Live Chat Software Market Overview:
Live chat software is used by website providers to interact directly with visitors on their applications and websites through the combination of survey forms, instant messaging, or chat. The rise in focus on real-time communication in many industries is attributable to the increase in budget of the live chat software in organizations. Moreover, live chat software has also played a prominent role owing to its benefits including improved website experience, increased average order value, lead generation, increased sales, and better understanding of customer needs, which allow enterprises to perform up to ten times better on key performance indicators by understanding customers needs.
Increase in popularity of live chat, as certain group of consumers prefers live chat for online-shopping questions necessitates the emergence of live chat software to satisfy growth in needs of customers. Further, continuous rise in need to improve customer relationship management (CRM) and advantages of live chat software over conventional customer support provides the marketers with immense scope to target their customers and enhance the user experience.
Asia-Pacific is expected to grow at a significant pace during the forecast period. Customer service live chat system segment led the live chat software market in 2016 and is expected to continue to do so in the near future. Furthermore, others segment dominated overall market and deploy the live chat software on a larger scale.
Increase in adoption of live chat software by number of websites to improve the customer services and to generate new leads drive the market. However, factors such lack of standardization and rise in demand for web or mobile self-services hamper the market growth to a certain extent.
The report focuses on the growth prospects and restraints of the market based on the analysis of regional trends. The study provides Porters Five Forces analysis of the industry to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the growth of the live chat software market.
The global live chat software market is segmented based on product type, end user, and geography. Based on product type, it is divided into informational live chat systems, sales live chat systems, and customer service live chat systems. Based on end user, it is classified into telecommunication and IT, retail, BFSI, travel & hospitality, manufacturing, healthcare, and others (entertainment, media, education, government, and real estate). By geography, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players operating in the global live chat software market include LogMeIn, Inc., LivePerson, Inc., Zendesk, SnapEngage, Livechat, Inc., Olark, Kayako, Inc., Freshdesk, Inc., Woopra, Inc., and Provide Support LLC.
Global Live Chat Software Market Segmentation
Top Impacting Factors
According to AMR analysis, the market is expected to be driven by increase in need to improve customer relationship management in each industry mainly to increase the productivity of business, continuous growth in popularity of live chat software among end use industries, and number of advantages of live chat software over conventional customer support. However, lack of standardization and increase in demand for web or mobile self-services are expected to hamper the market growth during the forecast period.
Increase in Need to Improve Customer Relationship Management in Each Industry
Many companies integrate their customer relationship management tool with live chat software to improve user experience for existing customers and potential leads. This tool helps them to boost satisfaction and improve retention rates by saving organizations money and protecting its customer base.
Continuous Growth in Popularity of Live Chat Software Among End Use Industries
End users 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.
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.
Key Benefits :
- This study includes the analytical depiction of the global live chat software market along with current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities.
- The current market is quantitatively analyzed from 2016 to 2023 to highlight the financial competency of the live chat software industry.
- Porters Five Forces analysis illustrates the potency of the buyers & suppliers in the global live chat software industry.
Live Chat Software Market Key Segments:
By Product Type
- Informational Live Chat Systems
- Sales Live Chat Systems
- Customer Service Live Chat Systems
By End User
- Telecommunication and IT
- Travel and hospitality
- Others (Transportation, Media, Education, Government, and Real Estate)
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Middle East
Key Market Players
- LogMeIn, Inc.
- LivePerson, Inc.,
- Livechat, Inc.
- Kayako, Inc.
- Freshdesk, Inc.
- Woopra, Inc.
- Provide Support LLC.