Coherent Market Insights

Web Real-Time Communication Solution Market To Surpass US$ 33.43 Bn By 2030

Web Real-Time Communication Solution Market To Surpass US$ 33.43 Bn By 2030 - Coherent Market Insights

Publish On: Jun 27, 2023

Web real-time communication, also referred to as WebRTC, is a communication standard. It supports browser-to-browser applications for video calls, voice calls, data transfer, and instant messaging capabilities through JavaScript APIs within web browsers. WebRTC is primarily designed to facilitate users to interact with each other. It basically eliminates the need for installing any third-party desktop communication software and also requires a Web API within the browser to initiate communication. Moreover, it follows the principle of encryption of both data and signaling, facilitating secure communication between sender and receiver. It also enhances the user’s experience by enabling constant video and voice communication.

The global web real-time communication solution market was valued at US$ 2.82 Bn  in 2022 and is expected to exhibit a CAGR of 36.2% during the forecasted period (2023-2030).

Global Web Real Time Communication WebrRTC Solution Market: Drivers

Growing internet users worldwide

Growing internet users worldwide coupled with increasing social networking users is expected to drive growth of the global real-time communication (WebRTC) solution market over the forecast period. Increasing penetration of internet has increased the number of internet and social networking users globally. This, in turn, has increased traffic on web browser and several other online portals that are accessed through smartphones and tablets. Thus, growing internet penetration and increasing social network users are expected to fuel the market growth in the near future. For instance, the number of internet users has been steadily increasing globally. According to the International Telecommunication Union (ITU), by the end of 2020, more than 4.7 billion people were using the internet, representing approximately 59% of the global population.

Proliferation of mobile devices and browsers

The widespread adoption of smartphones, tablets, and other mobile devices, along with the availability of modern web browsers, has created a large user base for WebRTC applications. WebRTC's ability to work seamlessly across different devices and platforms without the need for additional plugins or software installations makes it an attractive choice for developers and users. The combination of mobile devices and browsers has made WebRTC a ubiquitous technology. Users can now engage in real-time audio and video communication, collaborate on projects, or share data directly from their mobile devices, enhancing productivity and efficiency. This mobile compatibility has opened up a wide range of opportunities for businesses and organizations to leverage WebRTC in their applications, such as video conferencing, customer support, telehealth services, and online education. For instance, the adoption of mobile devices, such as smartphones and tablets, has been remarkable worldwide. The number of smartphone users globally is projected to reach 3.8 billion by 2021. These mobile devices are equipped with browsers that support WebRTC technology, allowing users to access real-time communication capabilities directly on their devices without the need for additional software or plugins.

 Global Web Real Time Communication Market: Opportunities

Offering tailor-made solutions to consumers

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 to by market players by providing customized WebRTC solutions. Moreover, investing in R&D activities to develop novel technologies that can facilitate such specific demands can help market players increase their presence in the intense competition.

Global Web Real Time Communication Market: Restraints

Interoperability issues across browsers

Interoperability issues across browsers in various industry 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.

Global Web Real Time Communication Market: COVID-19 Impact Analysis:

The COVID-19 pandemic had a profound impact on the WebRTC solutions market, driving significant changes and developments. As remote work and virtual collaboration became the new norm, there was a substantial surge in the demand for real-time communication solutions. WebRTC, with its browser-based voice and video calling capabilities, emerged as a popular choice for businesses and individuals to maintain communication and productivity while working remotely. This sudden shift accelerated the digital transformation across industries, as organizations swiftly adopted WebRTC solutions to enable virtual meetings, online training sessions, telemedicine, and customer support. The healthcare sector, in particular, witnessed a significant increase in the use of WebRTC for telehealth services, facilitating remote consultations and patient monitoring. Ensuring security and data privacy became paramount, leading to a heightened focus on implementing robust security measures in WebRTC solutions. The market also saw expansion and investments, with companies enhancing their WebRTC offerings and adding features to meet the evolving needs of remote communication. Overall, the COVID-19 pandemic acted as a catalyst, propelling the adoption and growth of WebRTC solutions as businesses and individuals sought effective ways to communicate and collaborate remotely during challenging times. For instance, The use of collaboration tools increased significantly during the pandemic. Microsoft Teams reported reaching 115 million daily active users in October 2020, up from 75 million in April 2020.

Key Takeaways:

North America

North America region dominated the global web real-time communication (WebRTC) solutions market in 2022, 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.

Europe

Key players in the region are focused on product and service launches, in order to enhance their market presence. For instance, in 2021, Vonage, a leading cloud communications provider, announced the launch of its WebRTC-based product called Vonage Video API. This API enables businesses to embed real-time video communication capabilities directly into their applications, enhancing customer engagement and collaboration. The launch of this product demonstrates Vonage's commitment to expanding its WebRTC offerings and strengthening its market presence in Europe and beyond.

Latin America

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.

To know the latest trends and insights prevalent in the global web real time communication market, click the link below:

https://www.coherentmarketinsights.com/market-insight/web-real-time-communication-webrtc-solution-market-3178

Global Web Real Time Communication Market - Trends

Real-time Remote Patient Monitoring

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.

Growing Applications in Logistics

Transportation 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.

Global Web Real-Time Communication Solution Market – Key Developments

  1. In 2020, Microsoft, a technology corporation announced the general availability of the Azure Communication Services, a platform that leverages WebRTC technology to enable developers to build real-time communication features into their applications.
  2. In 2020, Google, a technology company introduced WebRTC-based noise cancellation for its video conferencing platform, Google Meet. This feature uses advanced AI algorithms to filter out background noise and improve call quality.
  3. Twilio, a leading cloud communications platform, made significant advancements in its WebRTC offerings. In 2020, Twilio launched Twilio Video WebRTC Go, a low-latency and cost-effective video solution designed for small and medium-sized businesses.

Global Web Real-Time Communication Solution Market: Competitive Landscape   

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.

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