Web Real-Time Communication Market 2020 - SWOT Analysis, Business Overview & Key Market Players | Avaya Inc., Cisco Systems, Inc., Dialogic Corporation, Plantronics, Inc., Oracle Corporation

The telecom & IT industry is witnessing major adoption of WebRTC solutions among many other industries, owing to usage of WebRTC by telecom companies for implementation of over-the-top (OTT) services to enable working on different platforms and devices. Moreover, the healthcare industry is anticipated to grow due to rise in popularity of telehealth apps.

Cost-effective benefits of WebRTC technology, increase in adoption of WebRTC among enterprises, and advancements in communication through web technology have boosted the growth of the global web real-time communication market. However, lack of universal standards, surge in security and privacy concerns, and need to replace existing VoIP/video conferencing infrastructure hamper the market growth. On the contrary, increase in awareness of the technology among enterprises, rapid proliferation of BYOD, and growth prospects in untapped markets are expected to create lucrative opportunities in the near future.

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The global web real-time communication market accounted for $812 million in 2016, and is anticipated to hit $10.367 billion by 2023, registering a CAGR of 42.8% from 2017 to 2023.

By industry vertical, the healthcare segment is anticipated to manifest the highest CAGR of 43.3% during the forecast period, due to increasing awareness about the benefits of telemedicine & remote patient monitoring. However, the IT & telecom segment held the largest share in 2019, contributing to more than one-fifth of the global web real-time communication market, owing to rise in demand for a secure, low cost communication medium and surge in strategic alliances, partnership programs, business re-modeling, and product launches in the IT & telecom industry.

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By region, the global web real-time communication market across North America held the largest share in 2019, accounting for more than one-fourth of the market. This is due to awareness about the advantages of web real-time communication and high ICT expenditure across various sectors. However, the market across Asia-Pacific is expected to register the highest CAGR of 43.4% during the forecast period. This is due to ease in adoption of fast internet connectivity including 4G connections, large population base, massively growing smartphone penetration, rise in competition among telecom service providers, and surge in usage of social media among millennials.

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By component, the solution segment dominated the global web real-time communication market in 2019, accounting for more than two-thirds of the market, owing to increased adoption among enterprises for applications such as video conferencing, staff meetings, BYOD applications and use of WebRTC as a substitute for VoIP or unified communication solutions. However, the service segment is expected to register the highest CAGR of 43.8% during the forecast period, due to the need of enterprises to find suitable WebRTC solutions and help integrate it with other enterprise applications.

Pandemic disrupted the entire world and affected many industries.

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COVID-19 Scenario:

The outbreak of COVID-19 has greatly affected the global web real-time communication industry.

•The major market players are focused on mobilizing to adapt to increasing demand for digital channels for entertainment, information, and education.

•The rapid move to 'work from home' and demand for applications to stay in touch with family members and friends have increased the demand for web real-time communication solutions.

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