DYK # 35: Did you know… the cards are being reshuffled in the Voice of Customer (VoC) market?
It’s DYK time again! And if you noticed that October didn’t bring a DYK edition, well, there was a good reason for that. We were busy writing our latest VoC Market Impact Assessment, and this month we’re giving you the snapshot version in:
DYK # 35: Did you know… the cards are being reshuffled in the Voice of Customer (VoC) market?
If you follow the VoC or CX technology space, you’ll have seen it: a wave of M&A activity that has left many organisations wondering what to make of it all and how to navigate those changes.
Confusion, uncertainty, excitement, it’s all happening.
Today, we’re giving you the snapshot summary, covering:
What happened
What it means for you (if you’re an organisation using VoC technology)
What happened:
In May 2025, we had some major market activities in the VoC market with PG Forsta acquiring InMoment to form a larger vendor covering CX, EX and market research.
The move was particularly interesting for us in the APAC region, where fewer larger VoC vendors are active, compared to the European or US markets.
Until recently, Qualtrics, Medallia and InMoment were the 3 dominant VoC vendors in ANZ, at least for large SMB to enterprise organisations.
InMoment has always been the smallest of the top 3, and with PG Forsta acquiring InMoment, the combined vendor grew in size and capability. For more on this particular acquisition, read on here.
2. In October 2025, Qualtrics made a move to acquire PG Forsta - yes you read that one correctly, the very vendor who had only a few months prior acquired InMoment.
That is a massive move, signalling a consolidation of major players in the VoC market. For a more detailed analysis, check out our VoC Market Impact Assessment that examines these activities in detail.
What it means for you, especially if you’re a large SMB or enterprise size organisation:
Choice
In APAC, the “big three” well-known VoC vendors (Qualtrics, Medallia, and InMoment) are now effectively down to two: Qualtrics & Medallia.
That may seem like bad news from a market competitive perspective, but it’s not all bad. In our report we examine “new entrants” to the APAC market, focusing on vendors who have a larger footprint overseas, and are showing more interest and activity in our region. Consider those as alternative options.
Watch out’s
If your organisation is currently using Qualtrics, PG Forsta, or former InMoment, expect change. Especially for former InMoment clients who’ve already been through one transition this year this may bring further disruption.
However, the Qualtrics - PG Forsta merger is yet to be approved by the regulators, and hasty moves may be unnecessary. Sit tight for now, if you can, and don’t rush major decisions until the merger has been approved.
Be smart in your next RFP
If you’re looking to review your tech stack, or are looking for a new VoC platform, you may want to consider alternative options, and extend your RFP beyond the top 2.
If you’re considering “new entrants”, evaluate carefully, especially around local presence and support as not all vendors have local teams and knowledge (yet).
Look beyond traditional VoC platforms; complementary tech like text analytics and conversational intelligence is maturing fast and is central in this new era of “VoC”.
If you’re interested in evaluating different vendors, check our latest report, or get in touch with us directly for tailored advice.
Final thought
Consolidation at the top may introduce short-term disruption, but it also drives innovation, and opens doors for alternative vendors. Be prepared and informed, and evaluate carefully to make the most of the changes.
If you have questions about any of these market movements, vendor implications, or what this means for your CX practice and tech stack, feel free to reach out. We’re always happy to help make sense of it all.
#CX #Customerexperience #VoC #technology #vendors