The market for live chat technology continues to grow, driven by increasing demand for fast-paced, digital communication methods.
According to a recent report by Research and Markets, the global live chat market was valued at approximately $755.23 million in 2020.
By 2030, it will potentially reach a value of $1.7 billion, representing a CAGR of around 8.8 percent.
The analysis considers the rise of live chat technology by device, product type, and global opportunity.
Assessing the Live Chat Software Landscape
Many businesses now harness live chat when building an omnichannel customer experience strategy.
Moreover, the channel has become synonymous as a vessel for conversational AI, allowing businesses to interact with visitors on their websites and applications in rapid time.
A rise in the popularity of messaging solutions has also helped to accelerate its growth, with various demographic showing a preference towards chat-based tools when interacting with brands, particularly for eCommerce.
As consumers continue to demand more diverse communication methods, the report notes companies hoping to boost their relationships with their target audience may invest more in chat-based tools.
Yet, these tools go beyond live chat, with messaging apps and social media messaging becoming increasingly popular. SMS is also still a popular option for many.
As a result, while live chat will grow, its 8.8 percent CAGR is much more tentative than other customer engagement channels.