependent on the network connectivity of the devices. The advent of 5G combined with IoT is likely to create opportunities across different industry verticals. This can be used to maximize efficiency and minimize wastage of resources.
The UX research software market is fragmented and competitive with the presence of multiple domestic and international industry players. These players have used assorted strategies to stay at the forefront and also cater to the surging needs of the esteemed customers, such as collaborations, partnerships, contracts, geographic expansions, new product launches, joint ventures, and more. Additionally, these players are also making heavy investments in research and development activities for strengthening their portfolios and also creating a hold in the market.
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