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Live Chat Software Market by Product Type and End User - Analysis of Dominating Market Players Profiled in this Report Like LogMeIn, LivePerson, Zendesk, SnapEngage, LiveChat - customer service software, Olark, Kayako, Freshdesk, Woopra, Provide Support L

09-19-2018 02:40 PM CET | IT, New Media & Software

Press release from: Allied Market Research

Live Chat Software Market - Allied Market Research

Live Chat Software Market - Allied Market Research

Many companies integrate their customer relationship management tool with live chat software to improve user experience for existing customers and potential leads. It helps them to keep history of an individual‐™s chats with the company, their account information and recent purchases, which can expedite troubleshooting and problem solving, which is essentially important when a customer is dissatisfied with the services. Use of live chat software improves customer relationship management by addressing issues quickly and deftly. This in turn boosts satisfaction and improves retention rates by saving money of the organization and protecting its customer base.

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The global live chat software market was valued at $590 million in 2016, and is projected to reach at $997 million by 2023, growing at a CAGR of 7.5% from 2017 to 2023. In 2016, the others segment accounted for the highest revenue share in the live chat software market.

Continuous increase in popularity of live chat, growth in need to improve customer relationship management (CRM), and advantages of live chat software over conventional customer support drive the growth of the market. However, factors such as continuous increase in demand for web mobile self-services and lack of standardization hamper the live chat software market growth to a certain extent.

North America dominated the global market in 2016, and is expected to remain dominant during the forecast period, owing to the increase in demand for live chat software from number of industries to provide real time communication. Furthermore, Asia-Pacific is expected to grow at the highest CAGR during the forecast period.

The global live chat software market was led by the customer service live chat system segment in 2016, and the segment is projected to maintain its dominance during the forecast period. In addition, it is expected to witness the highest growth, owing to the growth in adoption of live chat software by many website providers of the different market.

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In 2016, the global market was dominated by the others segment, and is expected to continue this trend during the forecast period. However, the retail segment is expected to witness the highest growth, owing to increase in adoption of live chat software to improve customer relationship management in the industry.

Analyst Review:

Live chat is a real-time communication between two users via computer and is appropriate for low to moderately complex product support used by many organizations. Further, the unprecedented growth in the customer centricity to get insights about customer preferences predominantly drives the growth of live chat software market. Real time communication has become one of the essential components for many industries to understand the needs of the consumers. Moreover, increase in mobility and growth in popularity of live chat software among end users create immense opportunities for the live chat software market.

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Increase in focus on customer relationships, which is a crucial factor for effective revenue generation in any enterprise and rise in emphasis on real time communication provides the marketers with immense scope to target their customers and enhance the user experience. The growth of live chat software market is pertained to the number of advantages of live chat software over conventional customer support. Moreover, its integration with social media as well as increase in use of artificial intelligence and machine learning techniques has also played a prominent role owing to its benefits.

About Us:

Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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