The global live chat software market was valued at $755.23 million in 2020, and is projected to reach $1.7 billion by 2030, growing at a CAGR of 8.8% from 2021 to 2030.
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Rise popularity of live chat software among end users, increase in need to improve customer relationship management (CRM), and advantages of live chat software over conventional customer support drive the growth of the global live chat software market. However, lack of standardization and increase in demand for web or mobile self-services hinder the market growth. On the other hand, integration of social media and live chat software and increasing awareness about benefits of the live chat software create new opportunities in the coming years.
Based on product type, the customer service live chat systems segment contributed to the largest share in 2016, and estimated to maintain its dominant position during the forecast period. In addition, it is expected to witness the highest growth from 2017 to 2023. Moreover, the report also analyzes the segments including informational live chat systems and sales live chat systems during the forecast period.
Based on end user, the other segment which includes transportation, media, education, government, and real estate accounted for the largest share in 2016, and is expected to maintain the largest share throughout the forecast period. However, the retail segment is estimated to portray the highest growth during the forecast period.
Based on region, North America contributed the highest share, in 2016, and will maintain its dominance throughout the forecast period. However, Asia-Pacific is expected to grow at the highest CAGR from 2020 to 2027.
Leading market players analyzed in the research include LogMeIn, Inc., LivePerson, Inc., Zendesk, SnapEngage, Livechat, Inc., Olark, Kayako, Inc., Freshdesk, Inc., Woopra, Inc., and Provide Support LLC.
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