Rise in popularity of live chat for resolving questions related to online shopping and adoption of live chat to improve customer relationship management (CRM) drive the growth of the global live chat software market.
PORTLAND, Ore., May 11, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Live Chat Software Market By End User (Retail And Ecommerce, Telecommunication And IT, BFSI, Travel And Hospitality, Education, Healthcare, Others), By Product Type (Customer Service Live Chat System, Informational Live Chat System, Sales Live Chat System), By Device Type (Mobile, Desktop): Global Opportunity Analysis And Industry Forecast, 2020-2030." 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, witnessing a CAGR of 8.8% from 2021 to 2030.
Drivers, Restraints, and Opportunities
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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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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The retail and ecommerce segment to maintain its dominance throughout the forecast period
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.
The mobile segment to continue its leadership status by 2030
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.
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North America to maintain its lead position by 2030
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.
Leading Market Players
- LogMeIn, Inc.
- LivePerson, Inc.
- Zendesk
- SnapEngage
- Livechat, Inc.
- Olark
- Kayako, Inc.
- Freshdesk, Inc.
- Woopra, Inc.
- Provide Support LLC
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