Web Real-Time Communication Market Size Worth $40.6 Billion
SAN FRANCISCO, Aug. 5, 2020 /PRNewswire/ -- The global web real-time communication market size is estimated to reach USD 40.6 billion by 2027 growing at a CAGR of 43.4% from 2020 to 2027, according to a study conducted by Grand View Research, Inc. Web real-time communication (WebRTC) enables real-time communication capabilities over browsers without having the need to install additional plugins. It supports browser-to-browser applications for video chat, voice calling, messaging, and file sharing. Amid the spread of COVID-19, several organizations have adopted work-from-home policies. There is a need to maintain operational efficiency while working from home, and online communication has become an essential tool for all organizations. The increasing demand for online communication is expected to drive the market in the near future.
Key suggestions from the report:
- The solutions segment is projected to expand at a CAGR of over 40% from 2020 to 2027. This is attributed to the webification of communication
- Smartphones & tablets is projected to be the largest enabled device segment. Increased usage of smartphones for video conferencing and video calling is a major factor contributing to the segment share
- The healthcare segment is expected to register the fastest CAGR over the forecast period. The rising adoption of telehealth solutions that provide a remote connection between the patient and the clinician is anticipated to dive the segmental growth
- North America region held the largest market share of 41.13% in 2019. The large revenue share is attributed to the presence of several IT and Telecom giants in the region that need inter- and intra-organization communication on a daily basis
Read 148 page research report with ToC on "Web Real-Time Communication Market Size, Share & Trends Analysis Report By End-use Industry (IT & Telecom, Healthcare), By Component (Solutions, Services), By Enabled Device, By Region, And Segment Forecasts, 2020 - 2027'' at: https://www.grandviewresearch.com/industry-analysis/web-real-time-communication-market
The market is expected to witness substantial growth owing to the rising adoption of real-time communication solutions in mobile applications. Applications, such as Facebook Messenger and Snapchat, use the technology to power their video calling features. Furthermore, GSMA estimates that the number of mobile internet users will reach around 5 billion by 2025, which provides huge potential for market growth. The technology is cost-effective as it eliminates the need for installing additional plugins and has a low latency owing to the high transfer speed. For instance, at sub-500-millisecond latency, WebRTC offers one of the fastest methods for transferring video over the internet.
The market is fragmented, and competitive rivalry is high due to the presence of numerous key players. Market players are focusing on adopting various growth strategies, such as mergers, acquisitions, and regional expansions, to gain a competitive advantage. For instance, in September 2016, TWILIO INC. announced the acquisition of WebRTC technologies developed by the team behind the Kurento Open Source Project. The acquisition is expected to help the company address the need for more next-generation video applications, such as those involved in robotics, computer vision, augmented reality, and the Internet of Things (IoT).
Grand View Research has segmented the global web real-time communication market on the basis of component, enabled device, end-use industry, and region:
- WebRTC Component Outlook (Revenue, USD Million, 2016 - 2027)
- Voice Calling & Conference
- Video Calling & Conference
- Message & File Sharing
- WebRTC Enabled Device Outlook (Revenue, USD Million, 2016 - 2027)
- Smartphones & Tablets
- WebRTC End-use Industry Outlook (Revenue, USD Million, 2016 – 2027)
- IT & Telecom
- Media & Entertainment
- WebRTC Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- The U.S.
- The U.K.
- Asia Pacific
- Latin America
- Middle East & Africa
- List of Key Players of Web Real-Time Communication Market
- Avaya Inc.
- Cisco Systems, Inc.
- Dialogic Corporation
- Oracle Corporation
- Plivo Inc.
Find more research reports on Communication Services Industry, by Grand View Research:
- Rich Communication Services Market – The global rich communication services market size was valued at USD 780.1 million in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 35.4% from 2020 to 2027.
- Clinical Communication & Collaboration Market – The global clinical communication and collaboration market size was valued at USD 1.35 billion in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 18.0% from 2020 to 2027.
- Telecom Services Market – The global telecom services market size was valued at USD 1.74 trillion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 5.0% from 2020 to 2027.
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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