The latest report by IMARC Group, titled “Live Chat Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global live chat software market size reached US$ 900 Million in 2021. Live chat software is an online service that provides instant customer support and information. It enables organizations to interact with website visitors in real-time and allows individuals to communicate with customer service representatives directly through a live chat window within the browser. It provides several benefits, such as quick responses, minimal wait time, proactive and omnichannel support, personalized customer experience, and chat archiving features. It also offers reporting and analytics to help companies capture leads and optimize customer support while improving customer loyalty and overall sales. As a result, live chat software is widely used by enterprises across various industries, including e-commerce, retail, healthcare, automotive, real estate, information technology (IT), travel and tourism, education, and banking, financial services and insurance (BFSI).
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Live Chat Software Market Trends:
The escalating demand for enhanced customer services represents the primary factor driving the market growth. Besides this, significant growth in the e-commerce sector due to the emerging trend of online shopping and rising internet penetration is another major growth-inducing factor. Additionally, there has been a substantial shift from offline distribution channels to online retail platforms due to the implementation of lockdowns amid the sudden outbreak of coronavirus disease (COVID-19). In line with this, the growing usage of e-commerce platforms for the sale and purchase of consumer goods has augmented the demand for live chat software to provide 24x7 customer support, handle queries, and resolve other issues. Furthermore, several key players are launching advanced live chat software integrated with innovative features, such as co-browsing and screen sharing, mobile support, social media integration, and automated pop-up messages. Along with this, the increasing adoption of cloud-based live chat software by organizations to enhance customer relationship management (CRM) and improve user experience has catalyzed the market growth. Other factors, including the surging popularity of live chat, increasing usage of smartphones, rapid urbanization, rising number of small-medium enterprises (SMEs), and technological advancements, are also providing a positive thrust to the market growth. Looking forward, IMARC Group expects the market value to reach US$ 1,486 Million by 2027, expanding at a CAGR of 8.62% during the forecast period (2022-2027).
- Based on the type, the market has been segregated into informational, customer service, and sales live chat systems.
- On the basis of the deployment type, the market has been classified as cloud-based and on-premises.
- The market has been divided based on the application into BFSI, IT and consulting, retail and e-commerce, travel and hospitality, telecommunication, healthcare, education, and others.
- Region-wise, the market has been segmented into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been examined, with some of the key players being Comm100 Network Corporation, Freshdesk Inc. (Freshworks Inc.), Kayako Limited, LiveChat Inc., Liveperson Inc., Logmein Inc., Provide Support LLC, Pure Chat Inc., SnapEngage LLC, and Zendesk Inc.
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