Enterprise Feedback Management Industry Analysis in Korea
Demand Forecast for Enterprise Feedback Management in Korea, by Small and Large Enterprises Type, 2023 to 2033
Enterprises are Utilizing AI-driven Feedback Management Analysis to Elevate Customer Relationships. Uncover Previously Undiscovered Insights to Outperform Other EFM Service Providers in Korea
A Complete Study of Enterprise Feedback Management in Korea from (2023 to 2033)
It is projected that in 2023, the adoption of enterprise feedback management systems in Korea could reach a total valuation of US$ 114.7 million. Furthermore, the nation's enterprise feedback management demand is expected to soar at an 8.9% CAGR over the next 10 years. According to our research report, by 2033, the adoption of enterprise feedback management systems is anticipated to bring in around US$ 266.0 million in revenue in Korea.
Key Insights on the Enterprise Feedback Management Sector of Korea
In 2018, the net revenue generated by the adoption of enterprise feedback management in Korea was estimated to be only US$ 72.3 million.
According to a study conducted in Korea between 2018 and 2022, the enterprise feedback management industry experienced a compound annual growth rate of 9.8%.
This growth can be attributed to the increasing interest in and recognition of diverse distribution channels by multinational companies, as well as evolving business goals in Korea.
The emergence and availability of social networking feedback and real-time customer data on smartphones and other electronic devices have also contributed to this trend.
Attributes
Details
Industry size of Korea in 2023
US$ 114.7 million
Expected Industry Size of Korea by 2033
US$ 266.0 million
Forecasted CAGR between 2023 to 2033
8.9%
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Top 5 Key Trends Influencing Demand for Enterprise Feedback Management in Korea
Enterprise feedback management enables smooth interaction, increases transparency, and provides support for ongoing rules and compliance in a wide range of corporations and organizations. Given the rise in the establishment of industries and multinational businesses in South Korea, the demand for enterprise feedback management is poised to surge.
The introduction of enterprise feedback management software has created a way to extract valuable insights even from unorganized or redundant data. As a result, EDM solutions are predicted to see increased demand, as businesses in Korea now prioritize providing accurate and fast information for their clients.
Large firms' feedback processes and operations require the use of sophisticated analytical engines, process blueprints, and real-time data collection technologies. These businesses prioritize efficient data approaches to classify and foresee any risks, followed by the utilization of this feedback data to enable quicker decision-making.
The high cost of enterprise feedback management systems may limit their adoption in many small and medium-sized business sectors. Furthermore, the complexity of enterprise feedback systems has the potential to cause algorithms to malfunction, necessitating substantial maintenance costs in the meantime.
The enterprise feedback software operates entirely based on different client feedback that it receives, including some embedded feedback. This indicates that there could be some critical or irrelevant remarks that may be quite cryptic and perplexing.
Comparative View of Adjacent Enterprise Feedback Management in Key Regions
The comparison that follows in the table below demonstrates how the advent of enterprise feedback management has caused substantial transformation in businesses in Korea and Japan, as well as in the global industry. The adoption and development of enterprise feedback management solutions in Korea place a high importance on innovativeness and client satisfaction. However, it is projected that rising concerns around data privacy and security could hinder its popularity on a worldwide scale.
Demand for Enterprise Feedback Management in Korea:
Attributes
Demand for Enterprise Feedback Management in Korea
CAGR (2023 to 2033)
8.9%
Valuation (2023)
US$ 114.7 million
Key Trend
Rising integration of company information from many channels and sectors, including staff, customers, and users over social networking sites exposed to marketing channels.
Key Challenge
Implementing robust security protocols to protect sensitive feedback data from cyber threats is a crucial challenge.
Popularity of Enterprise Feedback Management in Japan:
Attributes
Popularity of Enterprise Feedback Management in Japan
CAGR (2023 to 2033)
13.2%
Valuation (2023)
US$ 195.1 million
Key Trend
A growing emphasis on mobile-friendly feedback collection to cater to the tech-savvy population.
Key Challenge
Development of effective solutions that can be afforded by many small and medium scale businesses remains a significant challenge in Korea.
Adoption Scenario of Enterprise Feedback Management in Global Context:
Attributes
Adoption Scenario of Enterprise Feedback Management in Global Context
CAGR (2023 to 2033)
11.3%
Valuation (2023)
US$ 2,074.8 million
Key Trend
Massive shift of businesses to online mode of operation is likely to support the global corporate feedback management market growth.
