According to the report, the global web real-time communication market was pegged 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.
Cost-effective benefits of WebRTC technology, increasing webification of real-time communications, and surge in adoption of WebRTC among enterprises have boosted the growth of the global web real-time communication market.
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However, lack of universal standards and surge in security and privacy concerns hamper the market growth. On the contrary, integration of AI with WebRTC, rapid adoption of BYOD trend, and surge in use cases of WebRTC for IoT create lucrative opportunities for the market players in the future.
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 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.
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.
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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.
The global web real-time communication market analysis includes some of the key market players such as Avaya Inc., Cisco Systems, Inc., Dialogic Corporation, Plantronics, Inc., Oracle Corporation, Plivo, Quobis, Ribbon Communications Operating Company, Inc., Tokbox Inc. (Vonage), and Twilio Inc.
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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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