Google’s internet browser, Chrome is rapidly eating into the market share of Microsoft’s Internet Explorer which is still the global leader among all browsers according to a web statistics tracker called StatCounter.

Experts say Chrome has managed to gain its market share even as it missed some feature like the print preview and new tab along the side of the browser rather than across the top. Google is supposedly to be working to include these features in the latest version of the browser.

The IE is the global leader in browser space however in the Indian market, its market share dropped from 58.5% last June to 47.7% this year, according to StatCounter. While, Chrome gained 10% market share in the same period. Its share went up from 6.7% to 16.6% taking away Microsoft’s share in the market with 50-million internet users.

The rivals feel it is important to have a strong market share in the browser segment so they can offer their options to users online like ads, applications, software and search. Meanwhile, players like yahoo offer toolbar to directly attract customers to their site.

In the global market too IE is loosing market share. The browser from Microsoft lost 7% share from about 60% to 53% in the last 12 months, according to the tracker. Chrome appeared to have gained most of the share lost by IE. It went up from 3% to almost 10% and another rival Firefox’s share remained constant at about 30%.

Microsoft is not deterred with the situation and looks optimistic with its new IE 9. The company claims that it recorded more than two million downloads for IE9 Platform Preview and that its IE9 Preview had more than 16 million visitors.

Google says that it has made its browser open sources so that it is transparent as other vendors can see what company is doing. Google allows others to use the technology to build their own browser.