LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global live chat software market is expected to reach USD 819.2 million by 2020, growing at a CAGR of almost 8%.
This research report titled ‘Global Live Chat Software Market 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. To calculate the market size, the report considers the revenue generated from the sales of live chat software.
Customer relationships are crucial for effective revenue generation in any enterprise. Enterprises are striving to develop a wide customer base because of the increase in competition, to obtain the largest market share. They have started implementing enterprise solutions like enterprise resource planning (ERP) and customer relationship management (CRM). Live chat software can be deployed for enterprise websites, enabling the companies to have continuous communication with customers. For instance, enterprises deploy live chat software to provide product or brand information to customers to increase the brand awareness.
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Technavio’s ICT analysts categorize the global live chat software market into six major segments by end user:
- Retail and e-commerce
- Travel and hospitality
- IT and consulting
- Telecommunication
- Pharmaceutical
- Others (BFSI, education, government, and transportation)
The top three end-user segments for the global live chat software are:
Retail and e-commerce
The retail and e-commerce will be one of the fastest growing segments for live chat software during the forecast period. This is because of the rapid growth of the major e-commerce platforms like Amazon, Alibaba, Flipkart, Snapdeal, and Walmart worldwide. According to Technavio analysis, in 2015, more than 50% of the worldwide internet users purchased products or services through online platforms, and this is expected to increase by 5%-10% during the forecast period. The retail sector thrives on the consumer experience, as retention of the customer is crucial to increase sales revenue.
According to Ishmeet Kaur, a lead enterprise application analyst from Technavio, “To enhance the customer experience, retailers are implementing live chat software, enabling customers to search for the products easily. It also enables customers to get their queries resolved related to the equated monthly installment for a particular product quickly and effectively.”
Travel and hospitality
Travel and hospitality is one of the prominent segments deploying live chat software in their business process. Travel companies always focus on enhancing customer experience and thus live chat is an ideal solution to address and resolve customer queries. Customers often have many queries before traveling, for instance, where to visit, expenses, and the time taken to reach the destination. This generated a demand for live chat software in the sector. With the deployment of live chat software, travel companies reply to customer queries across all platforms at any time.
“Live chat software tunes online marketing campaign by providing real-time insight into all marketing activities that drive traffic to the website. With the help of live chat software, enterprises can get in-depth details about visitors. This provides a better insight about the marketing initiatives efficiently,” says Ishmeet.
IT and consulting
Live chat software monitors website activity and can help in successful advertising campaigns. IT and consulting firms can collect useful information and offer best customer support. Most of the people prefer to receive immediate online assistance while browsing websites. After using live chat support and chatting to chat operators, customers are more likely to purchase products and services. Live chat software helps IT enterprises to increase revenue and simultaneously build confidence about business and products. During and after live chat sessions, online consulting with the live chat software can help enterprises to receive valuable customer feedback. It also provides complete customer satisfaction.
The top vendors highlighted by Technavio’s research analysts in this report are:
- LivePerson
- Zendesk
- LogMeIn
- LiveChat
- SnapEngage
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