Pune, Oct. 17, 2023 (GLOBE NEWSWIRE) -- “The SNS Insider report indicates that the Web Real-Time Communication Market achieved a value of USD 6.4 billion in 2022 and is projected to reach a substantial USD 121.6 billion by 2030, exhibiting a robust compound annual growth rate (CAGR) of 44.5% during the forecast period spanning from 2023 to 2030.”
Market Overview
Web Real-Time Communication (WebRTC) is a set of open-source technologies and protocols that enable real-time communication over the internet. It allows browsers and other applications to establish peer-to-peer connections for various forms of multimedia communication, such as voice and video calls, screen sharing, and file sharing, without the need for additional plugins or software installations. WebRTC has gained popularity for its role in enhancing the real-time communication capabilities of websites and applications, providing a seamless and interactive user experience.
Market Analysis
The web real-time communication market has experienced significant growth in recent years, and several key drivers have contributed to this expansion. With the proliferation of smartphones and mobile devices, there's a growing need for real-time communication capabilities on mobile platforms. WebRTC's ability to offer reliable communication without the need for additional plugins or apps has made it a preferred choice for mobile application developers. The healthcare industry has embraced WebRTC for telemedicine applications. Patients can now have video consultations with healthcare providers, access medical advice remotely, and share diagnostic information securely. The gaming industry has embraced WebRTC for in-game voice chat and streaming. Additionally, WebRTC has been used to create interactive live streaming platforms and social applications, increasing its adoption in the entertainment sector.
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Major Players Listed in this Report are:
- Plivo Inc.
- Plantronics, Inc.
- Oracle Corporation
- tokbox Inc.
- ribbon Communications Operating Company, Inc.
- Avaya Inc.
- Dialogic Corporation
- Twilio Inc.
- Cisco Systems, Inc.
- Quobis & Other Players
Web Real-Time Communication Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 6.4 Billion |
| Market Size by 2030 | US$ 121.6 Billion |
| CAGR | CAGR of 44.5% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2019-2021 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
Key Takeaway from Web Real-Time Communication Market Study
- In the ever-evolving landscape of web real-time communication (WebRTC), the Information Technology (IT) segment stands out as a dominant force. The IT segment excels in providing scalable and flexible solutions that cater to the diverse needs of businesses across industries. Whether it's a small startup or a multinational corporation, IT-based WebRTC solutions can adapt seamlessly to any scale, making them highly sought-after.
- Within the realm of WebRTC, the Video Calling and Conference segment is emerging as a powerful contender, poised to dominate the market. The proliferation of remote work and the growing importance of seamless collaboration have driven the demand for video calling and conferencing solutions. Businesses are increasingly relying on these tools to connect remote teams and foster productivity.
Recent Developments
- Comviva's recent launch of a Communication Platform as a Service (CPaaS) solution powered by Microsoft Azure represents an exciting development in the world of cloud-based communication services. This partnership brings together the expertise of Comviva, a global leader in mobility solutions, and Microsoft Azure, one of the most prominent cloud computing platforms in the world.
- MessageBird, a leading cloud communications platform, has made a strategic move to enhance its offerings by acquiring Pusher, a company specializing in real-time communication APIs. This acquisition is poised to reshape the landscape of business communication, providing new and exciting possibilities for companies looking to connect with their customers and users in real-time.
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Market Dynamics Analysis
The web real-time communication market is experiencing dynamic shifts in response to a plethora of drivers, restraints, challenges, and threats. On the driver's side, the growing demand for seamless and interactive online experiences, driven by the proliferation of remote work and virtual collaboration, is propelling the adoption of WebRTC solutions. Additionally, the increasing prevalence of mobile devices and high-speed internet connectivity further fuels the market's growth. Furthermore, the rising significance of customer engagement and support in the digital era is driving enterprises to integrate WebRTC into their customer service strategies, enhancing real-time interactions. However, amidst these opportunities, several restraints and challenges exist. Privacy and security concerns remain at the forefront, as the transmission of sensitive data over WebRTC channels poses potential vulnerabilities. Compliance with data protection regulations, such as GDPR, adds an additional layer of complexity. Additionally, the diverse ecosystem of WebRTC technologies can hinder interoperability, leading to compatibility issues between platforms and devices.
Web Real-Time Communication Market Key Segmentation
By Component
- Solution
- Services
By Solution
- Voice Calling
- Video Calling & Conference
- Message & File Sharing
- Others
By Web RTC Enabled Devices
- Mobile
- Desktop
- Tablet
- Others
By Industry Vertical
- BFSI
- IT
- Telecom
- Media
- Entertainment
- Healthcare
- Retail
- Manufacturing
- Government
- Others
Key Regional Developments
North America has traditionally been a frontrunner in web real-time communication market. The presence of major tech companies and strong investment in research and development have driven the growth of WebRTC applications. Europe places a strong emphasis on data privacy and security, impacting the development and deployment of WebRTC applications. Companies must navigate GDPR and other privacy regulations, leading to unique challenges and opportunities. Countries in Asia-Pacific are witnessing rapid growth in internet penetration, creating new opportunities for WebRTC adoption, particularly in areas like e-commerce and social networking.
Impact of Recession on Web Real-Time Communication Market Growth
The ongoing recession has both challenges and opportunities for the web real-time communication market. While some smaller players may face hurdles, the overall trend points toward increased adoption of WebRTC as businesses seek cost-effective, scalable, and secure real-time communication solutions in an increasingly remote work-focused world. Companies that can provide innovative, integrated, and secure WebRTC offerings are likely to thrive in this evolving market.
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Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Web Real-Time Communication Market Segmentation, by Component
9. Web Real-Time Communication Market Segmentation, by Solution
10. Web Real-Time Communication Market Segmentation, by Web RTC Enabled Devices
11. Web Real-Time Communication Market Segmentation, by Industry Vertical
12. Regional Analysis
13. Company profile
14. Competitive Landscape
15. USE Cases and Best Practices
16. Conclusion
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