Pune, India., Oct. 31, 2023 (GLOBE NEWSWIRE) -- According to a new report on “Web Real-Time Communication Market Size and Forecast (2020–2030), Global and Regional Share, Trends, and Growth Opportunity Analysis – by Component (Solution and Services), Enterprise Size (Large Enterprise and SMEs), Industry Vertical (IT and Telecom, BFSI, Healthcare, Retail, Media and Entertainment, and Others), and Geography (North America, Europe, Asia Pacific, and South and Central America)” the market in terms of revenue was estimated to be worth $5.26 billion in 2022 and is poised to reach $56.83 billion by 2030, growing at a CAGR of 34.6% from 2022 to 2030.
The growth of the web real-time communication market is driven by increasing ICT spending in developing countries and growing demand for connected devices. However, integration of AI with WebRTC is emerging as a future trend in the industry.
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Global Web Real-Time Communication Market Scope:
| Report Coverage | Details |
| Market Size Value in | USD 5.26 Billion in 2022 |
| Market Size Value by | USD 56.83 Billion by 2030 |
| Growth rate | CAGR of 34.6% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
| Segments covered | Component, Enterprise Size, Industry Vertical, and Geography. |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America. |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends |
Emergence of 5G Network is Creating an Opportunity for the Growth of the Global Web Real-Time Communication Market:
The 5G network is around 100 times faster than the 4G network, making real-time communication much easier. As the 5G network provides strong connectivity and high-speed data transfer, its demand is increasing across the world. According to the Groupe Speciale Mobile Association (GSMA), 5G penetration across the world is expected to reach 54% by 2030 from 17% in 2022. North America has the highest 5G penetration, with 39% in 2022; it is expected to reach 91% by 2030. 5G penetration in Asia Pacific (except China) and Europe is expected to increase from 4% and 11% in 2022 to 41% and 87% by 2030, respectively. As 5G is the critical new-generation network technology that can enable innovation and support digital transformation, its demand is increasing across the world. Therefore, the governments of various countries are investing in 5G infrastructure. In July 2021, the government of France announced its plan to invest about US$ 2.06 billion (EUR 1.7 billion) in its 5G market by 2025 via public and private investments. Through this, the government aims to accelerate the development of 5G in the country. Similarly, in January 2021, the government of South Korea announced that they would increase the coverage of the next-generation mobile networks, particularly 5G, to 85 cities this year from the current seven major cities. It invested around US$ 115.89 million (127.9 billion won) in 2021 to encourage the use of private 5G networks. Growing investments in 5G will help improve connectivity and enable real-time communication, including video conferencing, file transfers, desktop sharing, and chatting, without the need for internal or external plugins. Therefore, the emergence of the 5G network is expected to create lucrative opportunities for the market growth during the forecast period.
AAPC is one of the strong adopters of the IoT. In recent years, various sectors in the region have begun transforming their operations by embracing digitalization and IoT. As per the Microsoft IoT Signals report study of over 3,000 business decision-makers (BDMs), developers, and internet technology decision-makers (ITDMs) across 10 countries—including Australia, China, and Japan—indicates the continuation of the adoption of IoT in a wide range of applications. Thus, such large-scale adoption of IoT technologies across various sectors is expected to raise the demand for web real-time communication, as the technology enables real-time communication through application programming interfaces in web browsers and mobile applications, fueling the market growth.
Furthermore, various businesses are incorporating web real-time communication solutions for various applications such as telemedicine, online education, customer support, collaboration tools, and others. As web real-time communication solutions allow to meet the diverse needs of seamless communication in multiple sectors, such as IT and telecom, BFSI, healthcare, retail, and others, its demand is increasing in the region. In addition, by implementing the appropriate real-time protocols, web real-time communication solutions allow to send and receive media through web browsers, thereby assisting the users to initiate click-to-start meetings without downloading dedicated apps or plugins, driving its adoption across various industries, including telehealth, online education, and others.
Moreover, the region is witnessing an increase in the number of internet users. According to GSMA, in 2021. mobile broadband networks, including 3G, 4G, and 5G, covered around 96% of the population in the APAC. However, only 44% of the population, i.e., 1.23 billion users, are using mobile internet services in 2021, which is expected to grow to 1.5 billion by 2025. Also, by 2025, it is expected that there will be more than 400 million 5G connections. Australia, Japan, South Korea, and Singapore will see a quicker adoption of 5G by 2025. Thus, all the above factors are fueling the growth of the web real-time communication market in the APAC.
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Global Web Real-Time Communication Market: Segmental Overview
Based on component, the web real-time communication market is segmented into solution and services. The solution segment held the largest web real-time communication market share in 2022 and is also anticipated to register the highest CAGR in the market during the forecast period. Based on enterprise size, the web real-time communication market is bifurcated into large enterprise and SMEs. According to the web real-time communication market research, the large enterprise segment held the largest share of the market in 2022 and is estimated to register the highest CAGR in the market during the forecast period. Based on industry vertical, the web real-time communication market is segmented into IT and telecom, BFSI, healthcare, retail, media and entertainment, and others. The IT and telecom segment held the largest web real-time communication market share in 2022, whereas the healthcare segment is also anticipated to register the highest CAGR in the market during the forecast period.
Global Web Real-Time Communication Market: Competitive Landscape
Oracle Corporation; Cisco Systems. Inc.; Avaya Inc.; Polycom; AT&T Inc.; Vonage Holdings Corp; Twilio Inc.; ECOSMOB TECHNOLOGIES PVT. LTD.; Quobis; and Ribbon Communications Operating Company, Inc. are among the few of the key web real-time communication market players. The web real-time communication market players focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.
Recent Developments:
- In March 2023: Nomad announced its partnership with Red5 Pro to provide real-time video delivery (WebRTC) powered by Red5 Pro’s real-time distribution technology. Under this partnership, Red5 will provide its customers with a paradigm shift in real-time low latency live streaming technology.
- In August 2023: Kaleyra, Inc., a global CPaaS leader, announced a strategic collaboration in its partnership portfolio with Talisma Corporation, Pvt. Ltd, a leading provider of customer experience solutions based in Bangalore, India. The partnership agreement enhances the customer experience by adding Kaleyra Video, a WebRTC audio and video calling tool, to Talisma's Customer Relationship Management & Digital Engagement Platform.
Go through further research published by The Insight Partners:
Unified Communications Market - Global Analysis and Forecast to 2030
Web Conferencing Market - Global Analysis and Forecast to 2030
Cloud Communication Platform Market - Global Analysis and Forecast to 2028
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