Key Challenge
Privacy issues are preventing the enterprise feedback management sector from growing since customers are reluctant to give confidential data to many vendors.
Find your sweet spots for generating winning opportunities in this market.
Category-wise insights
The enterprise management industry in Korea is expected to witness a significant presence of large enterprises, exerting dominance over the sector during the forecast period. As of 2023, these large-scale corporations already command a substantial share of the industry, accounting for an impressive 61.2%. The growing adoption of enterprise feedback solutions in large corporations for the ability to automate resource allocation and strategic decision-making is a primary factor. This indicates that the industry is currently being driven by the activities and initiatives of these key players, who possess the capacity to implement sophisticated feedback management systems on a substantial scale.
Enterprise Feedback Management in Korea based on Enterprise Size
Large Enterprises
Total Share (2023)
61.2%
Large businesses are common in this industry, which can be linked to their innate ability to invest in cutting-edge technology and solutions. As a result, they can fully utilize corporate feedback management to boost customer engagement, operational effectiveness, and overall performance. Their significant industry share indicates both their commitment to using cutting-edge procedures to keep a competitive advantage in Korea and their effect on the industry landscape.
BFSI Sector is the Leading End User for Enterprise Feedback Management systems in Korea
Based on end user verticals that utilize enterprise feedback management solutions, the BFSI segment was figured out to leading demand generator in Korea. Given the complex nature of work in banking, financial services, and insurance firms, this segment is poised to garner higher traction in the coming days. The BFSI sector places a high priority on customer satisfaction and experience. As a result, these institutions can obtain important information from their customers directly by using feedback management solutions. As a result, companies can be better able to tailor their services and products to satisfy customer requirements.
Enterprise Feedback Management in Korea based on End User Verticals
Banking, Financial Services, and Insurance (BFSI) Sector
Total Share (2023)
22.7%
The BFSI industry operates in a highly competitive environment where it is crucial to remain aware of customer demands and act quickly to address grievances. These organizations are given the means and capacities to accomplish exactly that by enterprise feedback management, assuring their agility and responsiveness in a constantly changing industry. Besides BFSI, the media and entertainment industry is a remarkably growing segment in Korea that is anticipated to boost the adoption in several media houses.
Competitive Landscape
The demand for enterprise feedback management is relatively new in Korea, resulting in fewer service providers and less competition in the Korean landscape. The expansion of enterprise-wide digital transformation programs and the increasing integration of CRM software have opened up new opportunities for the feedback management system industry in Korea.
Many businesses in Korea are now placing emphasis on the development of cutting-edge enterprise feedback management technology solutions, such as real-time text and speech analytics capabilities. Therefore, the unrealized potential of this emerging economy combined with the growing use of artificial intelligence to enhance consumer interaction could lead to profitable development prospects.
Recent Developments in Enterprise Feedback Management in Korea
In October 2019, Qualtrics introduced CoreXMTM, an industry-leading insight solution and a cornerstone of experience management (XM). Qualtrics is a pioneering company in enterprise feedback management services and is also a leader in customer experience data collection for many businesses in Korea. CoreXM combines many cutting-edge features provided by Qualtrics Research CoreTM, along with brand-new functionality designed to assist in experience management. The company claims it can help professionals understand their customers' and workers' experiences, act on them immediately, and listen to them.
In October 2023, Forbes once again recognized South Korea's Ipsos Strategy3 as one of the Best Management Consulting Firms in the World. The organization named Strategy3, Ipsos' marketing, innovation, and strategy consulting, is popular among 9,000 partners and executives of management consulting organizations from over 40 countries.
In November 2019, the leading digital workflow service provider, ServiceNow, expanded its operations to include Korea. It started providing its digital workflows across the cloud-based Now Platform to enable better experiences and unleash productivity for both employees and the company.
