The “Global Web real-time communication (WebRTC) solutions Market, by Type (Services [Consulting Service, Implementation Service, Integration Service and Maintenance Service] and Solution), by Deployment (Hybrid Cloud, Private Cloud and Public Cloud), by Application (Gaming, Social Networking, Video Conferencing, Voice Calling and Others), by Vertical (BFSI, Energy & Utility, Healthcare Sector, IT & Telecom, Manufacturing Industry, Media & Entertainment, Public Sector, Retail and Transportation & Logistic Sector) and by Geography (North America, Europe, Asia Pacific, Latin America and Middle East Asia & Africa) - Global Forecast to 2027”, is expected to be valued at US$ 46,336.6 million by 2027, witnessing a CAGR of 42.2% during the forecast period (2019-2027), as highlighted in a report published by Coherent Market Insights.
The global Web real-time communication solution market was accounted for US$ 1,807.5 Mn in terms of value by 2018 and is expected to grow at a CAGR of 42.2% during the forecasted period (2019-2027).
Growing internet users worldwide coupled with increasing social networking users is expected to drive growth of the global real-time communication (WebRTC) solutions market over the forecast period.
Increasing penetration of internet has increased the number of internet and social networking users worldwide. This, in turn, has increased traffic on web browser and several other online portals that are accessed through smartphones and tablets. According to Internet Live Stats, number of internet users increased by 7.9% in 2014 to reach 2.9 billion. According to the same source, active number of social media users crossed 2 billion in 2014. Thus, growing internet penetration and increasing social network users are expected to fuel the market growth in the near future.
Offering tailor-made solutions to consumers, in order to cater to specific requirements is expected to pose lucrative growth opportunities for market players
Certain industry verticals such as healthcare and education require specific WebRTC services such as VoIP, virtual WebRTC, UC Service, Telephony, and more that might not be available in the market. Such specific demands can be catered by market players by providing customized WebRTC solutions. Moreover, investing R&D activities to develop novel technologies that can facilitate such specific demands can help market players to increase their presence in the intense competition.
Interoperability issues across browsers in various industries verticals are expected to restrain the global real-time communication (WebRTC) solutions market over the forecast period.
Many customers across business verticals consider interoperability between browsers and browser support for WebRTC as a determining factor before adoption. Although these issues can be mitigated, they certainly hinder the user experience every time they pop up. Moreover, interoperability between browsers can cause applications to break on dissimilar browsers. Thus, such factors are expected to restrain the market growth over the forecast period.
North America region dominated the global web real-time communication (WebRTC) solutions market in 2018, accounting for 41.3% share in terms of value, followed by Europe and Asia Pacific, respectively.
North America is expected to hold the dominant position in the global web real-time communication (WebRTC) solutions market during the forecast period. This is owing to growing demand for cost-efficient and user-friendly browser-based real-time communication solutions by contact centers and other industry verticals. For instance, in 2014, TeleSpeak, a provider of cloud business communication provider, launched cloud-based WebRTC services for healthcare, educational sectors, and contact centers.
Key players in the region are focused on product and service launches, in order to enhance their market presence. For instance, in 2015, 3CX Ltd. launched 3CX WebMeeting v8—a WebRTC-based plugin-free video conferencing solution.
Latin America is expected to one of the fastest growing market during the forecast period. This is owing to increasing consumer preference towards real-time communication with merchants and vendors in emerging economies such as Mexico, Brazil, and Argentina. Key companies in the market are focused on introducing novel products that are compatible with Google Chrome and Mozilla Firefox. For instance, in 2015, Telefonica introduced Tu Go messaging app, which is compatible with Google Chrome and Mozilla Firefox.
Various medical institutes, hospitals, and independent clinics are extensively adopting WebRTC solutions and services to facilitate healthcare professionals to remotely monitor patients and suggest proper treatment in real-time.
Transpiration and logistics companies are increasingly replacing their existing mobile services with advanced WebRTC-based mobile application that provide text, voice, and video communication. Moreover, these companies are investing significantly for development of tablet-based WebRTC apps that allow drivers to interact with consumers through video calling.
There are no such regulations or policies related to IP, VoIP or telephony in the region. However, few of the related service providers in the regions are offering VoIP or IP services. Other act – “Telecommunication Business Act (Act No. 86 of December 25, 1984)”
Key companies operating in the global web real-time communication (WebRTC) solutions market are Avaya Inc., Twilio, Inc., Google Inc., Plivo Inc., Cisco Systems, Inc., AT&T Inc., IBM Corporation, Mitel Networks Corporation, Huawei Technologies Co., Ltd., TokBox Inc., and Ericsson.