Demand for Web Real Time Communication (Web RTC) Solution Market is expected to rise at a CAGR of 44.4% during the forecast period 2021-2031

According to a revised report by Future Market Insights (FMI), the global web real time communication solution market is expected to grow at a CAGR of 44.4% over the forecast period (2021-2031). The growth can be attributed to the growing interest in real-time communication over the internet, with a market valuation expected to reach US$ 4,528.3 Mn by 2021.

In 2021, the demand for web real time communication solution market is expected to exceed US$4,528.3 million. According to Future Market Insights (FMI) research, the market will grow at a 44.4% CAGR between 2021 and 2031, as enterprises all over the world demonstrate enthusiasm for web real time communication solutions and administrations.

Aside from that, the market is being driven by the cost-saving advantages offered by cloud-based arrangements of web real-time communication solutions, as well as an increasing number of web clients. The rising interest in real-time communication over programme and portable applications is one of the key factors driving the development of the web real time communication solution market.

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Key Takeaways from Web Real Time Communication Solution Market Study

Large enterprise applications will dominate the market through 2031 with 60.4% value share, supported by large-scale data transformation requirements in these businesses and increasing demand from small and medium enterprises.

The IT & telecom industry will reflect higher adoption rates holding 29% of the market in 2021, supported by the introduction of 5G technologies. China leads the East Asia market, reflecting a CAGR of over 49.3% through 2031, with growing demand for cost effective web real time communication solution for SMEs in the region.

The U.S. market is projected to expand at a CAGR of 42.8% through 2031, supported by the presence of key players in the market. Germany will hold the lead in Europe by the end of 2031, with a CAGR of over 54.5% owing to the rising penetration of the internet and smartphone technologies in the region.

"Growing adoption of secure & robust communication coupled with increasing demand from small and medium enterprises is expected to drive the adoption of web real time communication solution. Digital transformation investments are expected to create opportunities in the foreseeable future for the web real time communication solution market," says a Future Market Insights (FMI) analyst.

Impact of COVID-19 on Web Real Time Communication Solution Market

The COVID-19 pandemic has disrupted many industries, including the market for web real time communication solutions and services. Different industry verticals have suffered notable losses as a result of mobility and travel restrictions for public health reasons, among other social distancing measures.

Disruptions in services are having an impact on economies and trade, given the role of services in offering inputs connecting supply chains and facilitating trade. The extent of impact on trade varies by mode of supply and sector.

Trade involving proximity among consumers and suppliers is severely impeded. The COVID-19 crisis is leading to greater adoption of online services in retail, education, health, and telecom sectors. The outbreak of the COVID-19 crisis has led to the withdrawal of several corporate events, international seminars, trade shows, and investor presentations. As a result, these events have turned towards web real time communication solutions and services for communication, thereby driving the market growth.

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Who is winning?

The moderately consolidated web real time communication solution market is characterized by players who are increasingly focusing on the development of new product offerings in addition to strategic endeavors towards geographical expansion. Moreover, growing demand for automation and digitalization tools is anticipated to drive the growth of the web real time communication solution market.

Prominent players in the web real time communication solution market include but are not limited to Avaya Inc., Google Inc., Cisco Systems, Inc., IBM Corporation, Huawei Technologies Co., Ltd., Ericsson, TokBox Inc., Mitel Networks Corporation, AT&T Inc., Plivo Inc., and Twilio, Inc., among others.

More Valuable Insights on Web Real Time Communication Solution Market

A revised market research report published by Future Market Insights (FMI) on the global web real time communication solution market includes global industry analysis for 2016-2020 and opportunity assessment for 2021-2031.

The report provides valuable insights on the basis of component (WebRTC solution and services); enterprise size (SMEs and large enterprises); industry (IT & telecom, BFSI, media & entertainment, healthcare, government, manufacturing, and others), and across six major regions.

Competitive Landscape

According to the Future Market Insights analysis, Avaya Inc., Google Inc., Cisco Systems, Inc., IBM Corporation, Huawei Technologies Co., Ltd., Ericsson, TokBox Inc., Mitel Networks Corporation, AT&T Inc., Plivo Inc., and Twilio, Inc., among others are identified as key players in the web real time communication solution landscape.

Companies offering web real time communication solution are aiming for innovation in their offerings and strategic partnerships with other software vendors in order to enhance their portfolios while addressing the demand of an expanding customer pool. Introduction of new solutions and services and strategic partnerships are key with the top players in the web real time communication solution landscape.

For instance, in March 2020, Ribbon Communications Operating Company, Inc. launched "Work@Home", a cloud-based offering to provide advanced remote working capabilities for enterprises. The cloud-based offerings include comprehensive Unified Communications and Collaboration solution with the company's smart office that is aimed at providing screen sharing, conferencing, and group chat services on for mobile and desktop users.
Web real time communication solution providers are also focusing on entering into partnerships with technology and digital solution providers to target new innovations within the market. The strategy helps companies to broaden their geographic reach with additional service portfolios.

For instance, in September 2019, Cisco Systems completed the acquisition of Voicea, a provider of real-time solutions. The acquisition was aimed at enhancing the former company's Webex portfolio with transcription services that merged artificial intelligence and the automated speech recognition together.
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Market Segmentation by Category

Component:

WebRTC Solution
Cloud based
On premise
Service
Consulting Services
Integration & Implementation Services
Design & Development Services
Support & Maintenance
Enterprise Size:

SMEs
Large Enterprises
Industry:

IT & Telecom
BFSI
Media & Entertainment
Healthcare
Government
Manufacturing
Others
Region:

North America
Latin America
Europe
East Asia
South Asia & Pacific
Middle East and Africa (MEA)

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About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients

This release was published on openPR.