Technology Review Platform Market Size (2023 – 2030)

Technology Review Platform Market was valued at USD 211 Million and is projected to reach a market size of USD 399.31 Million by the end of 2030. Over the forecast period of 2023-2030, the market is projected to grow at a CAGR of 8.3%. 

In the past, technology review platform was not much in use, since companies mostly used online feedback forms for their products that were sent to customers on via email. This however resulted in faulty reviews or most of the time no feedback from the customers. In addition, companies published these reviews in technology magazines, which were accessible only to few people, leading to declined market base. However, with rapid technological advancements in recent times, many review platforms have emerged, which showcases rankings and customer reviews for a product. In addition, these platforms offer exclusive access to tech-experts review about a particular tech product to customers with premium membership of the review platform. Moreover, specialized technology review platforms such as gaming software reviews, smartphones and other gadgets reviews, have emerged in the market that cater to specific needs of consumers in the market. Furthermore, the technology review platform market is anticipated to witness positive growth with further advancements in analytics and AI technology that help companies evaluate customer sentiments for a particular product and optimize their marketing strategies.

Key Market Insights:

According to Podium, an online lead conversion platform, 93% of users made their purchasing decisions based on an online review.

As per Invesp, a conversion rate optimization agency, in the year 2022, 82% of consumers have read a fake review.

Furthermore, according to FTC (Federal Trade Commission), it cited deceptive endorsements of more than 700 businesses in the year 2021.

As per G2 and Heinz Marketing, 92% of B2B buyers are more likely to purchase a product or service after reading an online trusted review.

Technology Review Platform Market Drivers:

Rapidly expanding e-commerce industry has boosted the demand for technology review platform in the market.

The e-commerce industry has grown rapidly in recent times, especially post-pandemic, as people have shifted their shopping preferences towards online shopping. Moreover, online shopping offers increased convenience and flexibility to customers, as they can access to millions of products online, compare with other brands, read product reviews, and get the product delivered at their doorstep. In addition, technology review platform used by the e-commerce industry to gauge consumer demand, their preference for a particular technological product, customer reviews, and ranking for their product and services. Moreover, e-commerce businesses use advanced technology review platform that are equipped with integration tools such as CRM tools, marketing integration tools, and others that enable them market their products to customers and increase the market base. Further, many e-commerce platforms collaborate with tech-influencers to review their product by demonstrating it through a video testimonial by showing the pros and cons of the product that can help consumers make better purchasing decisions.

Technological advancements have boosted the demand for technology review platform in the market.

Technological advancements have transformed nearly every industry by introducing new tools and software for efficient functioning of businesses. These advancements include the use of AI and machine learning in monitoring marketing strategies such as marketing campaigns for optimizing product and service growth in the market. Moreover, the proliferation of integration technologies has further led to the development of advanced IoT devices systems in various industries such as healthcare and finance for storing and analyzing customer and patient’s data respectively. In addition, the growing demand for online shopping has developed the digital marketing industry, inducing companies to deploy technology review platform on their systems. Moreover, e-commerce and retail platforms make use of technology review platform equipped with marketing automation tools for targeting potential customers for their products by sending automated emails for increasing their online customer base and brand’s reputation in the market. Further, technology review platforms are equipped with advanced analytics tools that help companies understand customer pain points about a particular technology product, analyze their product usage and purchase history over a period of time for improving product offerings in the market. Moreover, advanced technology review platform equipped with monitoring and data analysis capabilities help companies understand their product rankings and track customer engagement on their website. Furthermore, further advancements in the big data and AI-enabled data analytics are anticipated to the increase the market opportunities for technology review platform in the market.

Technology Review Platform Market Restraints and Challenges:

Challenges in maintain data security might slow down the growth of technology review platform market.

Data privacy issues can deter the market growth of technology review platform. Technology review platform are software services stored either on cloud or online website for companies and other organizations. As the software contains confidential information about company’s and customer’s data, it is exposed to cyber-attack such as data breach and misuse of data, phishing and scam emails, and others reducing its demand in the market.

Security issues associated with technology review platform market could largely affect the market growth.

Security compliance issues can decline the demand for technology review platform in the market, as many businesses do not adhere to security compliance guidelines for increasing profit by acquiring personal information of consumers. This can lead to reduction in customer’s trust on the brand and thus declined demand for technology review platform in the market. Moreover, auto-generated and paid customer reviews can reduce customer’s trust over the brand’s product and reduce its demand in the market.

