The global web real-time communication market is anticipated to expand at a CAGR of 43% during the forecast period, 2021 to 2028. The growth of the market is attributed to the increasing adoption of real-time communication solutions in mobile applications.
The use of latest technology allows shoppers to interact with the store’s staff from their home. While maintaining customer’s privacy, retailers can deliver high-quality live video stream from store. A real-time communication has been heavily implemented in the retail industry to address consumer grievances remotely. For instance, Amazon’s Kinesis Video Stream offers WebRTC-based standard-compliant real-time communication that comprises a set of protocols designed for establishing a peer-to-peer connection. One can use Amazon Kinesis Video Stream along with WebRTC and securely perform two-way video or audio communication.
Market Trends, Drivers, Restraints, and Opportunities:
- Growing penetration of Internet across various industry verticals including BFSI and healthcare is expected to boost the market growth.
- Lack of support for the WebRTC technology from major technology players such as Apple Inc. and Microsoft Corp. can hinder the market growth.
- Ongoing research and development programs by some major industry players is expected to present numerous opportunities in the foreseeable future.
Global Web Real-Time Communication Market Segment Insights
Solutions segment is anticipated to hold a significant market share
Based on components, the market is bifurcated into services and solutions and services. The services is further segmented into message & file sharing, video calling & conference, and voice calling & conference. The solutions segment is anticipated to hold a significant share of the market and is projected to expand at a steady CAGR during the forecast period, 2021 to 2028.
The services segment is projected to register a robust CAGR of around 49% during the analysis period. Organizations are hiring companies that can provide them technological assistance, which can let them focus on their core business without having to worry about any technological issues. Numerous services provided by WebRTC providers comprises training, technological support, and interconnection. Furthermore, lack of technological expertise amongst customers is expected to enhance the demand for training and technological services.
Smartphones & tablets segment anticipated to account a large market share
On the basis of enabled devices, the market is divided into smartphones & tablets, PCs, and others. The smartphones & tablets segment is anticipated to account for a large market share and is expected to dominate during the forecast period. Growing penetration of smartphones is a major aspect that is contributing to high revenue share. Increasing usage of mobile applications powered by WebRTC is projected to upkeep the segment expansion in the coming years.
IT & telecom segment expected to hold a considerable share
By end-users, the market is classified into BFSI, it & telecom, media & entertainment, retail, and healthcare. The IT & telecom segment is expected to hold a large share during the forecast period. Increasing penetration of Internet has led to integration of WebRTC technology in the telecom industry.
Asia Pacific anticipated to exhibit a high CAGR
In terms of regions, the global web real-time communication market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to hold a large market share and is expected to maintain a dominant position during the forecast period. This is attributed to the presence of key market players, including Oracle Corporation, Cisco Systems, Inc., Ribbon Communications Operating Company, Inc., and Avaya Inc.
Some major participants of the global web real-time communication market include Quobis, Plivo, Inc., Cisco Systems, Inc., Dialogic Corp., Oracle Corp., Avaya, Inc., and Apidaze.
Key players are focusing on launching new products to improve their product portfolio and boost their market share. For instance, in March 2020, Ribbon Communications Operating Company, Inc. launched its cloud-based “Work@Home” offerings to provide innovative remote working facilities for enterprises. The offerings comprise complete Unified Communications and Collaboration solution with Ribbon’s smart office which offers conferencing, HD video whiteboard, screen sharing, and group chat on both mobile and desktop.
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