Web Real-Time Communication Market Valued at $45.91 Billion in 2027, Expanding Rapidly
“Rising demand for seamless, real-time online communication and collaboration propels WebRTC market growth.”
PORTLAND, ORIGON, UNITED STATES, October 11, 2023 /EINPresswire.com/ — Cost-effective benefits of WebRTC technology, increasing webification of real-time communications, and surge in adoption of WebRTC among enterprises have boosted the growth of the global web real-time communication market. However, lack of universal standards and surge in security and privacy concerns hamper the market growth. On the contrary, integration of AI with WebRTC, rapid adoption of BYOD trend, and surge in use cases of WebRTC for IoT create lucrative opportunities for the market players in the future.
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COVID-19 Scenario:
The outbreak of COVID-19 has greatly affected the global web real-time communication industry.
► The major market players are focused on mobilizing to adapt to increasing demand for digital channels for entertainment, information, and education.
► The rapid move to ‘work from home’ and demand for applications to stay in touch with family members and friends have increased the demand for web real-time communication solutions.
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By component, the solution segment dominated the global web real-time communication market in 2019, accounting for more than two-thirds of the market, owing to increased adoption among enterprises for applications such as video conferencing, staff meetings, BYOD applications and use of WebRTC as a substitute for VoIP or unified communication solutions. However, the service segment is expected to register the highest CAGR of 43.8% during the forecast period, due to the need of enterprises to find suitable WebRTC solutions and help integrate it with other enterprise applications.
By industry vertical, the healthcare segment is anticipated to manifest the highest CAGR of 43.3% during the forecast period, due to increasing awareness about the benefits of telemedicine & remote patient monitoring. However, the IT & telecom segment held the largest share in 2019, contributing to more than one-fifth of the global web real-time communication market, owing to rise in demand for a secure, low cost communication medium and surge in strategic alliances, partnership programs, business re-modeling, and product launches in the IT & telecom industry.
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By region, the global web real-time communication market across North America held the largest share in 2019, accounting for more than one-fourth of the market. This is due to awareness about the advantages of web real-time communication and high ICT expenditure across various sectors. However, the market across Asia-Pacific is expected to register the highest CAGR of 43.4% during the forecast period. This is due to ease in adoption of fast internet connectivity including 4G connections, large population base, massively growing smartphone penetration, rise in competition among telecom service providers, and surge in usage of social media among millennials.
Major market players
► Avaya Inc.
► Dialogic Corporation
► Cisco Systems, Inc.
► Oracle Corporation
► Plantronics, Inc.
► Quobis
► Plivo
► Tokbox Inc. (Vonage)
► Ribbon Communications Operating Company, Inc.
► Twilio Inc.
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