Technology Review Platform Market Opportunities:

The Technology Review Platform Market is witnessing an upward trend in the market due to increased incorporation of AI and machine learning in analyzing customer reviews for technology products and services in the market. Moreover, there is an increasing demand for technology marketing integration tools by finance and e-commerce sector for increasing their product rankings and increasing customer base in the market.

TECHNOLOGY REVIEW PLATFORM MARKET REPORT COVERAGE:

Technology Review Platform Market Segmentation: By Deployment

• Cloud-Based

• Web-Based

In 2022, based on market segmentation by deployment, cloud-based occupied the highest share of about 39% in the market. Cloud-based technology review platform is hosted on third-part servers on online platforms, such as mobile application or a website that allow users to access the software from anywhere and any device. Moreover, it offers increased scalability in terms of data handling. Additionally, it is cost-effective in nature, as it eliminates the cost of maintenance and updates required by the company.

Web-based segment is the fastest-growing segment during the forecast period. Web-based technology review platform enable users to access the software from online website via their local servers. It offers increased flexibility and provides control over the entire data to the company, thus minimizing the risk of data breach or privacy leak. Furthermore, it is mostly used by large organizations that require secure and safe technology review software to manage their and protect their confidential data efficiently.

Technology Review Platform Market Segmentation: By End-User

• Small and Medium-Sized Enterprises (SMEs)

• Large Enterprises

In 2022, based on market segmentation by end-user, large enterprises occupied the highest share of about 38% in the market. Large enterprises require technology review platform for data security and compliance purposes that further help them in evaluating their software suitability to various business operations. Moreover, these are widely used in finance, healthcare, retail, and logistics industries that require advanced technological solutions for reviewing their online platform that further enable them to enhance their product offerings and services. In addition, technology review platform offers targeted marketing strategies that enable large enterprises market their specific technological products to specific set of customers.

SMEs is the fastest-growing segment during the forecast period. Small and medium enterprises such as start-ups require technology review platform solutions for expanding their market base and increase the growth opportunities for their products and services on online platform. Moreover, customer reviews and rankings on this platform can help SMEs in optimizing their product and pricing strategies in the market.

Technology Review Platform Market Segmentation: Regional Analysis

• North America

• Europe

• Asia-Pacific

• South America

• Middle-East & Africa

In 2022, based on market segmentation by region, North America occupied the highest share of about 33% in the market. Prevalence of advanced technological products and services, and increasing trends in digital marketing has contributed to the demand for technology review platform in the region.

Asia-Pacific witnesses a faster growth during the forecast period. Continuous technological advancements, rapidly growing e-commerce industry, and increased penetration of advanced gadgets among consumers have has contributed to the demand for technology review platform in the region.

COVID-19 Impact Analysis on the Technology Review Platform Market

The pandemic had a positive impact on the technology review platform. Increased digitization during the pandemic boosted the e-commerce industry, as consumers preferred online channels for shopping essentials and necessary items. Moreover, technology review platform played a crucial role in inducing customer purchasing decisions online, as it provided access to product reviews, product and price comparison with other brands, and expert advice on the use of tech product. Moreover, trends in remote working and studying during the pandemic was a key contributor for the increase in demand for budget gadgets, such as laptops and mobile phones, which required increased use of technology review platform by consumers in the market. Furthermore, technology review platform witnessed an increase in demand from the healthcare sector for launching and providing health-tech products and services to customers, such as wearables for monitoring patient health, telemedicine software, and others.

Latest Trends/Developments:

In April 2023, Tech Wizard, a technology review platform in India, launched a brand-new website to engage with 1 million users next year. The website is complemented by the company’s youtube channel, wherein 5 tech content creators provide tech-related information online. Moreover, the aim of the company is to simply the tech reviews and reach to wide consumer base online, which are usually delivered in expert-level and jargon-ridden manner.

Key Players:

1. Getapp

2. Analyzo

3. Bestreview app

4. G2 Marketing Solutions

5. PeerSpot

6. TrustRadius

7. Crozdesk

8. Discovercloud

9. Info-tech Software Reviews

10. Capteraa

11. SourceForge