Dublin, Sept. 29, 2021 (GLOBE NEWSWIRE) -- The "Live Chat Software Market based on Type, End-User and Geography - Global Forecast up to 2026" report has been added to ResearchAndMarkets.com's offering.
The Live Chat Software Market is anticipated to grow at 7.29% CAGR by 2026 due to factors such as the constant expansion of fame of live chat and development deprived to improve customer relationship management (CRM) and advantages of live chat software over conventional client support.
The rising focus on real-time interaction in various industries is due to the increase in the budget of the live chat software within companies. In addition, this software has a significant role due to its advantages that include improved website experience, increased average order value, increased sales, lead generation, and a better understanding of customer requirements. Factors such as the rising demand for web self-service and the absence of standardization are likely to impede the live chat software market growth.
The market is categorized into Customer Service Live Chat Systems, Informational Service Live Chat Systems, and Sales Live Chat Systems based on the type. The customer service segment held the highest share in the market. This live chat system is generally a range of customer services that support customers in making a cost-efficient and proper use of a product.
Customer support includes installation, planning, training, maintenance, troubleshooting, upgrading, and disposal of a product with the help of live chat software. Moreover, the continuous growth in the requirement to enhance customer relationship management and the advantages of live chat apps over conventional customer support offers advertisers enormous potential for targeting their consumers and enhancing user experience.
Further, the market is segmented by end-users, including Retail & Ecommerce, Travel & Hospitality, Healthcare, BFSI, Media & Entertainment, Telecom & IT, Government, and Others. The retail and e-commerce segment witnessed a significant growth rate due to their wide-scale adoption to enhance customer interaction and better management of queries.
Live chat software has also played a key role because of its advantages in better understanding customer requirements, enabling companies to perform up to ten times better on key performance metrics by recognizing customer preferences in the retail vertical thus, providing a boost to the market in the end-user segment.
In terms of geography, the Asia Pacific has been dominating the market. Since consumers in the Asia Pacific are using self-service and chatbots and, as a result, are adopting live chat over the conventional methods for asking queries during online shopping. With customer experience a critical factor in which brands Asian consumers choose, organizations need to make sure that they match expectations now if they want to flourish and grow moving forward, consequently boosting the live chat market growth in this region.
Various companies worldwide are integrating their customer relationship management tool with live chat software to augment the user experience and potential leads for present customers. By saving money for organizations and protecting their customer base, the live chat software assists organizations in boosting satisfaction and improving retention rates. Thus, the rising requirement for improving customer relationship management in every vertical is compelling the global live chat software market growth.
Most companies focus more on customer retention than looking for new customers where the live chat software plays a key role. The live chat software provides a company with various benefits for retaining customers by responding to customer queries resulting in enhanced customer experience.
The prominent players of the live chat software market are
- LogMeIn Inc.
- Woopra Inc.
- Provide Support LLC
- Freshdesk Inc.
- LivePerson Inc.
- Zendesk Inc.
- SnapEngage
- Livechat Inc.
- Olark
- Kayako Inc
Key Topics Covered:
1. Executive Summary
2. Industry Outlook
2.1. Industry Overview
2.2. Industry Trends
3. Market Snapshot
3.1. Market Definition
3.2. Market Outlook
3.2.1. Porter Five Forces
3.3. Related Markets
4. Market characteristics
4.1. Market Overview
4.2. Market Segmentation
4.3. Market Dynamics
4.3.1. Drivers
4.3.2. Restraints
4.3.3. Opportunities
4.4. DRO - Impact Analysis
5. Type: Market Size & Analysis
5.1. Overview
5.2. Customer Service Live Chat Systems
5.3. Informational Service Live Chat Systems
5.4. Sales Live Chat Systems
6. End-User: Market Size & Analysis
6.1. Overview
6.2. Retail & Ecommerce
6.3. Travel & Hospitality
6.4. Healthcare
6.5. BFSI
6.6. Media & Entertainment
6.7. Telecom & IT
6.8. Government
6.9. Others
7. Geography: Market Size & Analysis
7.1. Overview
7.2. North America
7.3. Europe
7.4. Asia Pacific
7.5. Rest of the World
8. Competitive Landscape
8.1. Competitor Comparison Analysis
8.2. Market Developments
8.2.1. Mergers and Acquisitions, Legal, Awards, Partnerships
8.2.2. Product Launches and execution
9. Vendor Profiles
9.1. Overview
9.2. Financial Overview
9.3. Product Offerings
9.4. Developments
9.5. Business Strategy
For more information about this report visit https://www.researchandmarkets.com/r/3lkq6m
