Market Research Report
Web Real-Time Communication Market Size, Share & Trends Analysis Report By End-use Industry (IT & Telecom, Healthcare), By Component (Solutions, Services), By Enabled Device, By Region, And Segment Forecasts, 2020 - 2027
|Published by||Grand View Research, Inc.||Product code||952694|
|Published||Content info||148 Pages
Delivery time: 2-3 business days
|Web Real-Time Communication Market Size, Share & Trends Analysis Report By End-use Industry (IT & Telecom, Healthcare), By Component (Solutions, Services), By Enabled Device, By Region, And Segment Forecasts, 2020 - 2027|
|Published: July 29, 2020||Content info: 148 Pages||
Market Growth & Trends
The global web real-time communication market size is estimated to reach USD 40.6 billion by 2027 growing at a CAGR of 43.4% from 2020 to 2027, according to a study conducted by Grand View Research, Inc. Web real-time communication (WebRTC) enables real-time communication capabilities over browsers without having the need to install additional plugins. It supports browser-to-browser applications for video chat, voice calling, messaging, and file sharing. Amid the spread of COVID-19, several organizations have adopted work-from-home policies. There is a need to maintain operational efficiency while working from home, and online communication has become an essential tool for all organizations. The increasing demand for online communication is expected to drive the market in the near future.
The market is expected to witness substantial growth owing to the rising adoption of real-time communication solutions in mobile applications. Applications, such as Facebook Messenger and Snapchat, use the technology to power their video calling features. Furthermore, GSMA estimates that the number of mobile internet users will reach around 5 billion by 2025, which provides huge potential for market growth. The technology is cost-effective as it eliminates the need for installing additional plugins and has a low latency owing to the high transfer speed. For instance, at sub-500-millisecond latency, WebRTC offers one of the fastest methods for transferring video over the internet.
The market is fragmented, and competitive rivalry is high due to the presence of numerous key players. Market players are focusing on adopting various growth strategies, such as mergers, acquisitions, and regional expansions, to gain a competitive advantage. For instance, in September 2016, TWILIO INC. announced the acquisition of WebRTC technologies developed by the team behind the Kurento Open Source Project. The acquisition is expected to help the company address the need for more next-generation video applications, such as those involved in robotics, computer vision, augmented reality, and the Internet of Things (IoT).