Live Chat Software Market
Rise in need to improve CRM and number of advantages of live chat software over conventional customer support boost the growth of the market
PORTLAND, PORTLAND, OR, UNITED STATE, September 13, 2022 /EINPresswire.com/ — Allied Market Research published a new report, titled, “Live Chat Software Market to Garner USD 1.7 Billion by 2030 – Key influencing factors responsible for the growth .” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global live chat software industry generated $755.23 million in 2020, and is expected to reach $1.7 billion by 2030, witnessing a CAGR of 8.8% from 2021 to 2030.
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The report offers key drivers that propel the growth in the global live chat software market. These insights help market players in devising strategies to gain market presence. The research also outlined restraints of the market. Insights on opportunities are mentioned to assist market players in taking further steps by determining potential in untapped regions.
Rise in popularity of live chat for resolving questions related to online shopping, adoption of live chat by organizations to improve customer relationship management (CRM), and benefits of live chat software over conventional customer support drive the growth of the global live chat software market. However, lack of standardization restrains the market growth. On the other hand, the integration of social media platforms and live chat software is projected to offer lucrative opportunities in the coming years.
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Based on device type, the mobile segment held the highest share in 2020, accounting for around three-fifths of the global live chat software market, and is projected to continue its leadership status by 2030. Moreover, this segment is estimated to witness the highest CAGR of 9.3% from 2021 to 2030. This is due to rapid adoption of smartphones, internet penetration in emerging economies, and rapid development of mobile applications for various industry verticals such as BFSI, retail, and education. The report also analyzes the desktop segment.
Based on end user, the retail and ecommerce segment accounted for the highest market share in 2020, contributing to more than one-third of the global live chat software market, and is estimated to maintain its dominance throughout the forecast period. This is attributed to ability of retailers and ecommerce providers to connect with customers during the shopping process rather than after a purchase and elimination of the need to deal with customer service requests in the future. However, the travel and hospitality segment is expected to manifest the fastest CAGR of 11.6% from 2021 to 2030. This is due to implementation of live chat on websites and apps to gain competitive edge by connecting with potential customers.
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Based on region, North America contributed to the highest market share in terms of revenue in 2020, accounting for more than two-fifths of the global live chat software industry, and is projected to continue its lead position by 2030. This is attributed to adoption of artificial intelligence-enabled tools to help businesses with customer support, sales, and marketing. However, Asia-Pacific is estimated to witness the largest CAGR of 11.0% during the forecast period. This is due to rise in demand for live chat software from numerous industries to automate and scale their activity and surge in adoption of chats app in countries such as India and China.
Some of the key Live chat software industry players profiled in the report include LogMeIn, Inc., LivePerson, Inc., Zendesk, SnapEngage, Livechat, Inc., Olark, Kayako, Inc., Freshdesk, Inc., Woopra, Inc., and Provide Support LLC.
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Covid-19 Scenario
• The demand for live chat software increased considerably during the Covid-19 pandemic, due to lockdown measures and closure of customer care centers. Organizations implemented various ways for efficient customer relationship management and adoption of live chat was one of those measures.
• Many organizations integrated automation and artificial intelligence (AI) technologies in live chat feature on their websites and apps to resolve issues of customers rapidly.
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