Web Real-time Communication (RTC) Solution Market set to record exponential growth of 42.2% CAGR by 2025

Growing deployment of a large number of web RTC-enabled devices is accentuating growth of web real-time communication (RTC) platforms market. Promising features such as high-definition voice and video conferencing (without the inconvenience of downloading additional software or plugin) are further triggering the market growth. A recent study of Future Market Insights (FMI) foresees web real-time communication (RTC) platforms market to record to exhibit a splendid CAGR of 42.2% during the forecast period 2015 to 2025.

WebRTC stands out as an open-source platform which can be freely accessed by multiple enterprises across the globe, and is being used by multiple businesses to ensure seamless marketing for their products and services. On the flip side, web real-time communications (WebRTC) has been facing an uphill struggle in the light of reluctance of major browsers to integrate this application. This, in turn, can pose as a challenge limiting the market growth and might encourage certain fluctuations.

WebRTC platforms are gaining significant momentum in the manufacturing industry as these solutions grease the wheels for real-time interaction between OEMs and operators & maintenance crew. Manufacturers are encompassing webRTC solutions into the maintenance framework which aids operators to get notified about faults detected, if any. Moreover, it also provides them with an intimation about when the maintenance of equipment is due. Despite of a topsy-turvy prognosis, it cannot be denied that webRTC is going to stand out as one of the most efficient, flexible, and conducive real-time solutions.

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From vertical standpoint, the report anticipates BFSI segment to have the highest market value of approximately US$ 2,464.1 Mn by 2025-end. Multiple banks, insurance firms, banks & investment organizations are aggressively investing in proliferation of webRTC-enabled mobile applications to establish ‘click to call’ services for their customers.

Customers procure multiple benefits by integration of webRTC services, which enables them to interact with the customer care personnel via video calls. For instance- Coutts & Co., a prominent subsidiary of Royal Bank of Scotland, launched a video banking service which can be availed by the customers via mobile devices powered by Opentok – a WebRTC platform introduced by Toxbox Inc. Also, major banks are equipping ATMs with webRTC-enabled browsers which facilitate communication of users with special advisors, loan officers, and respective personnel.

“There would be significant increase in number of WebRTC platform users by the end of 2025. This is attributed to the cost-effectiveness of those platforms as compared to other legacy network technologies.”, says a lead analyst at FMI. As per projections in line with the user-base split, the b2b vertical user is poised to contribute to overall market revenue by a notable margin, where service level and performance holds utmost importance.

Heightening focus on areas such as enhancement of customer experience and broadening of application are envisioned to be key determiners driving the market growth. Over and above that, surging proliferation of internet and social networking sites are also anticipated to largely encourage the market growth. Diverse verticals such as healthcare, retail, public sector, and many others are forging ahead with proactive adoption of webRTC technology for an upgraded user experience, which is further poised to fuel the market growth.

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Concept of BYOD for enhancing enterprise mobility is foreseen to evolve as one of the prevalent trends reviving adoption of webRTC technologies. Also, key players such as Telespeak are laying emphasis on introducing vertical-specific services to gain a competitive edge over their peers. On the flip, lack of cognizance regarding benefits of webRTC technologies is foreseen to inhibit the market growth. Furthermore, lack of efficient network framework is a chief factor adversely affecting the progress of WebRTC market.

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This release was published on openPR.