Selbyville, Delaware, Oct. 05, 2021 (GLOBE NEWSWIRE) --
Web Real-Time Communication Market revenue is anticipated to record a valuation of USD 20 billion by 2027, according to the most recent study by Global Market Insights Inc. The growing work-from-home trends across enterprises due to COVID-19 restrictions across the various industry verticals are supporting the market growth.
The WebRTC market growth is attributed to the increasing demand for improved, secure, and robust communication solutions. With mobility making rapid inroads into numerous large & small enterprises around the world, WebRTC solutions are experiencing accelerated adoption in the market. Businesses are increasingly realizing the benefits of BYOD in terms of increased employee productivity and efficiency. The increasing BYOD trend is supporting the market growth.
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The messaging & file sharing segment held a market share of over 30% in 2020 due to the increasing adoption of messaging solutions to enable instant communication channels in the business environment. This solution helped enterprises in effectively coordinating team members, customers & external agencies easily and share files without any data leaks. This is a major factor supporting the market growth over the forecast period.
The SMEs are expected to grow at a CAGR of over 45% during the forecast period due to the growing work-from-home trend across SMEs. The growing trend of workforce mobility and budgetary constraints will compel enterprises to look for effective ways to reduce telecommunication expenses. SMEs are rapidly adopting WebRTC solutions as this technology enables cost-effective voice communications.
The BFSI sector held a significant market share in 2020 due to the rising demand for improved communication services across the BFSI industry. Banks and financial institutions need effective communication platforms that reduce costs by combining data & voice services over a single channel to support mobile interactions. They are rapidly moving from on-premise platforms to cloud technology to support growing mobility & collaboration demands. WebRTC solutions allow companies in the BFSI industry to streamline operations and communicate with several stakeholders & customers to improve productivity & deliver enhanced banking services.
Europe is projected to generate a market revenue of over USD 6 billion by 2027 in the WebRTC market. The market growth is attributed to the growing adoption of cloud computing services in the region. For instance, according to Eurostat, around 50% small and medium enterprises in Europe were using cloud computing technology, which was 12% more than 2018. Around 33% small enterprises and 46% medium enterprises were using the cloud computing technology in Europe.
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Companies operating in the market are focusing on strategic partnerships to enhance WebRTC capabilities. For instance, in June 2021, NFON, a European voice centric communication solution provider, partnered with Meetecho, an Italian WebRTC company, to enhance its WebRTC solution capabilities. This partnership helped the company to enhance its communication product portfolio.
Some major findings of the WebRTC market report include:
- The growing demand for VoIP solutions to improve communication across the businesses is supporting market growth.
- Rising demand for integrating communication APIs across the web browsers is fueling the demand for WebRTC solutions.
- The Europe WebRTC market is propelled by the increasing demand for secure & robust communication services across the SMEs.
- Companies operating in the market are focusing on developing innovative WebRTC solutions & services to gain competitive advantage.
Partial chapters of report table of contents (TOC):
Chapter 3 WebRTC Industry Insights
3.1 Introduction
3.2 Industry segmentation
3.3 Impact of COVID-19 outbres
3.3.1 Regional outlook
3.3.1.1 North America
3.3.1.2 Europe
3.3.1.3 Asia Pacific
3.3.1.4 Latin America
3.3.1.5 MEA
3.3.2 Industry value chain
3.3.3 Competitive landscape
3.4 Industry ecosystem analysis
3.4.1 Software providers
3.4.2 Web browser providers
3.4.3 System integrator
3.4.4 End users
3.4.5 Vendor matrix
3.5 Industry evolution
3.6 Technology & innovation landscape
3.6.1 5G network
3.6.2 IoT
3.6.3 Artificial Intelligence
3.7 Investment portfolio
3.8 Regulatory landscape
3.8.1 Markets in Financial Instruments Directive (MiFID)
3.8.2 The Privacy and Electronic Communications (EC Directive) Regulations 2003
3.8.3 The Dodd-Frank Act
3.8.4 Health Insurance Portability and Accountability Act (HIPAA)
3.8.5 The Protection of Personal Information Act (2013)
3.8.6 Electronic Communications and Transactions Act 25 of 2002
3.8.7 Nigeria Communications Act (2003)
3.9 Industry impact forces
3.9.1 Growth drivers
3.9.1.1 Growing popularity of the BYOD trend
3.9.1.2 Rising Work-from-Home trend
3.9.1.3 Increasing demand for secure and robust communication solutions
3.9.1.4 Growing demand for WebRTC across SMEs
3.9.2 Industry pitfall & challenges
3.9.2.1 Interoperability concerns across the web browsers
3.9.2.2 Lack of standardization
3.10 Growth potential analysis
3.11 Porter’s analysis
3.11.1 Supplier power
3.11.2 Buyer power
3.11.3 Threat of new entrant
3.11.4 Threat of substitution
3.11.5 Competitive rivalry
3.12 PESTEL analysis
3.12.1 Political
3.12.2 Economical
3.12.3 Social
3.12.4 Technological
3.12.5 Legal
3.12.6 Environmental
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
