WebRTC or Web Real-Time Communications is a free and open-source application that supports real-time communication for web browsers and mobile applications via application programming interfaces (APIs). It is standardized by the World Wide Web Consortium (W3C) and Internet Engineering Task Force (IETF), and is compatible with HTML, TCP/IP, and HTTP protocols.
WebRTC makes audio and video communication possible and allows direct peer-to-peer communication and teleconferencing without the need to install plug-ins or any third-party software. WebRTC consists of various interrelated APIs and protocols, and is supported by Google Chrome, Apple, Microsoft, Mozilla Firefox, and Opera.
The global WebRTC was valued at USD 1,669 million in 2018 and is expected to reach USD 21, 023 million by 2025, growing at a CAGR of 43.6% between 2019 and 2025. The webRTC market is anticipated to witness significant growth in the coming years due to the growing demand for collecting real-time information.
The demand for solutions providing real-time information to retailers and customers has been witnessing an upward trend due to the growing use of online platforms for shopping. WebRTC-powered retail websites enable retailers to help their customers in choosing the right product from any location. The global webRTC market will also grow due to its rising application in end-use sectors like IT, telecom, e-commerce, and others.
Similarly, the increasing adoption of IoT and growing demand for cloud telephony will create more opportunities for webRTC. On the other hand, rising incidences of cyber-attacks can restrain the market growth. Another factor that can inhibit the growth of the global WebRTC market is interoperability challenges.
North America is expected to hold a significant share in the global WebRTC market owing to the rising adoption of WebRTC by the IT and telecom industry of the region, especially of the US. The European market will also play an important role, as the technology is increasingly used in the retail sector. Another region that is projected to grow substantially is the Asia-Pacific region. China and India are going to lead the Asia-Pacific WebRTC market, mainly due to the rapidly growing telemedicine services.
The major players that are operating in the global WebRTC market are, Acano Ltd., Google Inc., Oracle Corporation, Avaya, Inc., Cafex Communications Inc., TokBox, Twilio, Citrix Systems Inc., Frozen Mountain, Genband US LLC, Dialogic Corporation, Quobis Networks, S.L, Sinch AB, and TeleStax, Inc.