Microsoft’s Internet Explorer (IE) is losing out on its worldwide market share, while Google Chrome is making rapid inroads into web browser market, according to surveys by Net Applications and StatCounter.

Internet Explorer’s share slipped to 51.87% of web browser market share in December 2011 as against its share of 52.64% in November 2011 and 59.26% in December 2010, according to Net Applications.

Firefox stands at the second position with 21.8% share and Chrome at the third position with 19.1%. But, Net Applications predicts that by March Chrome will overtake Firefox.

According to StatCounter, IE market share fell from 40.63% to 38.65% in November 2011, as Chrome garnered 25.69%, an increase of 4.66% from November 2009, of the global browser market share, while Firefox had a share of 25.23%.

However, other web browsers like Safari and Opera have not been able to penetrate this segment as they are yet to capture the imaginations of the consumers, the report said.