Insights on the Global Web Real Time Communication Market 2020-2024: COVID-19 Analysis, Drivers, Restraints, Opportunities, and Threats - Technavio
The web real time communication market is expected to grow by USD 16.01 billion, progressing at a CAGR of almost 46% during the forecast period. Download Free Sample Report
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Technavio has announced its latest market research report titled Global Web Real Time Communication (webRTC) Market 2020-2024 (Graphic: Business Wire)
The increasing Internet penetration is one of the major factors propelling market growth. However, factors such as the popularity of voice over Internet Protocol (VoIP) will hamper market growth.
Web Real Time Communication Market: Platform Landscape
A few of the browsers that support WebRTC technology are Chrome, Firefox, and Opera. An increasing number of businesses prefer live video sessions for customers browsing the website for product assistance. The outbreak of COVID-19 resulted in the temporary closure of several IT companies and their services, which led to a decline in their revenues. However, IT employees are increasingly using Microsoft (News - Alert) Teams. Owing to the coronavirus pandemic, Microsoft Teams recorded an increase from 44 million to 75 million daily users, which highlighted peak usage. The web real time communication market share growth by the browser segment will be significant during the forecast period.
Web Real Time Communication Market: Geographic Landscape
North America was the largest web real time communication market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The availability of high bandwidth Internet and the rising demand for video and voice conferencing for personal and business operations will significantly drive web real time communication market growth in this region over the forecast period. 6% of the market's growth will originate from North America during the forecast period. The US and Canada are the key markets for web real time communication solutions in North America. Market growth in this region will be slower than the growth of the market in other regions.
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Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio's in-depth research has direct and indirect COVID-19 impacted market research reports.
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Key Topics Covered:
Five Forces Analysis
Market Segmentation by Application
Market Segmentation by Platform
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