Web Real-time Communication Market Recent Trends, In-depth Analysis, Size and Forecast 2020 to 2027
The global market was valued at $2.73 billion in 2019, and is projected to reach $45.91 billion by 2027, growing at a CAGR of 41.7% from 2020 to 2027.
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Web real-time communication or WebRTC is an open source collection of application programming interface (API) and communication protocols that enable real-time communication for web browsers and mobile applications. It allows video or audio communication inside web pages by enabling real-time peer-to-peer connection without the need to install additional plugins or native apps. This technology facilitates easy and cost-effective communication in terms of voice, video, and other data. The technology enables video chat, video conferencing, audio call, audio conferencing, text chats, file sharing, gaming, and social networking, typically with internet browsers as endpoints. WebRTC offers real-time communication at low costs with high performance and encryption support.
As WebRTC is adaptable to different system conditions and it is also interoperable with Unified Communications (UC) or Voice over Internet Protocol (VoIP), it facilitates organizations in seamless coordination & communication through their current framework, which is expected to boost the web real-time communication market growth. In addition, rise in adoption of BYOD trend, webification of communications systems, and growth in adoption of WebRTC solution to offer better customer assistance & enhance customer experience are major factors that drive the growth of the market. Moreover, integration of AI and increase in use cases of WebRTC in IoT are anticipated to create lucrative opportunities for the WebRTCmarket expansion.
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The competitive environment of Web Real-Time Communication Industry is further examined in the report. It includes details about the key players in the market's strengths, product portfolio, Web Real-Time Communication Market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.
Cisco Systems, Inc.
Ribbon Communications Operating Company, Inc.
Tokbox Inc. (Vonage)
Twilio Inc and Many More
Region wise, the global web real-time communication market was dominated by North America in 2019 and is expected to maintain this trend during the forecast period. Factors such as presence of leading companies using WebRTC in their offerings such as Facebook, Twitter, Snapchat, Google (Duo, Hangout), & others in North America and telecom companies forming alliances with WebRTC developers to recapture the audience are the major drivers for the market growth in this region. In addition, significant adoption of mobility and launch of innovative product offerings are expected to drive the WebRTC market growth during the forecast period. For instance, in April 2017, Grandstream Networks, Inc. launched an innovative web conferencing platform-IPVideoTalk Web Meeting Service that leverages the WebRTC technology to offer high-quality web meeting with HD video & audio through any Mac, iOS, or Android devices.
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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.
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