Web Real-Time Communication (WebRTC) is a technology that allows for real-time, peer-to-peer communication between web browsers and other devices without the need for additional software or plug-ins. The WebRTC market is expected to grow significantly in the coming years, driven by the increasing demand for real-time communication and collaboration in various industries such as healthcare, education, and financial services.
It’s anticipated that demand for web real-time communication solutions would reach US$ 4,528.3 Mn. According to Future Market Insights (FMI) estimate, due to the strong demand for web real-time communication solutions and services among businesses worldwide, the market will expand at an astonishing 44.4% CAGR between 2021 and 2031.
According to recently disclosed data on web real-time communication solutions, 2021 will see a 41.6% year-over-year growth. The most significant portion of the market will remain with WebRTC Solution. On the other hand, across the assessment period, demand for web real-time communication services is anticipated to increase at a CAGR of 46.5%.
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Key Takeaways from Web Real-Time Communication Solution Market Study
Large enterprise applications will dominate the market through 2031 with 60.4% value share, supported by large-scale data transformation requirements in these businesses and increasing demand from small and medium enterprises.
The IT & telecom industry will reflect higher adoption rates holding 29% of the market in 2021, supported by the introduction of 5G technologies. China leads the East Asia market, reflecting a CAGR of over 49.3% through 2031, with growing demand for cost effective web real time communication solution for SMEs in the region.
The U.S. market is projected to expand at a CAGR of 42.8% through 2031, supported by the presence of key players in the market. Germany will hold the lead in Europe by the end of 2031, with a CAGR of over 54.5% owing to the rising penetration of the internet and smartphone technologies in the region.
“Growing adoption of secure & robust communication coupled with increasing demand from small and medium enterprises is expected to drive the adoption of web real time communication solution. Digital transformation investments are expected to create opportunities in the foreseeable future for the web real time communication solution market,” says a Future Market Insights (FMI) analyst.
Competitive Landscape
According to the Future Market Insights analysis,
- Avaya Inc.,
- Google Inc.,
- Cisco Systems, Inc.,
- IBM Corporation,
- Huawei Technologies Co., Ltd.,
- Ericsson,
- TokBox Inc.,
- Mitel Networks Corporation,
- AT&T Inc.,
- Plivo Inc., and
- Twilio, Inc.,
among others are identified as key players in the web real-time communication solution landscape.
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Companies offering web real time communication solution are aiming for innovation in their offerings and strategic partnerships with other software vendors in order to enhance their portfolios while addressing the demand of an expanding customer pool. Introduction of new solutions and services and strategic partnerships are key with the top players in the web real time communication solution landscape.
Market Segmentation by Category
Component:
- WebRTC Solution
- Cloud based
- On premise
- Service
- Consulting Services
- Integration & Implementation Services
- Design & Development Services
- Support & Maintenance
Enterprise Size:
- SMEs
- Large Enterprises
Industry:
- IT & Telecom
- BFSI
- Media & Entertainment
- Healthcare
- Government
- Manufacturing
- Others
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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Table of Content
1. Executive Summary
1.1. Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Trends Impacting the Market
3.1. Key Trends Impacting the Market
3.2. Innovation/Development Trends
About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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