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Increasing demands for robust and secure communication systems, high demands of Web Real-Time Communication solutions from small and mid-size businesses are some of the factors that are driving the Web Real-Time Communication software market.The global web real-time communication market was pegged at $2.73 billion in 2019, and is projected to reach $45.91 billion by 2027, growing at a CAGR of 41.7% from 2020 to 2027.
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.
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.
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.
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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.
Profiling Key Players: Avaya Inc., Cisco Systems, Inc., Dialogic Corporation, Plantronics, Inc., Oracle Corporation, Plivo, Quobis, Ribbon Communications Operating Company, Inc., Tokbox Inc. (Vonage), and Twilio Inc.
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