Growing demand for real-time communication webification is one of the significant factors influencing the market growth.
Web Real-Time Communication Market Size – USD 2.01 billion in 2019, Market Growth – CAGR of 37.8%, Market Trends – Growing implementation of Web RTC from SMEs
The global web real-time communication market is expected to reach USD 29.43 Billion by 2027, according to a new report by Reports and Data. Web real-time communication performs a vital function in webification of communication by offering tools and applications to expedite direct communication through browsers. Web real-time communication offers secure communication at an affordable rate and additionally speeds up the deployment and development of applications across the globe. The proliferation of internet connectivity and developing infrastructure, along with webification of the communications is projected to drive the growth of the market in the forecast period.
The growing inclination for the BYOD trend, which inspires employees to bring their own devices to their workplace, is driving is fuelling the demand for web real-time solutions. According to study, over one-third of the enterprises across the globe provide devices, including smartphones and tablets, to their employees and over half of the enterprises worldwide persuade their employees to carry their own devices to work.
The COVID-19 pandemic has disrupted the normal flow of work and drastically affected businesses in several countries worldwide. As enterprises are trying to carry out their business operations by allowing their employees to work from home, if possible, an effective communication amid co-workers and business partners is vital to get the preferred results. Web real-time communication solution aids businesses in establishing real-time communication and bridge the gap formed as a result of lockdown.
Moreover, information and communication technology in the healthcare sector has witnessed rapid growth rate in the last couple of years. Telemedicine is an emergent and extensively deployed solution to allow for a smooth communication between patients and healthcare experts, by enabling video and voice calling services. Web real-time communication plays a critical role in providing telemedicine by transmitting video and voice in real-time over the internet via a web browser.
Key participants include AT&T, Dialogic, Genband, Apidaze, Cisco Systems Inc., Polycom Inc., Oracle, Twilio, Avaya Inc., and Vonage, among others.
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Further key findings from the report suggest
- By component, solutions contributed to a larger market share in 2019 and is projected to grow at a rate of 37.4% in the forecast period. Web real-time communication provides real-time video support without any drop-offs as it allows secure video calling through a browser without requiring to download any software or application. WebRTC allows video calling and video conferencing options viable for several organizations and would soon be instrumental in re-engaging remote employees.
- By device, mobile dominated the market in 2019 and is projected to grow at a rate of 38.1% in the forecast period. According to a research, it has been found that around 80.0% of internet users possess a smartphone, and mobile users, specifically, spend more time online, leading to the consumption of a large volume of data. The use of web real-time communications offers capabilities that lets participants to converse and view each other easily as needed, from any location.
- By industry vertical, the IT & Telecom industry held the largest market share in 2019 and is likely to grow at a rate of 37.3% in the period 2020-2027. WebRTC is an instant peer-to-peer (P2P) communication, which is having an impact on traditional telecom services. This is pushing telecom players (regulators and firms) to restructure their business models and develop communications services and applications to cater to real time communication needs, thereby driving the growth of the market. WebRTC provides the potential to let developers create their real-time communications apps. Web real time communication enables contact center agents to communicate through voice and video with customers using a browser.
- The market in the Asia Pacific region is estimated to grow at the fastest rate of 39.3% in the forecast period, attributed to the adoption web RTC considerably owing to remarkable growth witnessed in the deployment of web-based applications. The growing adoption of WebRTC in countries such as China, India, and South Korea, is likely to boost the market demand in the future.
- In April 2020, 8×8, Inc., a major integrated cloud communications platform, announced the introduction of 8×8 Video MeetingsPro, which is powered by Jitsi, an open-source community for protected and secure video meetings technology supported by 8×8. Moreover, the company stated that Jitsi.org and 8×8 video meetings solutions would run on the Oracle Cloud Infrastructure that provides optimized cloud security and performance, appropriate for workloads such as video meetings.
- In January 2020, Enghouse Systems Limited announced the acquisition of Dialogic Group Inc. for a purchase price of around USD 52.0 million, subject to specific adjustments.
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For the purpose of this report, Reports and Data have segmented the global web real-time communication market on the basis of component, device, industry vertical, and region:
Component Outlook (Revenue, USD Million; 2017-2027)
Device Outlook (Revenue, USD Million; 2017-2027)
Industry Vertical Outlook (Revenue, USD Million; 2017-2027)
- IT & Telecom
- Media & Entertainment
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Regional Outlook (Revenue, USD Million; 2017-2027)
- North America
- Asia Pacific
- Latin America
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