With Market Size Valued at $15.7 Billion by 2026, it`s a Healthy Outlook for the Global Web Real-Time Communication Market
SAN FRANCISCO, Jan. 18, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Web Real-Time Communication - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
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Global Web Real-Time Communication Market to Reach US$15.7 Billion by the Year 2026
Web real time communications (Web RTC), a real time audio-video and data communication process, is the most preferred latency reducing mechanism. Web RTC is open ended, is directly integrated into browser locally using web sockets and media source extensions devoid of plug ins, and is encoded and decoded in native code unlike Java script. The IETF and World Wide Web Consortium (W3C) approved Web RTC functions at sub 500 milli second latency levels, utilizes User datagram protocol (UDP) that facilitates swiftest real time interactive communications by instantly conveying the data packets based on video streaming RTP protocol unlike the conventional TCP. RTP packages data into UDPs that are streamed across client-server networks in a codec encryption. The RTP header accompanying audio-video data allows flexible adaptation to network traffic using timing data and sequencing identifier. At times, UDP completely drops lost packets to reduce latenc. However, this might lower quality of the video stream. Incoming audio stream is adjusted and reconstructed to broadcast to single or multiple receivers using RTP's unicast metrics for unification of information and optimizes delivery of media.
Amid the COVID-19 crisis, the global market for Web Real-Time Communication estimated at US$3.6 Billion in the year 2021, is projected to reach a revised size of US$15.7 Billion by 2026, growing at a CAGR of 33.7% over the analysis period. Solutions, one of the segments analyzed in the report, is projected to grow at a 32.4% CAGR to reach US$12.6 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Services segment is readjusted to a revised 36% CAGR for the next 7-year period. This segment currently accounts for a 32.3% share of the global Web Real-Time Communication market.
The U.S. Market is Estimated at $1.1 Billion in 2021, While China is Forecast to Reach $2.7 Billion by 2026
The online education business is expected to grow at a rapid pace. WebRTC is a highly beneficial technology for educational platforms, regardless of the type of online learning they provide. It is not just conventional universities and schools that are affected. Thousands of courses are available on learning platforms such as Sololearn, Skillshare, MasterClass, and Stackskills. WebRTC allows instructors and students to interact in real-time with just the internet browser they are already using, regardless of the type of online learning they provide. Telemedicine is being more widely used around the world as a means of making healthcare more affordable and accessible. WebRTC is a simple and efficient approach for patients and their healthcare practitioners to have face-to-face talks. Working from home is quickly becoming the new norm. The majority of the American workforce today works from home. As a result, there is a high demand for solutions that assist teams in collaborating and communicating. This market already has some major participants. However, the advent of remote work has provided an opportunity to address the unique challenges faced by industries that have been hesitant to adopt remote work. WebRTC is the ideal option to create low-cost solutions to today's communication problems.
Computer and console gaming has never been more participatory. In today's gaming market, single-player games are non-existent. In addition, there is browser-based gaming that is quickly gaining popularity. It is expected that real-time communication in gaming will become more popular, an increasing number of games will utilize browsers. WebRTC is already used by one-way conversational devices like Google Nest and Alexa. The one-way conversational devices market is also growing. The number of voice-activated smart gadgets is also continuously increasing. Although WebRTC is designed to be a dual communication technology, it is light for a one-way conversational device without adding any more dead weight. In the end, WebRTC can be used for almost anything that needs real-time communication, even if it is only one-way.
The healthcare industry has and will continue to benefit from WebRTC technology. In the telemedicine and telehealth sector, there is improvement in patient health data security by encrypting the communication. Healthcare firms are utilizing the technology for delivering improved services to patients and gaining an edge over their competitors. WebRTC assists the firms in clinical meetings, remote monitoring of patients, providing doctor appointments via teleconferencing, and remote therapy among others. The technology facilitates management of revenue and health applications and also better consumer engagement. Rising use of telehealth mobile applications and growing integration of IoT in healthcare devices, namely smart bedside devices, for continuous patient observation are further boosting the market growth. In the transportation sector, there is an increased use of WebRTC, particularly for fleet management. The technology helps in incorporating telematics devices and facilitates direct communication between the driver and the fleet company. WebRTC also assists in driver-to-driver communication, external calls between warehouses and drivers, and incorporating CCTV cameras in vehicles triggered by alarms apart from other functionalities. The technology also enables effective management of logistics and supply chain, labor and channel optimization, asset utilization, and integration with third party systems, namely traffic cameras and parking management, while reducing the operational costs. More
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SOURCE Global Industry Analysts, Inc.