At a CAGR 8.8% Live Chat Software Market Expected to Reach $1.7 Billion by 2030

WILMINGTON, DE, UNITED STATES, December 9, 2023 / -- According to a new report published by Allied Market Research, 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".

The live chat software market was valued at $755.23 million in 2020, and is estimated to reach $1.7 billion by 2030, growing at a CAGR of 8.8% from 2021 to 2030.

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The growth of the global live chat software market is driven by increase in popularity of live chat, as certain part of population prefers live chat for online shopping questions. Moreover, rise in need to improve customer relationship management (CRM), as it is crucial for effective revenue generation in any enterprise, and number of advantages of live chat software over conventional customer support boost the growth of the market. However, lack of standardization and continuous increase in demand for web mobile self-services are the major restraints of this market. Conversely, integration of social media and live chat software is expected to provide lucrative opportunities for this market. In

Addition, rise in awareness about benefits of the live chat software, which include increased sales, enhanced customer engagement, reduced expenses, and others are expected to create growth opportunities for this market.

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Competitive Analysis:
The competitive environment of Live Chat Software Industry is further examined in the report. It includes details about the key players in the market's strengths, product portfolio, Live Chat Software Market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.

Key Players:
LogMeIn, Inc.
LivePerson, Inc.
Livechat, Inc.
Olark, Kayako, Inc.
Freshdesk, Inc.
Woopra, Inc.,
Provide Support LLC and Many More

By Region, North America dominated the live chat software market in 2020. The top start-up accelerators in North America are building artificial intelligence-enabled tools to help businesses with customer support, sales, and marketing. For instance, North American businesses are using bots such as Claire, which is used for testing consumer products, ad campaigns and Scribe, which is an AI-powered "sales development representative" that can identify new leads. The combination of artificial intelligence and live chat software is anticipated to create enormous opportunities for this market.

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The live chat software has wide applications in numerous industries. For instance, Citi Bank launched instant chat services for customers logged in to Citibank Online (CBOL). The real-time chat facility majorly focuses on resolving queries instantly, in a safe environment, for clients as they transact online. Moreover, Uber, which is the ride-hailing company, launched an in-app chat feature that enables riders to message the drivers directly via the app.

Key Questions Answered in the Intelligent Study

What is the market size and growth rate of the global and regional market by various segments?
What is the market size and growth rate of the market for selective countries?
Which region or sub-segment is expected to drive the market in the forecast period?
What Factors are estimated to drive and restrain the market growth?
What are the key technological and market trends shaping the market?
What are the key opportunities in the market?
What are the key companies operating in the market?
Which company accounted for the highest market share?

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