Web Real-time Communication Market Demand will reach a value

Web Real-Time Communication Market by Component (Solution and Services), Web RTC Enabled Devices (Mobile, Desktop, Tablet, and Others), and Industry Vertical (BFSI, Retail, Telecom & IT, Public Sector, Media & Entertainment, Manufacturing, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027″.

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.

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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. 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.

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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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.

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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Major market players

Avaya Inc.

Dialogic Corporation

Cisco Systems, Inc.

Oracle Corporation

Plantronics, Inc.

Quobis

Plivo

Tokbox Inc. (Vonage)

Ribbon Communications Operating Company, Inc.

Twilio Inc.

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