Company acquisitions in the online survey software market will continue apace, according to a new report produced by industry analysis publisher IBISWorld.
The report, part of the firm’s Business Productivity Software portfolio - says the sector is ‘relatively new’ and nowhere near approaching its market saturation point, with many companies still moving from traditional market research to Internet-based technology, driving demand despite economic conditions.
During 2011, an increase in marketing budgets and the affordability of online survey software boosted industry revenue by an estimated 14.7% to $2.0 billion, says IBISWorld, completing five years with an annual average growth of 9.3%.
Analyst Agata Kaczanowska says the number of online survey tech companies has increased in the last five years, with low entry barriers and skill requirements enabling companies to enter the sector. Larger companies have tried to counter these trends by acquiring small niche shops - for example SurveyMonkey’s recent acquisition
of MarketTools, its purchase
of online forms specialist WuFoo and of a 49.9% stake
in ClickTools earlier in the year.
In the five years to 2016, Kaczanowska predicts that more changes in media consumption habits will occur, with operators shifting toward customizing surveys for social and mobile media. During this period, she predicts revenue will increase at least as fast as in the last five years, with an average annual growth rate of 9.6% to hit $3.1 billion in 2016.
Web site: www.ibisworld.com