New York, Jan. 09, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners; “Web Real-Time Communication Market Size, Share, Trends, Growth and Global Forecast to 2028 - Covid-19 Impact and Global Analysis - by Solution, Services, and Industry Vertical”; The global web real-time communication market growth is fuelled by rising number of APIs offered by vendors, increasing demand for web and mobile applications by organizations for business processes, and growing penetration of smartphones across various industries.
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Global Web Real-Time Communication Market – Report Scope:
| Market Size Value in | USD 8.84 billion in 2021 |
| Market Size Value by | USD 39.78 billion by 2028 |
| Growth rate | CAGR of 21.6% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
| No. of Pages | 150 |
| Historical data available | Yes |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America |
| Country scope | US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Web Real-Time Communication Market: Competitive Landscape and Key Developments
Oracle Corporation; Cisco Systems, Inc.; Avaya Inc.; Plantronics, Inc.; AT&T Inc.; Vonage America, LLC; Ribbon Communications Operating Company, Inc.; Twilio, Inc.; VoIPStreet, Inc.; and Enghouse Systems Ltd. are among the key players operating in the web real-time communication market.
In February 2021: Ecosmob, a VoIP solution provider, launched a new web real-time communication solution, a customized offering for businesses. It leverages the power of VoIP to conduct a seamless call from desktops, smartphones, VoIP phones, and real-time web communication-enabled browsers.
In September 2019: Cisco Systems, Inc. acquired Voicea that provides real-time solutions. The acquisition was aimed at enhancing Cisco System Inc.’s Webex portfolio with transcription services that combine automated speech recognition and artificial intelligence (AI). Thus, with the implementation of advanced technologies in the communication areas, the demand for web real-time communication solutions continues to rise in the market.
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Global Web Real-Time Communication Market: COVID-19 Overview
The COVID-19 pandemic disrupted the normal flow of work and drastically affected businesses in several countries. Numerous companies have adopted work-from-home policies, and there is a growing need to maintain operational effectiveness remotely. Growing interest in online correspondence has become a vital tool for all companies to carry out their business operations by allowing their employees to work from home. Web real-time communication solutions helped businesses establish real-time communication and bridge the gap formed due to the lockdown. There was a massive adoption of customized WebRTC-based video conferencing services among the aging population, mainly for improving telecommunications and fulfilling the increasing need for healthcare facilities. As a result, the COVID-19 pandemic positively impacted the web real-time communication market.
The web real-time communication market in Europe is anticipated to grow at a substantial growth rate. The cost-effective solutions and surge in awareness regarding the benefits of web real-time communication solutions propel the region's market growth. Furthermore, there is a growing acceptance of real-time communication solutions in phone applications such as Snapchat and Facebook Messenger. Also, web real-time communication solutions offer the quickest technique for transferring video over the internet. It eliminates the requirement for introducing extra plugins and has a low dormancy due to the high transfer speed.
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Web Real-Time Communication Market – Regional Overview:
The web real-time communication market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America. North America dominated the market in 2021 and is expected to maintain its dominance during the forecast period. As companies are early adopters of emerging technologies, there is an increasing demand for virtual meetings and high-speed internet connectivity. To enhance collaborations among remote and mobile workers across large enterprises, the demand for web real-time communication solutions continues to rise in the region. Furthermore, enterprises are looking for reliable solutions to manage their remote workforce at a lower cost. Therefore, web real-time communication solution helps manage their remotely working employees at a lower total cost of ownership (TCO). Further, an increasing number of government initiatives and a surge in ICT spending are becoming major factors propelling the web real-time communication market growth in the region.
Asia Pacific is expected to be the fastest-growing regional market from 2022 to 2028. The surge in digitalization and an increasing number of internet users, mainly in China and India, are anticipated to generate huge potential for market growth over the forecast period. Due to increasing globalization, there is a rapid demand to collaborate on unified messaging and communication techniques and tools to establish secure and reliable communication. The growing BYOD trend across the IT sector enables enterprises to integrate web real-time communication capabilities in their web applications, which boosts web real-time communication market growth.
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Web Real-Time Communication Market: Vertical Overview
Based on vertical, the web real-time communication market is segmented into BFSI, IT & telecom, media & entertainment, manufacturing, retail, and others. The IT & telecom segment dominated the web real-time communication market in 2021. As the internet and application ecosystem has already disrupted the IT & telecom industry, Voice over Internet Protocol (VoIP) and social networks are gaining traction. Therefore, telecom companies are reviewing their traditional communication services and developing new solutions that meet the current communication trends. Furthermore, several new vendors have entered the market to gain an outstanding market share, and web real-time communication solution is expected to gain significant opportunities in the IT & telecom industry by introducing novel technology at an affordable cost. These factors, as a result, contributed to the growth of web real-time communication solutions in IT & telecom industries.
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