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
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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.
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.
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