Web Real-Time Communication Market

Market Overview:

The global web real-time communication market size reached US$ 6.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 48.7 Billion by 2028, exhibiting a growth rate (CAGR) of 41.3% during 2023-2028. The increasing adoption of m-banking apps, rising cloud-based solutions, and the growing adoption of RPM solutions represent some of the key factors driving the market.

Web real-time communication (WebRTC) is a set of web technologies and application programming interfaces (APIs) that allow peer-to-peer communication in real-time between web browsers. It enables audio, video, and data communication between browsers and mobile applications without requiring any additional software or plugins. It is based on a set of web APIs, including the MediaStream API, RTCPeerConnection API, and RTCDataChannel API. It provides high-quality audio and video streams, which are essential for real-time communication. It also offers secure communication channels, ensuring that data is transmitted safely between peers. It is used in essential web apps that rely on the camera or microphone and advanced video-calling applications to offer screen sharing.

Web Real-Time Communication Market Trends:

WebRTC is employed in the banking, financial services and insurance (BFSI) industry to offer video banking services, which enable customers to have real time video chats with their band representatives. It also allows customers to get their queries answered quickly and efficiently. This, coupled with the increasing adoption of mobile banking (m-banking) apps on account of a considerable reliance on smartphones and rising penetration of high speed internet connectivity, represents one of the major factors strengthening the market growth around the world. Moreover, the growing adoption of WebRTC in small and medium-scale enterprises (SMEs) on account of rapid digitization, increasing cloud based solutions, and remote working models is influencing the market positively. In addition, WebRTC finds application in the healthcare sector for telemedicine services which allows healthcare professionals and patients to communicate and receive medical consultations from remote locations and improve the quality of care. This, along with the rising adoption of remote patient monitoring (RPM) solutions due to the surging prevalence of chronic conditions, is favoring the growth of the market. Apart from this, the growing use of WebRTC in the education sector to provide a reliable and secure platform for connecting between teachers and students, is creating a positive outlook for the market. Furthermore, the rising adoption of WebRTC in the retail sector to offer powerful multimedia capabilities without requiring special drivers, plug-ins, and intermediary servers is contributing to the market growth. Besides this, the increasing usage of WebRTC in the gaming industry to support multiplayer gaming and allow players to interact with each other is propelling the growth of the market. 

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global web real-time communication market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on component, webRTC-enabled devices and vertical.

Component Insights:

• Solution
  • Voice Calling and Conferencing
  • Video Calling and Conferencing 
  • Message and File Sharing
  • Others
• Services
   

The report has provided a detailed breakup and analysis of the web real-time communication market based on the component. This includes solution (voice calling and conferencing, video calling and conferencing, message and file sharing, and others) and services. According to the report, Solution represented the largest segment.

WebRTC-Enabled Devices Insights:

• Mobile
• Desktop
• Tablet
• Others
   

A detailed breakup and analysis of the web real-time communication market based on the webRTC-enabled devices has also been provided in the report. This includes mobile, desktop, tablet, and others. According to the report, mobile accounted for the largest market share.

Vertical Insights:

• BFSI
• Retail
• IT and Telecom
• Public Sector
• Media and Entertainment
• Manufacturing 
• Healthcare
• Others
   

The report has provided a detailed breakup and analysis of the web real-time communication market based on the vertical. This includes BFSI, retail, IT and telecom, public sector, media and entertainment, manufacturing, healthcare, and others. According to the report, IT and telecom represented the largest segment.

Regional Insights:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America (the United States and Canada) was the largest market for web real-time communication. Some of the factors driving the North America web real-time communication market included expansion of the IT sector, high usage of connected devices, technological advancements, etc.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global web real-time communication market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include AT&T Inc., Avaya Inc., Cisco Systems Inc., Dialogic Corporation (Enghouse Systems Limited), Oracle Corporation, Plivo Inc., Polycom Inc. (Plantronics Inc.), Quobis, Ribbon Communications Operating Company Inc., Sangoma Technologies Corporation, Twilio Inc., Vonage Holdings Corp., etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Key Questions Answered in This Report:

• How has the global web real-time communication market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global web real-time communication market?
• What is the impact of each driver, restraint, and opportunity on the global web real-time communication market?
• What are the key regional markets?
• Which countries represent the most attractive web real-time communication market?
• What is the breakup of the market based on the component?
• Which is the most attractive component in the web real-time communication market?
• What is the breakup of the market based on the webRTC-enabled devices?
• Which is the most attractive webRTC-enabled devices in the web real-time communication market?
• What is the breakup of the market based on the vertical?
• Which is the most attractive vertical in the web real-time communication market?
• What is the competitive structure of the global web real-time communication market?
• Who are the key players/companies in the global web real-time communication market?

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the web real-time communication market from 2017-2028.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global web real-time communication market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the web real-time communication industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.