The live chat Software Market is forecasted to increase by USD 428.8 millionwith a CAGR of 8.91% between 2022 and 2027, according to Technavio. Its unprecedented growth is primarily due to the increasing expectations for real-time support and personalized interactions of consumers.
The study included various live chat software market types such as Customer service live chat systems, Informational service live chat systems, and Sales live chat system, used by large enterprises and SMEs, in North America, APAC, Europe, South America, and Middle East and Africa.
During the projected period, AI-based chatbots and virtual assistants fuel the growth of the live chat software market. AI chatbots handle common requests, offer instant responses, and provide tailored suggestions to optimize business processes and automate interactions with customers. To streamline their operations and automate consumer interactions, chatbots comprehend user requests and provide pertinent responses, using natural language processing (NLP).
Companies are advised to adopt various growth strategies such as spending on advertisements and promotional materials to boost the visibility of live chat services and keep up with the rising competition in the market.