Web real time communication (webRTC) market to grow by USD 66,579.72 million from 2022 to 2027; ALE International, Alphabet Inc. emerge as key contributors to growth - Technavio
NEW YORK, Aug. 8, 2023 /PRNewswire/ -- The latest report on web real time communication (webRTC) market, 2022-2027 estimated to register an incremental growth of by USD 66,579.72 million, almost at a CAGR of 48.89% during the forecast period. The market is fragmented due to the presence of diversified international and regional vendors. The growing popularity of video and audio conferencing is a major factor notably driving the web real-time communication (webRTC) market growth. Voice and video conferencing play a crucial role in enhancing communication and collaboration between businesses and their employees, partners, and customers. Also, with WebRTC, clients can utilize microphones and webcams to connect and interact through a peer-to-peer data channel. Furthermore, the demand for video and voice conferencing is on the rise, with over 70% of B2C marketers and 90% of B2B marketers utilizing videos for marketing purposes. This increasing demand for video and voice conferencing is expected to drive the growth of the Web Real-Time Communication Market during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. Request sample report
Web Real Time Communication (webRTC) Market 2023-2027: Scope
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The web real-time communication (webRTC) market report covers the following areas:
Web Real Time Communication (webRTC) Market 2023-2027: Company Analysis
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Competitors have to focus on differentiating their product offerings with unique value propositions to strengthen their foothold in the market. Market vendors also have to leverage the existing growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. ALE International, Alphabet Inc., Anthology Inc., Apple Inc., AT and T Inc., CafeX Communications Inc., Cisco Systems Inc., Enghouse Systems Ltd., Hewlett Packard Enterprise Co., International Business Machines Corp., Microsoft Corp., Mitel Networks Corp., Oracle Corp., Plivo Inc., Quobis Networks SLU, Ribbon Communications Inc., Sangoma Technologies Corp., Telefonaktiebolaget LM Ericsson, Twilio Inc., and Avaya Inc. are among some of the major market participants.
What`s New for 2023?
Web Real Time Communication (webRTC) Market 2023-2027: Market Dynamics
Increasing adoption of bring-your-own-device (BYOD) is an emerging webRTC market trend. BYOD encourages employees to bring their own devices to workplaces and over one-third of the employers in the world provide devices, such as smartphones and tablets, to their staff. Furthermore, over half of employers around the world encourage employees to bring their own devices to work.
Additionally, WebRTC solutions emphasize the lower-end processing power of a smartphone. This is required to send multiple signals to the users in a conversation. Hence, such trends fuel the growth of the webRTC market during the forecast period.
The lack of high-end video conferencing features challenges the growth of the webRTC market. As WebRTC technology is in the nascent stages, it lacks a few high-end video conferencing features. Furthermore, WebRTC faces central processing unit (CPU) overload issues as the processor decodes encodes, and dispenses video and audio at the same time.
However, in cellular phones, the CPU stress (caused by numerous applications) leads to battery drain issues. Hence, such challenges impede the growth of the webRTC market during the forecast period.
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Web Real Time Communication (webRTC) Market 2023-2027: Segmentation
Web Real Time Communication (webRTC) Market is segmented as below:
The market share growth by the video segment will be significant during the forecast period. WebRTC solutions enable users to engage in video conferencing through instant streaming feeds without the need to download additional software or plugins. Such technology offers reliable and high-quality video conferencing capabilities, and it is commonly utilized for integrated video calls on web or mobile applications. Additionally, WebRTC video conferencing relies on three HTML APIs (getUserMedia, RTCPeerConnection, and RTCDataChannel) that are integrated into the browser, allowing for video and audio capture, user identification, and streaming data transmission to other browsers. WebRTC video conferencing solutions offer superior, secure, and cost-effective video conferencing facilities compared to alternative options available in the market. Hence, such advantages will drive the growth of the segment in the forecast period.
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Web Real Time Communication (webRTC) Market 2023-2027: Key Highlights
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Key Topics Covered:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Platform
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
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