The recent acquisition involving Qualtrics and PG Forsta (which had previously acquired InMoment) signals a major consolidation at the top of the Voice of Customer (VoC) and Customer Feedback Management (CFM) market. This move has created a ripple effect, injecting both uncertainty and opportunity into the industry, especially in the ANZ region.
According to Melanie Disse, CX Consultant and Tech Advisor, Melanie Disse Consulting, this acquisition will bring shrinking options in terms of vendor choice and short-term uncertainty. “For clients currently on the PG Forsta or InMoment platforms, the immediate future is likely to be a bit of a bumpy road due to the Qualtrics acquisition. Many InMoment clients have recently gone through a migration to the PG Forsta platform, compounding the potential disruption”.
Despite the challenges and uncertainty as the top tier of the market consolidates, Disse also believes there are plenty of opportunities for other players such as Concentrix, Sprinklr and QuestionPro to carve out segments of the market for themselves. She says, “One thing is for certain: the market is highly dynamic, offering opportunities for innovation and new entrants while simultaneously introducing challenges for organisations navigating their CX strategies”.
Disse has recently produced a report Implications of the Qualtrics-PG Forsta Acquisition on the VoC Market. The report examines these market shifts, detailing their implications for both vendors and organisations, and outlining key considerations for navigating the evolving Voice of Customer (VoC) landscape, with a particular focus on the ANZ market.
Defining the modern VoC market
The term ‘Voice of Customer’ is often reduced to ‘feedback surveys’. While surveys remain an important input, the modern VoC and CFM market is far broader. Today’s insights platforms are characterised by their ability to ingest and analyse data from various sources:
- Traditional feedback: Surveys (transactional and relationship).
- Behavioural analytics: Understanding what customers do.
- Unstructured data: Social media signals, in-app feedback, and, increasingly, contact centre data.
Disse comments, “The contact centre, in particular, has emerged as a treasure trove of customer insights, with conversational intelligence tools able to analyse customer interactions. This expansion is critical as customer interactions become ever more digital and AI-enabled”.
Shrinking options and short-term uncertainty
The Qualtrics-PG Forsta deal is shrinking the list of large, pure-play VoC vendors. According to Disse the immediate implications for clients are:
- Technological integration challenges: All three entities involved (Qualtrics, PG Forsta, and InMoment) have grown significantly through acquisition, leaving a complex legacy tech stack. The short-term focus will be on integrating these platforms, potentially causing a bumpy road for existing clients.
- Uncertainty and migration risks: Clients using any of the three current systems now face uncertainty around their future platform, support structures, and even pricing. Organisations must prepare for the possibility of forced migrations, especially those who were recently transitioned to the PG Forsta platform from InMoment.
- Cultural clash: Integrating the distinct corporate cultures of Qualtrics and PG Forsta (and its components) will be a massive undertaking, which can impact product roadmap stability and customer support.
For incumbent clients Disse recommends a ‘wait and see’ approach. However, any organisation considering a platform move or upskilling should take immediate action:
- Define your reequirements: Sit down and write a comprehensive, unbiased list of your technical and business requirements first.
- Expand your RFP: Do not limit your vendor assessment to just the top one or two names. Actively include strong Tier 2 players and those offering new, localised solutions.
- Leverage conversational intelligence: Investigate how your current Contact Center-as-a-Service (CCaaS) provider can offer broader insights from conversational intelligence, and whether these modules can be applied across the entire business, not just for agent coaching.
“The outcome of this acquisition is uncertain in the short-term, but in the long-term, it promises to open the door for more competition and, hopefully, greater innovation in the customer insights space”, says Disse.
New options for the ANZ market
The enterprise Voice of Customer (VoC) market in Australia and New Zealand (ANZ) was primarily dominated by three major vendors: Qualtrics, Medallia, and InMoment. PG Forsta was also present, often working through research agencies to support VoC programs or market research.
Disse says, “Prior to the recent market shifts, InMoment was the smallest of the top three VoC providers in ANZ and lacked internal market research capabilities. Its merger with PG Forsta was a strategic move that significantly strengthened their combined offering, positioning them as a major competitor to Qualtrics across both the VoC and market research domains”.
“With the subsequent acquisition of the combined PG Forsta/InMoment entity, Qualtrics now commands the dominant share of VoC and market research technology across the entire Asia-Pacific region”.
“Medallia remains a major global VoC player, but its local reach in ANZ is limited by its specialised focus on large-scale, global enterprise deployments. Given that the ANZ market is largely comprised of Small and Medium-sized Businesses (SMBs) and few global program rollouts originate here, Medallia’s positioning has historically restricted its market penetration compared to Qualtrics.
While the top tier appears to be consolidating, this uncertainty is creating significant opportunities for other players, particularly in the Asia-Pacific region. Disse says, “Vendors such as Sprinklr and Concentrix, now available locally, may benefit from the disruption at the top of the market, alongside Verint or QuestionPro. Similarly, tier 2 vendors or best of breed technology solution providers could gain consideration for large SMB or enterprise RFPs, providing organizations with alternative options during the decision-making process”.
Other players to look out for:
| Vendor | Key positioning | Why they are a new option |
| Sprinklr | Unified Customer Experience Management (CXM) | Increasingly active in the region with strong local data hosting options. |
| Concentrix | Technology and Consulting Services (Catalyst) | Now offering a robust VoC platform with local data hosting, making them a serious enterprise contender. |
| Verint | Customer Engagement & Workforce Optimisation | Already present in the region, offering a VoC solution despite the focus on WFO/WEM. |
| QuestionPro | Flexible, Scalable Survey & Insights | Known for DIY and SMB, but actively stretching their offering into the enterprise space. |
The acquisition of PG Forsta by Qualtrics marks a seismic shift at the top of the VoC market, fundamentally reshaping the competitive landscape. As CX Consultant and Tech Advisor Melanie Disse highlights, the market is entering a phase of short-term uncertainty and potential disruption for clients, especially those recently migrated onto the PG Forsta platform. The complexity of integrating the technology and cultures of three acquired entities—amid regulatory scrutiny—means a bumpy road is likely.
However, this consolidation also creates a significant opportunity for innovation and diversification. The necessity for companies to look beyond the shrinking top tier opens the door for , Sprinklr, QuestionPro, and other emerging players to expand their footprint by offering modern, locally supported solutions.