Web Real-Time Communication (WebRTC) Market size is set to surpass USD 20 billion by 2027, according to a new research report by Global Market Insights Inc.
Increasing demand for unified communication solutions such as messaging, voice communication, and video calling is boosting the WebRTC industry demand. The solution is widely adopted by the SMEs since it offers easy and secure deployment of real-time communication services at low cost. The need for effective communication and co-ordination among teams across various industries is anticipated to support the market revenue.
Growing demand for video calling & conferencing solution across multiple industries
The video calling & conferencing segment is expected to grow at over 40% CAGR through 2027 driven by the incorporation of WebRTC technology to improve the quality of video calling. The COVID-19 pandemic has created multiple opportunities for the solution as various industries have successfully adopted work-from-home measures. This has created a need for strong and robust video calling & conferencing to effectively collaborate with multiple business teams and facilitate online meetings for effective communication.
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Growing adoption across large enterprises to fuel market growth
Large enterprise dominated with more than 75% of the WebRTC market share in 2020. Increasing need to deploy WebRTC solutions and services for effective and secure business communications is augmenting the segment demand. Some key benefits of the technology are cost savings by eliminating expensive communication software, improved agility, ease of innovation, and increased reach. Moreover, the deployment of WebRTC-based solutions provides a supportive environment to many employees. IT teams monitor and maintain the overall infrastructure and make necessary changes in accordance with the business requirement.
Browse key industry insights spread across 250 pages with 313 market data tables and 33 figures & charts from the report, “Web Real-Time Communication (WebRTC) Market Size By Component (Solution [Voice Calling & Conferencing, Messaging & File Sharing, Video Calling & Conferencing], Service), By Enterprise Size (Large Enterprise, SMEs), By Application (IT &Telecom, BFSI, Government & Defense, Healthcare, Retail, Media & Entertainment), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 - 2027” in detail along with the table of contents:
Increasing adoption of remote health services
The healthcare industry is projected to witness exponential growth rate through 2027 owing to rising adoption of WebRTC-based solution and services. The healthcare sector comprises a large number of staff including doctors, patients, nurses, physicians, etc. Growing usage of tele-healthcare and digital health solutions on account of the pandemic is anticipated to drive the market growth.
Rising number of SMEs in Asia Pacific
Asia Pacific WebRTC market is forecast to account for above USD 5 billion revenue by 2027 driven by increasing number of SMEs across India and China. Small and medium-sized enterprises seek cost-effective communication solutions to manage their remote workforce, creating new avenues for market expansion. Additionally, increased digitalization is poised to generate a huge opportunities for the regional market revenue.
Focus on product development to augment market share is the main market strategy adopted by key players
Some of the major WebRTC market participants are Agora Lab, Inc., Avaya Inc., CaféX Communications Inc., Cisco System Inc., Dialogic Corporation, Enghouse Systems Limited, Google LLC, Oracle Corporation, Oxagile LLC, Plivo Inc., Plantronics, Quobis, Ribbon Communications US LLC, Sangoma Technologies Corporation, Temasys Communications, Pte Ltd, TWILIO INC., Vonage, and WebRTC.Ventures.
Companies are focusing on innovative product development initiatives to enhancing the capabilities of collaboration software. For instance, in March 2020, ClearOne added WebRTC and webinar features to its Collaborate Cloud Collaboration software solution. This integration helped the company to provide a unified communication solution to its customers across the globe.
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