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Key Industry Players for Molded Enterprise Feedback Management in Korea
K-Feedback
Znbox
Netizen Corporation
Prime Research
VOZGROW
CustomerGauge
FeedZ
GetFeedback
InMoment
Medallia
QuestionPro
Qualtrics
Survicate
Scope of the Report
Attribute
Details
Estimated Industry Size in 2023
US$ 114.7 million
Projected Industry Size by 2033
US$ 266.0 million
Anticipated CAGR between 2023 to 2033
8.9% CAGR
Historical Analysis of Demand for Enterprise Feedback Management in Korea
2018 to 2022
Demand Forecast for Enterprise Feedback Management in Korea
2023 to 2033
Report Coverage
Industry Size, Industry Trends, Analysis of key factors influencing Enterprise Feedback Management in Korea, Insights on Global Players and their Industry Strategy in Korea, Ecosystem Analysis of Local and Korea Providers
Key Cities Profiled
South Gyeongsang
North Jeolla
South Jeolla
Jeju
Key Companies Profiled
K-Feedback
Znbox
Netizen Corporation
Prime Research
VOZGROW
CustomerGauge
FeedZ
GetFeedback
InMoment
Medallia
QuestionPro
Qualtrics
Survicate
Key Segments
By Enterprise Type:
Small Enterprises
Medium Enterprises
Large Enterprises
By Touch Point:
Company Website
Branch or Store
Web
Call Center
Social Media
By End Use Verticals:
Energy & Utilities
Banking, Financial Services, and Insurance (BFSI)
Healthcare Sector
Automotive Sector
Transportation Sector
Consumer goods & Retail
Media & Entertainment
Hospitality Sector
Manufacturing Sector
By Key Cities/Provinces:
South Gyengsang
North Jeolla
South Jeolla
Jeju
Frequently Asked Questions
At what Rate is the Enterprise Feedback Management Growing in Korea?
The anticipated CAGR for enterprise feedback management in Korea through 2033 is 8.9%.
How big will the Enterprise Feedback Management Business in Korea?
Demand for enterprise feedback management in Korea is likely to be US$ 266.0 million by 2033.
How Enterprise Feedback Management Companies are Driving Business?
Enterprise feedback management service providers in Korea are improving CX and refining products to boost sales.
Which is the Leading Enterprise Feedback Management Type Segment in Korea?
Large Enterprises currently create higher demand in Korea with 61.2% revenue share in 2023.
Which End Use Creates Primary Demand for Enterprise Feedback Management in Korea?
BFSI sector currently garners 22.7% of total demand for enterprise feedback management in Korea.
Table of Content
1. Executive Summary
1.1. Korea Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter’s Analysis
3.6. Regulatory Landscape
3.6.1. By Key Regions
3.7. Regional Parent Market Outlook
4. Korea Industry Analysis and Outlook 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) Projections, 2023 to 2033
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Korea Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Solution
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) Analysis By Solution, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Solution, 2023 to 2033
5.3.1. (EFM) Suite
5.3.1.1. Cloud-based/Web-based
5.3.1.2. On-Premises
5.3.2. Services
5.3.2.1. Implementation & Integration
5.3.2.2. Consulting Services
5.3.2.3. Support & Maintenance
5.4. Y-o-Y Growth Trend Analysis By Solution, 2018 to 2022
5.5. Absolute $ Opportunity Analysis By Solution, 2023 to 2033
6. Korea Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Enterprise Size
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) Analysis By Enterprise Size, 2018 to 2022
6.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Enterprise Size, 2023 to 2033
6.3.1. SMEs
6.3.2. Large Enterprises
6.4. Y-o-Y Growth Trend Analysis By Enterprise Size, 2018 to 2022
6.5. Absolute $ Opportunity Analysis By Enterprise Size, 2023 to 2033
7. Korea Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Industry
7.1. Introduction / Key Findings
7.2. Historical Market Size Value (US$ Million) Analysis By Industry, 2018 to 2022
7.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Industry, 2023 to 2033
7.3.1. BFSI
7.3.2. Retail & CPG
7.3.3. IT & Telecom
7.3.4. Healthcare
7.3.5. Media & Entertainment
7.3.6. Travel & Hospitality
7.3.7. Government
7.3.8. Others
7.4. Y-o-Y Growth Trend Analysis By Industry, 2018 to 2022
7.5. Absolute $ Opportunity Analysis By Industry, 2023 to 2033
8. Korea Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Region
8.1. Introduction
8.2. Historical Market Size Value (US$ Million) Analysis By Region, 2018 to 2022
