Web Real Time Communication Market Size, Share & Trends 2031

Report Description

Web Real-Time Communication Market Outlook 2031

The global web real-time communication market size was USD 6.78 Billion in 2022 and is anticipated to reach USD 173.85 Billion by 2031 expand at a CAGR of 43.4% during the forecast period, 2023 to 2031. The growth of the market is attributed to the increasing adoption of real-time communication solutions in mobile applications.

Web real-time communication (WebRTC) facilitates real-time communication over browser as well as mobile applications with the help of simple application programming interfaces (APIs). Integration of RTC into web applications provide a sound user experience and decreases the costs as it eliminates the requirement of additional plugins.

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The outbreak of the COVID-19 pandemic has led to the cancellation of several international seminars, corporate events, trade shows, and investor presentations. Therefore, hosts of these events have enrolled for video conferencing for communicating these events.

Moreover, work-from-home policies across various industries including IT and education have increased the demand for RTC solutions. Stringent lockdown measures were implied in many countries, which in turn, has encouraged schools to boost learning through online portals. 

According to a report of the International Telecommunication Union (ITU), in 2019, about 53% of the global population had gain access to the Internet as compared to 51% in 2018.

Furthermore, the introduction of 5G technology is expected to support broadcasting service providers to improve their business in several areas, including interactive advertising, e-sports streaming, personal broadcasting, and educational broadcasting, to offer high-quality content by applying WebRTC. This facilitates viewers to communicate bi-directionally, which surges consumer engagement.

The use of latest technology allows shoppers to interact with the store’s staff from their home. While maintaining customer’s privacy, retailers can deliver high-quality live video stream from store. A real-time communication has been heavily implemented in the retail industry to address consumer grievances remotely.

For instance, Amazon’s Kinesis Video Stream offers WebRTC-based standard-compliant real-time communication that comprises a set of protocols designed for establishing a peer-to-peer connection. One can use Amazon Kinesis Video Stream along with WebRTC and securely perform two-way video or audio communication.

Operating real-time communication which can run over a web browser is making its way into banking and insurance websites, due to which, organizations can interact with consumers more effectively. This reduces the need for consumers to physically visit the banks or insurance companies and, as a result, develops customer experience.

Additionally, real-time video communication makes it possible for insurance companies to verify claims remotely and allows users to get compensation in a short period.

Web Real-Time Communication Market Trends, Drivers, Restraints, and Opportunities:

• Growing penetration of Internet across various industry verticals including BFSI and healthcare is expected to boost the market growth.
• Lack of support for the WebRTC technology from major technology players such as Apple Inc. and Microsoft Corp. can hinder the market growth.
• Ongoing research and development programs by some major industry players is expected to present numerous opportunities in the foreseeable future.

Scope of Web Real-Time Communication Market Report:

The report on the global web real-time communication market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been involved in this report.

Global Web Real-Time Communication Market Segment Insights

Solutions segment is anticipated to hold a significant market share

Based on components, the market is bifurcated into services and solutions and services. The services is further segmented into message & file sharing, video calling & conference, and voice calling & conference. The solutions segment is anticipated to hold a significant share of the market and is projected to expand at a steady CAGR during the forecast period, 2023 to 2031.

Growing demand for innovative APIs to embed real-time communication in browsers is propelling the segment growth. Considering the sub-segments, the video calling & conference segment is estimated to expand at a high CAGR during the forecast period owing to the increasing demand for high-quality video conferencing solutions.

The services segment is projected to register a robust CAGR of around 49% during the analysis period. Organizations are hiring companies that can provide them technological assistance, which can let them focus on their core business without having to worry about any technological issues.

Numerous services provided by WebRTC providers comprises training, technological support, and interconnection. Furthermore, lack of technological expertise amongst customers is expected to enhance the demand for training and technological services.

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Smartphones & tablets segment anticipated to account a large market share

On the basis of enabled devices, the market is divided into smartphones & tablets, PCs, and others. The smartphones & tablets segment is anticipated to account for a large market share and is expected to dominate during the forecast period.

Growing penetration of smartphones is a major aspect that is contributing to high revenue share. Increasing usage of mobile applications powered by WebRTC is projected to upkeep the segment expansion in the coming years.

Major technology companies such as Google LLC and Facebook Inc. have already launched their mobile applications, including Hangouts and Messenger, that operate on WebRTC. Additionally, Android OS has built-in support for WebRTC through Chrome, that is largely used in majority of the smartphones. Therefore, the growing penetration of smartphones is directly proportional to the overall segment expansion.

The PCs segment is projected to register a significant CAGR during the forecast period, 2023 to 2031. Several laptops, desktop, and other computing devices already support real-time communication through WebRTC browsers, including Mozilla Firefox, Opera, Google Chrome, and Safari.

Additionally, the growing demand for video conferencing solutions across numerous industry verticals, including retail, IT & telecom, and BFSI, is propelling the segment growth.

IT & telecom segment expected to hold a considerable share

By end-users, the market is classified into BFSI, it & telecom, media & entertainment, retail, and healthcare. The IT & telecom segment is expected to hold a large share during the forecast period. Increasing penetration of Internet has led to integration of WebRTC technology in the telecom industry.

Real-time communication has become crucial with the rapid growth of the social media platforms and voice across internet protocol (VoIP). Several telecom companies are evaluating their traditional communication services and creating new solutions that meet the current communication trends.

The healthcare segment is projected to expand at a CAGR of around 50% during the forecast period. This is attributed to growing adoption of telehealth platforms to rise patient and physician engagement and decrease the additional costs.

Increasing implementation of video conferencing in the healthcare industry owing to rapid growth in the telehealth industry is expected to propel the segment growth.

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Web Real-Time Communication Market Regional Outlook

Asia Pacific anticipated to exhibit a high CAGR

In terms of regions, the global web real-time communication market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to hold a large market share and is expected to maintain a dominant position during the forecast period.

This is attributed to the presence of key market players, including Oracle Corporation, Cisco Systems, Inc., Ribbon Communications Operating Company, Inc., and Avaya Inc.

Growing demand for virtual meetings and high-speed internet connectivity is a major booster for the market expansion in the regional market. Moreover, early adoption of latest technology is speculated to spur the market growth in the region.

The market in Asia Pacific is projected to expand at a high CAGR owing to the growing number of Internet users in emerging countries, including India and China. According to a report by World Bank, 34.50% of India’s population had access to the Internet in 2017 as compared to 22.5% in 2016.

Furthermore, digitalization in the region is expected to produce a massive potential for market expansion during the analysis period.

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