WebRTC Market to Cross US$ XX billion Market by the End of 2031, with Tremendous CAGR from 2022 to 2031
Web Real-Time Communication Market Introduction
In recent past, dramatic growth in number of mobile Internet and social media users has been witnessed across the globe that has exponentially increased the data traffic over web browsers. In order to manage data traffic over web browsers efficiently and enhance customer interaction experience, key players operating in the real-time communication market are deploying web-based real-time communication applications. These advanced web-based applications can be easily accessed via mobile devices such as smartphone, tablet and laptop. Web real-time communication is an open source project that enables mobile applications and browsers with real-time communication capabilities by using simple application programming interfaces (APIs).
Increasing adoption of digital solutions and services across various end-user vertical is fueling growth of the market. In addition, growing uptake of enterprise mobility solutions, increasing government spending on digitization and enhanced customer experience are other major factors, accelerating growth of the web real-time communication market. However, lack of acceptance from enterprises owing to lack of awareness among customers in developing countries such as India, China, and Brazil is impeding growth of the WebRTC market in developing regions.
The global WebRTC market has been segmented on the basis of type, service type, deployment type, application, vertical and region.
By type, the WebRTC market has been segmented into solution and service. In 2014, solution segment dominated the overall WebRTC market but is anticipated to lose its dominance to service segment by the end of 2031.
Service segment has been sub-segmented into consulting service, implementation service, integration service, software/application development service and maintenance service. In terms of revenue contribution, implementation service segment dominated the overall WebRTC market in 2021.
On the basis of deployment type, the global WebRTC market has been further sub-segmented into public, private and hybrid cloud. In terms value, public and private cloud segments ruled the overall WebRTC market with more than XX% share in 2021.
Application wise the overall WebRTC market has been segmented into social networking, gaming, voice calling, video conferencing and other. In 2021, voice calling and video conferencing segments collectively accounted around XX% share of overall market value and are projected to witness considerable increase in their collective revenue contribution share to the overall WebRTC market.
Vertical includes BFSI sector, public sector, manufacturing sector, transportation & logistics sector, healthcare sector, media & entertainment sector, IT & telecom sector, retail sector and energy & utility sector. In terms of spending on Web-based real-time communication solutions and services, BSFI was the most attractive sector in 2021 and is projected to remain same by the end of 2031.
Key regions covered in the web real-time communication solution market are North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan (APEJ), Japan and Middle East & Africa (MEA). In terms of revenue contribution share, North America dominated the overall WebRTC market with more than XX% share in 2021. Despite being losing significant revenue contribution share, North America WebRTC market is projected to continue its dominance by the end of 2031.
Web Real-Time Communication Market Competitive Landscape
Major players operating in the web real-time communication solution market follow the strategy of merges & acquisition and alliance with key technology experts so as to expand their portfolio with advanced cloud-based real-time communication solutions and services, position themselves as a leading player and increase presence in the regional as well as global markets. Major players operating in the web real-time communication solution market include AT&T Inc., Cisco Systems Inc., Ericsson, Plivo Inc., Twilio Inc., Mitel Networks Corporation, Huawei Technologies Co. Ltd., TokBox Inc.,IBM Corporation, Avaya Inc. and Google Inc.