8.3. Current Market Size Value (US$ Million) Analysis and Forecast By Region, 2023 to 2033
8.3.1. South Gyeongsang
8.3.2. North Jeolla
8.3.3. South Jeolla
8.3.4. Jeju
8.3.5. Rest of Korea
8.4. Market Attractiveness Analysis By Region
9. South Gyeongsang Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
9.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
9.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
9.2.1. By Solution
9.2.2. By Enterprise Size
9.2.3. By Industry
9.3. Market Attractiveness Analysis
9.3.1. By Solution
9.3.2. By Enterprise Size
9.3.3. By Industry
9.4. Key Takeaways
10. North Jeolla Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
10.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
10.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
10.2.1. By Solution
10.2.2. By Enterprise Size
10.2.3. By Industry
10.3. Market Attractiveness Analysis
10.3.1. By Solution
10.3.2. By Enterprise Size
10.3.3. By Industry
10.4. Key Takeaways
11. South Jeolla Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
11.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
11.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
11.2.1. By Solution
11.2.2. By Enterprise Size
11.2.3. By Industry
11.3. Market Attractiveness Analysis
11.3.1. By Solution
11.3.2. By Enterprise Size
11.3.3. By Industry
11.4. Key Takeaways
12. Jeju Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
12.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
12.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
12.2.1. By Solution
12.2.2. By Enterprise Size
12.2.3. By Industry
12.3. Market Attractiveness Analysis
12.3.1. By Solution
12.3.2. By Enterprise Size
12.3.3. By Industry
12.4. Key Takeaways
13. Rest of Korea Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
13.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
13.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
13.2.1. By Solution
13.2.2. By Enterprise Size
13.2.3. By Industry
13.3. Market Attractiveness Analysis
13.3.1. By Solution
13.3.2. By Enterprise Size
13.3.3. By Industry
13.4. Key Takeaways
14. Market Structure Analysis
14.1. Competition Dashboard
14.2. Competition Benchmarking
14.3. Market Share Analysis of Top Players
14.3.1. By Regional
14.3.2. By Solution
14.3.3. By Enterprise Size
14.3.4. By Industry
15. Competition Analysis
15.1. Competition Deep Dive
15.1.1. IBM Corporation
15.1.1.1. Overview
15.1.1.2. Product Portfolio
15.1.1.3. Profitability by Market Segments
15.1.1.4. Sales Footprint
15.1.1.5. Strategy Overview
15.1.1.5.1. Marketing Strategy
15.1.2. Verint Systems Inc.
15.1.2.1. Overview
15.1.2.2. Product Portfolio
15.1.2.3. Profitability by Market Segments
15.1.2.4. Sales Footprint
15.1.2.5. Strategy Overview
15.1.2.5.1. Marketing Strategy
15.1.3. MaritzCX
15.1.3.1. Overview
15.1.3.2. Product Portfolio
15.1.3.3. Profitability by Market Segments
15.1.3.4. Sales Footprint
15.1.3.5. Strategy Overview
15.1.3.5.1. Marketing Strategy
15.1.4. MirrorWave
15.1.4.1. Overview
15.1.4.2. Product Portfolio
15.1.4.3. Profitability by Market Segments
15.1.4.4. Sales Footprint
15.1.4.5. Strategy Overview
15.1.4.5.1. Marketing Strategy
15.1.5. Qualtrics, LLC
15.1.5.1. Overview
15.1.5.2. Product Portfolio
15.1.5.3. Profitability by Market Segments
15.1.5.4. Sales Footprint
15.1.5.5. Strategy Overview
15.1.5.5.1. Marketing Strategy
15.1.6. Ipsos SA
15.1.6.1. Overview
15.1.6.2. Product Portfolio
15.1.6.3. Profitability by Market Segments
15.1.6.4. Sales Footprint
15.1.6.5. Strategy Overview
15.1.6.5.1. Marketing Strategy
15.1.7. InMoment, Inc.
15.1.7.1. Overview
15.1.7.2. Product Portfolio
15.1.7.3. Profitability by Market Segments
15.1.7.4. Sales Footprint
15.1.7.5. Strategy Overview
15.1.7.5.1. Marketing Strategy
15.1.8. Cvent, Inc.
15.1.8.1. Overview
15.1.8.2. Product Portfolio
15.1.8.3. Profitability by Market Segments
15.1.8.4. Sales Footprint
15.1.8.5. Strategy Overview
15.1.8.5.1. Marketing Strategy
15.1.9. Confirmit, Inc.
15.1.9.1. Overview
15.1.9.2. Product Portfolio
15.1.9.3. Profitability by Market Segments
15.1.9.4. Sales Footprint
15.1.9.5. Strategy Overview
15.1.9.5.1. Marketing Strategy
15.1.10. Ambivista
15.1.10.1. Overview
15.1.10.2. Product Portfolio
15.1.10.3. Profitability by Market Segments
15.1.10.4. Sales Footprint
15.1.10.5. Strategy Overview
15.1.10.5.1. Marketing Strategy
16. Assumptions & Acronyms Used17. Research Methodology
