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WebRTC Market size to reach $150 Bn by 2032
- Published Date: January 4, 2023
Web Real-Time Communication Market size is poised to surpass USD 150 billion by 2032, according to a new research report by Global Market Insights Inc.
According to the report, the growing demand for secure and robust communication solutions has significantly impacted the market trends. The rapid globalization has increased the need to collaborate unified messaging to establish a reliable means of communication across various industry verticals. Several companies, for maintaining the effectiveness of distinct synchronous & asynchronous communication functions at different locations, are assigning dedicated human resources to manage separate communication modalities. The rising preference for WebRTC systems to enable the consolidation of all these modalities into one unified framework will influence the market outlook.
Rising incorporation of WebRTC services for real-time video communication to drive the industry growth
The service component segment is expected to cross 29% of the web real-time communication market share through 2032, due to the growing BYOD and remote working trends. Real-time communication solutions have grown significant for modern brands to actively connect with their consumers on communication channels that they prefer and regularly use. The emergence of this WebRTC technology is enabling companies to incorporate real-time video communications into their websites and mobile apps, giving customers a highly secure method to communicate with their business from any device without the need to download any additional software. For example, Ecosmob, a VoIP solution provider, offered WebRTC services for numerous enterprises in February 2021.
The influx of remote working trends to push the adoption of WebRTC across SMEs
SMEs held more than 22% of the global WebRTC market share in 2022. The introduction of remote working trends has compelled SMEs to use WebRTC solutions in order to establish a flexible workplace to allow employees an interaction with remote peers. The deployment of WebRTC technology helps in the addition of human touch to online interactions, allowing employees to provide new and personalized solutions for better customer experience and improved customer satisfaction. Several WebRTC service and solution companies are focusing on the development of novel solutions. For instance, Yeastar introduced a major upgrade to its P-Series PBX System in October 2021, for introducing remote access service, video conferencing, WebRTC video & audio calling to enhance work-from-anywhere communication for SMEs.
Thriving demand in the media & entertainment industry to bolster WebRTC preference
The global WebRTC market from the media & entertainment segment will observe a 46.5% CAGR till 2032. The entertainment business is experimenting with new social streaming possibilities with production firms to grab the attention of young audiences. The outbreak of COVID-19 has also opened several prospects for organizations to use WebRTC-based solutions. To successfully communicate with diverse business teams and customers, many organizations are incorporating comprehensive video calling and conferencing capabilities, further complementing the market outlook.
Browse key industry insights spread across 200 pages with 262 market data tables and 37 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, Growth Potential, Regional Outlook, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:
Rising need for customer engagement to fuel the adoption of WebRTC tools in Asia Pacific
Asia Pacific web real-time communication industry size is anticipated to showcase around 48% growth rate during the forecast timeline. Several prominent businesses in the region are implementing video conferencing services to enable seamless corporate operations. For example, CDNetworks launched a new low latency, WebRTC-based streaming solution in September 2022, with ultra-fast transmission speed, reducing latency to less than 500 milliseconds.
Innovative strategies to outline the competitive landscape of the industry
Some of the leading companies operating in the WebRTC market include Cisco System Inc., Avaya Inc., Oracle Corporation, and Dialogic Corporation. These companies are focusing on developing secure WebRTC platforms to tackle cyber-attacks and fits properly into working of end-users. They are also working towards developing AI based solutions based on WebRTC. To illustrate, in March 2022, Zoom Video Communications in partnership with Deutsche Telekom launched Zoom X for the German market. Developed for businesses, corporate, and public sector customers, the solution combines Zoom's platform with the benefits of Deutsche Telekom’s network.
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