live chat software market
According to the report, the global live chat software industry generated $755.23 million in 2020 and is expected to reach $1.7 billion by 2030, growing at a CAGR of 8.8% from 2021 to 2030. .
The growing popularity of live chat to resolve online shopping queries, the adoption of live chat by organizations to improve customer relationship management (CRM), and the benefits of live chat software over conventional customer support are driving the growth of the global live chat software market. However, the lack of standardization is hindering the growth of the market. On the other hand, the integration of social media platforms and live chat software is expected to provide lucrative opportunities in the coming years.
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The retail and e-commerce segment will maintain its dominance throughout the forecast period
On an end-user basis, the retail and e-commerce segment accounted for the highest market share in 2020, contributing over one-third of the global live chat software market, and is expected to maintain its dominance throughout the forecast period. This is attributed to the ability of retailers and e-commerce providers to connect with customers during the purchase process rather than after a purchase and the elimination of the need to handle customer service inquiries at the coming. However, the travel and hospitality segment is expected to show the fastest CAGR of 11.6% from 2021 to 2030. This is due to the implementation of live chat on websites and apps to gain a competitive advantage by connecting with potential customers.
The mobile segment will continue its leadership by 2030
Based on device type, the mobile segment held the highest share in 2020, accounting for approximately three-fifths of the global live chat software market, and is expected to maintain its leading status by 2030. , this segment is estimated to witness the highest CAGR of 9.3% from 2021 to 2030. This is due to the rapid adoption of smartphones, internet penetration in emerging economies and rapid development of mobile applications for various verticals such as BFSI, retail and education. The report also analyzes the desktop computer segment.
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North America will maintain its leading position by 2030
Based on region, North America contributed 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 expected to maintain its leading position by 2030. This is attributed to the adoption of AI-based tools to help businesses with customer support, sales, and marketing. However, Asia-Pacific is estimated to witness the highest CAGR of 11.0% during the forecast period. This is due to increase in demand for live chat software from many industries to automate and scale their business and increase in adoption of chat applications in countries such as India and China.
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Major Market Players –
• LogMeIn, Inc.
• LivePerson, Inc.
• Live Chat, Inc.
• Kayako, Inc.
• Freshdesk, Inc.
• Woopra, Inc.
• Provide LLC support
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Main results of the study –
• By product, in 2020, customer service live chat system dominated the live chat software market size.
• By device, in 2020, the mobile segment dominated the live chat software market size.
• Based on end-user, retail and e-commerce segment generated the highest revenue in 2020 from live chat software market share. However, the travel and hospitality industry is expected to witness significant growth over the forecast period.
• Regionally, the live chat software industry was dominated by the North America region. However, Asia-Pacific is expected to experience significant growth in the coming years.
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