Portland, OR, April 08, 2020 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global web real-time communication market accounted for $812 million in 2016, and is anticipated to hit $10.367 billion by 2023, registering a CAGR of 42.8% from 2017 to 2023.
Cost-effective benefits of WebRTC technology, increase in adoption of WebRTC among enterprises, and advancements in communication through web technology have boosted the growth of the global web real-time communication market. However, lack of universal standards, surge in security and privacy concerns, and need to replace existing VoIP/video conferencing infrastructure hamper the market growth. On the contrary, increase in awareness of the technology among enterprises, rapid proliferation of BYOD, and growth prospects in untapped markets are expected to create lucrative opportunities in the near future.
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The global webRTC market is segmented on the basis of component, industry vertical, and geography. Based on component, the market is bifurcated into solutions and services. The solution segment held the largest share in 2016, and is anticipated to register a CAGR of 42.3% during the study period.
On the basis of industry vertical, the market is divided into BFSI, retail, IT & Telecom, public sector, media & entertainment, manufacturing, healthcare, and others. The IT & telecom segment held the largest share in 2016. On the other hand, the healthcare segment is expected to manifest the highest CAGR of 43.6% during the forecast period.
The global webRTC market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific is expected to portray the highest CAGR of 44.5% during the study period. However, the market across North America dominated in 2016, contributing nearly one-third of the market.
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The global webRTC market report includes an in-depth analysis of the major market players such as Avaya Inc., Polycom, Cisco Systems, Inc., Tokbox Inc., Oracle Corporation, Genband, AT&T Inc., Twilio, Quobis, Plivo, and Apidaze.
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