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The SNS Insider report indicates that the Web Real-Time Communication Market Size was valued at USD 6.2 Billion in 2023 and is expected to reach USD 70.03 Billion by 2031, growing at a CAGR of 35.4% over the forecast period 2024-2031.
Market Report Scope
Web real-time communication (WebRTC) enables real-time communication over browser and mobile applications with the help of simple Application Programming Interfaces (APIs). Embedding RTC into web applications delivers a better user experience and reduces costs, as the need for installing additional plugins is eliminated. Thus, the webification of RTC is anticipated to be a major driver for the overall market growth. Additionally, work-from-home regulations have led to an increased demand for RTC solutions, which has positively affected the market growth. Strict lockdown measures were implemented in numerous countries, owing to which, schools are expected to be shut for a large part of the year, thus, augmenting the demand for e-learning.
Market Analysis
Web real-time communication (WebRTC) is an open-source project and set of technologies that enables real-time communication directly within web browsers, without the need for additional plugins or software installations. It provides a standardized framework for audio, video, and data transmission over the internet, facilitating peer-to-peer communication and collaboration. Over the years, WebRTC has gained significant popularity and adoption due to its simplicity, cross-platform compatibility, and its ability to enable real-time communication without requiring users to install additional software or plugins. It is used in a wide range of applications, including voice and video calling, video conferencing, online gaming, live streaming, remote collaboration tools, customer support, and more.The market is primarily driven by the rising product adoption of banking, financial services and insurance (BFSI) industry to offer video banking services. In addition, the increasing utilization of mobile banking (m-banking) apps due to considerable reliance on smartphones and rising penetration of high-speed internet connectivity is augmenting the market growth. Besides, the rising adoption of remote patient monitoring (RPM) solutions due to the surging prevalence of chronic conditions is also contributing to market growth.
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Major The Key Players of Web Real-Time Communication Market
Plivo Inc., Plantronics, Inc., Oracle Corporation, tokbox Inc., ribbon Communications Operating Company, Inc., Avaya Inc., Dialogic Corporation, Twilio Inc., Cisco Systems, Inc., Quobis
Segmentation Analysis
- Based on application
The IT & telecom segment accounted for 32% of the WebRTC market share in 2023. WebRTC’s fundamental functions, such as real-time calling, video, and data communication, are naturally aligned with the core demands of the IT & telecom industries. These features improve internal communication, client service, and cooperation in the industry. The IT & telecom industry was among the first to use and experiment with WebRTC technology.
Growth Factors
- Remote Work Culture
The shift towards remote work has accelerated the adoption of WebRTC solutions. With the increasing number of employees working from home, there’s a growing need for seamless communication tools to facilitate virtual collaboration and meetings. WebRTC offers real-time audio and video communication directly within web browsers, making it an ideal solution for remote teams to stay connected and productive.
- Expansion of Telehealth Services
The healthcare industry is leveraging WebRTC technology to enhance telehealth services, enabling remote consultations, telemedicine appointments, and remote patient monitoring. With the growing preference for virtual healthcare solutions, driven by factors such as convenience, accessibility, and safety concerns, the demand for WebRTC-enabled telehealth platforms is expected to increase, driving market growth.
- Cross-Platform Compatibility
One of the key advantages of WebRTC is its cross-platform compatibility, allowing users to communicate seamlessly across different devices and operating systems. This flexibility makes WebRTC an attractive choice for businesses looking to deploy communication solutions that can reach a wide range of users, regardless of their device preferences.
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Key Market Segments
By Component
- Solution
- Voice Calling
- Video Calling & Conference
- Message & File Sharing
- Others
Services
By Web RTC Enabled Devices
- Mobile
- Desktop
- Tablet
- Others
By Industry Vertical
- BFSI
- IT
- Telecom
- Media
- Entertainment
- Healthcare
- Retail
- Manufacturing
- Government
- Others
Impact of Russia Ukraine War
The Russia-Ukraine war has had a significant impact on the WebRTC market. The war has disrupted supply chains, increased costs, and created uncertainty for businesses. This has led to a slowdown in the growth of the WebRTC market. The war has disrupted the supply chains of WebRTC components, such as semiconductors and software. This has led to increased costs for businesses that use WebRTC.
In April 2022, Cisco announced that it would be suspending all sales and support of its products and services in Russia. This includes its WebRTC products, such as Skype. Microsoft also said that it would be donating USD 10 million to humanitarian relief efforts in Ukraine. The war has also created uncertainty about the future of the market, which has led to a slowdown in investment.
Impact of Economic Slowdown
The ongoing recession is likely to have a significant impact on WebRTC companies. The decrease in sales revenue will likely lead to a reduction in profit for WebRTC companies. This is because fixed costs, such as salaries and rent, will still need to be paid, even if sales are down. As businesses look for ways to save money, they may turn to lower-cost alternatives to WebRTC solutions. This could lead to increased competition for WebRTC companies. In order to reduce costs, WebRTC companies may have to lay off employees.
Key Regional Development
North America WebRTC market recorded around 36% of the revenue share in 2023. North America houses leading technology companies including Google, Microsoft, Cisco, and Zoom, actively contributing to WebRTC development & adoption. North America is one of the world’s major markets for WebRTC technology owing to its modern telecommunications infrastructure, high internet penetration, and wide adoption of digital communication solutions.
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Key Takeaways
- Remote work trends and virtual collaboration are driving the exponential growth of the WebRTC market.
- The IT & telecom segment dominates the WebRTC market due to its alignment with core industry demands.
- The Russia-Ukraine war and economic slowdown pose challenges but also opportunities for innovation and adaptation in the WebRTC market.
Recent Developments
In November 2023: Webex and AWS partnered to enhance collaboration & Customer Experience (CX). Amazon WorkSpaces will host a Webex Contact Center, empowering Webex for Virtual Desktop Infrastructure (VDI). This collaboration aims to deliver seamless integration and improved functionality for users engaged in collaboration & communication activities while leveraging the capabilities of Amazon WorkSpaces.
In April 2023: Zoom acquired Workvivo, an Ireland-based employee communications platform. This acquisition enhanced Zoom’s capabilities for employee engagement and communication within organizations. Workvivo’s platform focuses on fostering a connected and engaged workforce, aligning with Zoom’s commitment to providing comprehensive solutions for virtual communication, collaboration, and employee interaction.
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