Live Chat Software Market is forecast to reach $1.15 billion by 2025, after growing at a CAGR of 7.31% during 2019-2025. Increasing initiatives to improve customer relationship management (CRM) is predicted to significantly boost the Live Chat Software market growth during the forecast period 2019-2025. Moreover, increased adoption of live chat software by the retail sector is further anticipated to favor the growth of Live Chat Software market. Organizations are deploying webchat software to aid them in staffing the chant channels correctly, providing service improvements by analyzing the requirements of chat agents and customers and many other applications.
Type of Product – Segment Analysis
The Live Chat Software market split by type of product was dominated by customer service live chat system and this segment held the largest share in the Live Chat Software Market in 2018. Growth of this technology is accredited to rising demand to improve website experience and better understanding of customer needs. In addition, the ongoing growth in the need to enhance customer relationship management (CRM) and the advantages of live chat apps over traditional customer support provides advertisers with tremendous potential for targeting their consumers and improving user experience. This is projected to elevate the live chat software market growth during the forecast period 2020 – 2025.
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End User – Segment Analysis
The live chat software market is segmented by end user into IT & telecommunication, retail, BFSI, travel hospitality, manufacturing and healthcare. Among, these retail segment is witnessed a significant growth rate of around 11.4% due to their wide scale deployment by companies to improve customer interaction and for better handling of queries. In addition, live chat software has also played a prominent role due to its benefits including enhanced user usability, increased average order value, lead generation, increased sales and a better understanding of customer needs, allowing companies to perform up to ten times better on key performance metrics through recognizing customer requirements in retail vertical. Moreover, live chat software is gaining popularity in the retail sector as certain group of consumers prefer live chat for online shopping rather than the conventional customer support, thereby providing a boost to the market within the aforementioned period of study.
Geography – Segment Analysis
Asia – Pacific region has dominated the Live Chat Software Market in 2019 with a share of more than 67% followed by North America. In the wake of technological advancements, consumers in APAC are embracing self – service and chatbots and thereby are adopting live chat over the traditional methods for asking queries during online shopping. According to the Asian Development Bank by 2030 Asia will make up 43% of global consumer spending (US$32.9 trillion). With customer experience a central factor in which brands Asian consumers choose, organizations need to ensure that they are meeting expectations now if they want to thrive and grow moving forward, subsequently boosting the live chat market growth in this region.
Drivers – Live Chat Software Market
Increase in Need to Improve Customer Relationship Management in Each Vertical
Many companies integrate their customer relationship management tool with live chat software to improve the user experience and potential leads for existing customers. By saving organizations money and protecting their customer base, this tool helps them boost satisfaction and improve retention rates.
Number of Advantages of Live Chat Software Over Conventional Customer Support
Number of advantages provided by live chat software such as improved website experience, increased average order value, and better understanding of customer needs over other customer support options propel the growth of the market. Companies majorly use live chat software, which integrates seamlessly with their existing e-commerce, help desk, and CRM systems. Also, the ability of these software to provide useful features such as preference settings for chat windows and reminders, share discussions, archive, and reporting tools has increased its popularity among many industry verticals.
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Challenges – Live Chat Software Market
Lack of Standardization
One of the major challenges faced by Live Chat Software Market is the lack of standardization. Furthermore, rise in demand for web or mobile self-services is hampering the market growth to a certain extent. Also, the live chat software needs to be assimilated with various systems to avoid glitching.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Live Chat Software market. In 2019, the market of Live Chat Software has been consolidated by the top five players accounting for 60% of the share. Major players in the Live Chat Software Market are LogMeIn, Inc., LivePerson, Inc., Zendesk, SnapEngage, Livechat, Inc., Olark, Kayako, Inc., Freshdesk, Inc., Woopra, Inc., and Provide Support LLC among others.
Collaborations and Investments/Product Launches
In November 2019, Sprinkler launched the Sprinklr Live Chat, a customer service capability that helps businesses provide immediate support to visitors on their website and mobile applications.
In February 2020, SnapEngage released live chat software for customer service teams. SnapEngage’s new chat software is designed to increase customer satisfaction and retain more customers with custom workflows that ensure opportunities don’t fall through the cracks.
In February 2020, Gubagoo announced a strategic collaboration with letgo. This integration allows automotive dealerships to use Gubagoo to automatically post vehicle inventory to letgo’s marketplace. Gubagoo’s professional chat specialists will respond 24/7/365 to shoppers’ inquiries through live chat and deliver high quality leads into the dealer’s CRM system.
APAC dominates the Live Chat Software Market attributed to the technological advancements and increased spending in consumer sector in this region.
Retail segment held the largest market share in 2019 among all the applications due to the large scale adoption by companies in this sector to handle customer queries.
Number of benefits offered by live chat software such as enhanced website experience, increased average order value, and a better understanding of customer needs are projected to propel market growth.
Furthermore, rise in demand for web or mobile self-services is hampering the market growth to a certain extent.
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