Portland, OR, Jul 27, 2020 (GLOBE NEWSWIRE via COMTEX) -- Portland, OR, July 27, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global live chat software market generated $590 million in 2016, and is estimated to reach $997 million by 2023, registering a CAGR of 7.5% from 2017 to 2023. The report offers an extensive analysis of changing market dynamics, top winning strategies, business performance by key players, value chain analysis, and competitive scenario.
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.
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Market players have collaborated to launch a live chat solution to assist in identifying symptoms of coronavirus and providing advice to people seeking medical help.
Live chat software is the most important platform in global lockdown to resolve the queries of end users as it eliminates the need for customer executives to come to company premises for offering services.
Get detailed COVID-19 impact analysis on the Live Chat Software Market
The report offers a detailed segmentation of the global live chat software market based on product type, end user, and region.
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.
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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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