The global live chat software market was valued at $590 million in 2016 and is projected to reach $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.
The popularity of live chat continues to grow and the need to improve customer relationship management (CRM) increases, and the benefits of real-time chat software over existing customer support drive market growth. However, the growing demand for Web mobile self-service and the lack of standardization have hampered the growth of the live chat software market to some extent.
North America dominates the global market in 2016 and is expected to continue to dominate over the forecast period as the demand for real-time chat software increases from the number of industries offering real-time communications. Asia Pacific is also expected to grow to the highest CAGR during the forecast period.
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The global live chat software market was dominated by customer service live chat systems in 2016 and is expected to maintain market dominance during the forecast period. In addition, many website providers of other markets are expected to witness the highest growth due to the growth in the adoption of live chat software.
The global market in 2016 was dominated by other sectors and this trend is expected to continue during the forecast period. However, the retail sector is expected to grow at the highest rate as the adoption of live chat software increases to improve customer relationship management in the industry.
Analysis of Leading Market Players Profiled
•LogMeIn Inc.
•LivePerson Inc.
•Zendesk Inc.
•SnapEngage LLC
•Livechat Inc.
•Olark
•Kayako Inc.
•Freshdesk Inc.
•Woopra Inc.
•Provide Support LLC.
Analyst Review:
Many businesses integrate customer relationship management tools with real-time chat software to enhance the user experience for existing customers and prospects. Help customers keep chat history, account information, and recent purchases with your company so you can quickly resolve issues and troubleshoot problems. This is important when the customer is not satisfied with the service. With Live Chat software, you can improve customer relationship management by handling issues quickly and with great care. This reduces your organization’s costs and protects your customer base, increasing your satisfaction and retention.