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This market research report analyzes the key players in the global live chat software market such as LivePerson, Zendesk, LogMeIn, LiveChat, and SnapEngage. The report also presents a competitive analysis of the market by end-users (retail and e-commerce, travel and hospitality, IT and consulting, telecommunication, pharmaceutical, and others (BFSI, education, government, and transportation)) and by geography (the Americas, APAC, and EMEA).
Global outlook of the live chat software market
Technavio’s market research analysts predict the global live chat software market to grow steadily during the forecast period and post a CAGR of almost 8% by 2020. This industry research report identifies the increased need to improve customer relationship management (CRM) to be one of the major factors that will have a positive impact on the growth of the chat software market in the coming years. The increasing competition in every industry, has induced enterprises across the world to enhance their customer relationships to help them obtain the largest market share. Though organizations have started implementing enterprise solutions like enterprise resource planning (ERP) and customer relationship management (CRM), the lack of a centralized system makes it difficult to control continuous interaction with customers resulting in a loss of revenue. The use of live chat software facilitates personalized customer interaction, where companies can provide product or brand information as per customer requirements. This will result in increasing the number of organizations adopting live support software, propelling market growth.
The integration of live chat software with social media will be one of the major trends that will gain traction in this market. Social media websites such as Facebook and Twitter that were started as interaction tools are now the major platforms used by enterprises to enhance brand awareness and interact with customers. Since live chat software will help enterprises effectively manage customer conversations, social media companies will start integrating their platforms with live help software which will help increase the number of organizations and customers subscribing to their services.
Competitive landscape and key vendors
Characterized by the presence of several vendors, this global market appears to be highly fragmented. The lack of standardization and easy integration of the software with other applications have resulted in the existence of several vendors and the market’s competitive environment is quite fierce. The introduction of new technologies such as chatbot and intelligence virtual assistance, will attract more vendors to the live chat software market, which will intensify the level of competition among existing vendors.
The leading vendors in the market are -
The other prominent vendors in the market are Comm100, Freshdesk, Intercom, JivoSite, Kayako, LiveZilla, Olark, Provide Support, PureChat, UserLike, Velaro, and Woopra.
Segmentation by end-users and analysis of the live chat software market
•Retail and e-commerce
•Travel and hospitality
•IT and consulting
During 2015, the retail and e-commerce sector accounted for the major market shares and dominated the live chat software industry. The rapid growth of the major e-commerce platforms such as Amazon, Alibaba, Flipkart, Snapdeal, and Walmart and the use of live chat software by these companies to enhance customer experience, will drive the growth of the market. Analysts predict that this sector will continue to dominate the chat support software market throughout the forecast period.
Geographical segmentation and analysis of the live chat software market
In terms of geographical regions, the Americas will be the major revenue contributors to the market throughout the next four years. The increased use of the internet for various applications such as shopping, travel, education, and social networking and the awareness among various industries such as retail, BFSI, government, and travel on the benefits of online chat software to enhance customer experience, will bolster the market’s growth prospects in this region.
Key questions answered in the report include
•What will the market size and the growth rate be in 2020?
•What are the key factors driving the global live chat software market?
•What are the key market trends impacting the growth of the global live chat software market?
•What are the challenges to market growth?
•Who are the key vendors in the global live chat software market?
•What are the market opportunities and threats faced by the vendors in the global live chat software market?
•Trending factors influencing the market shares of the Americas, APAC, and EMEA.
•What are the key outcomes of the five forces analysis of the global live chat software market?
Technavio also offers customization on reports based on specific client requirement.