According to 360iResearch, the global live chat market to grow from USD 478.75 million in 2016 to USD 6873.38 million by 2023, at a CAGR of 46.32%. The year 2016 has been considered as the base year, while the forecast period is up-to 2023.
Live chat refers to a web service that allows businesses to chat or communicate in real-time with visitors on their website. Live chat applications are basically used to provide immediate customer support and information to the end-users or visitors. Customer service teams or support agents utilize these live chat applications in the form of pop-up chat windows to answer queries and provide support to users who have inquiries or questions about the product or service. Live chat offers features such as interactive chat notifications, reporting and analytics and conversation archiving. Live chat applications are basically offered as functionality inÂ e-commerceÂ andÂ help deskÂ products.
The major forces driving the growth of the live chat market include the a business guide to identify common issues in service delivery and effective inventory management and time-saving, cuts down service expenses, and increase sales. Moreover, real-time analysis of visitor reviews and feedback and their behavior and bi tool to collect valuable insight are also some of the factors that are driving the market growth. However lack of skilled and experienced customer service representative, and high training cost may hinder the market growth. In the middle of difficulty lies opportunity such as the a graph-based database and ai technology, encryption of chat conversation, voice navigation on wearables, smart cars, and other internet-enabled devices with iot things projected, and all-in-one solution to collaborate different business messaging tools. The possible challenges for the market growth are continuous update to keep live chat experience relevant, and monitoring and measuring performance. But key players in the market are overcoming the challenges with continual improvement and innovation.
Based on industry, the global live chat market is studied across aerospace and defense, banking, financial services and insurance, consumer goods and retail, education, energy and utilities, government, healthcare and life sciences, information technology, manufacturing, media and entertainment, telecommunication, transportation and logistics, and travel and hospitality. Based on geography, the global live chat market is studied across Americas, Europe, Middle East and Africa, and Asia-Pacific.
The report provides deep insights on demand forecasts, market trends and micro and macro indicators. In addition, this report provides insights on the factors that are driving and restraining the demand of live chat market. Moreover, the study highlights current market trends and provides forecast. We also have highlighted future trends in the live chat market that will impact the demand during the forecast period. Moreover, the competitive analysis of live chat market brings an insight on the product usability profiles of the leading players. Additionally, the analysis highlights features and pricing, informant reviews of the key products in the market.
Reasons to Buy:
The live chat market research study reveals hidden insights and dynamic, which in turn helps the players in the ecosystem take better strategic decisions. The firms looking for purchasing the global live chat market research report could look for following prospects on their way to better understand the market that can aid further decision making and possibly identify the best opportunities to exploit.
- Evaluate the qualitative and quantitative aspects of the report and analyze the live chat market penetration with respect to industries and geographies.
- Evaluate the key vendors in the live chat market in terms of products satisfaction and business strategy. This helps identify consumer preferences and understand its current position in 360iResearch FPNV Positioning Matrix.
- Evaluates the key vendors and deeply analyze competitive landscape, revenue pockets, market trends, growth prospects, pain points, drivers, restraints, challenges and opportunities of the live chat market.
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.
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