The Global Web RTC Market was valued at USD 3.2 Bn in 2020 and is expected to reach USD 40.8 Bn by 2027, with a growing CAGR of 43.5% during the forecast period (2021-2027).
Web real-time communication also abbreviated as WebRTC is a free and open-source project which provides real-time communication to web browsers and mobile applications with the help of Application Programming Interfaces (APIs). The WebRTC project is aimed to develop rich and high-quality RTC applications for the browser, mobile platforms, and IoT devices, and allow them all to communicate via a common set of protocols.
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Global Web RTC Market Dynamics
The global web RTC market is expected to propel during the forecast period owing to the high demand and adoption of online platforms for shopping has prompted the interest in arrangements that offer ongoing data to retailers and clients. Additionally, the web RTC market is expected to observe growth due to work-from-home regulations. Moreover, stringent lockdowns were imposed in numerous countries leading to shutdowns of the schools and colleges, therefore the demand for e-learning platforms and the platform for sharing files for online teachings over the internet is estimated to propel market growth.
Global Web RTC Market Segmentation:
Company Profiles and Competitive Intelligence
The key players operating in the web RTC market are:
Based on deployment type, the cloud deployment type segment is expanding with the fastest growth rate during the forecast period
Based on the deployment, the cloud-based segment is estimated to dominate the global web RTC market size throughout the forecast period. The dominance is majorly attributed to the growing advancements provided by cloud services. The contact center as a service (CCaaS), a cloud-based customer experience solution that enables companies to utilize a contact center provider's softwareis observed to grow during the forecast period. Companies are increasingly adopting the CCaaS solutions to enhance the pace for innovation, lessen equipment expenses and operational costs, etc., and therefore is estimated to propel the web RTC market.
Based on the end-users, the IT & Telecom industry accounted for the largest market share in the web RTC market analysis owing to increased adoption across call centres and customer care centers
The IT and telecom end-user industry held the largest market share in the year 2020 owing to the increasing adoption of WebRTC in the call centers and customer care centers, where communications are happening directly between the end-user and the company representative. Web RTC can benefit in simplifying communications and enhancing customer satisfaction. Companies are increasingly implementing web RTC for their websites to enhance the overall user experience.
Based on regions, the web RTC market in North America accounted for the majority market shares followed by Asia pacific
Geographically, North America held the largest market share in 2020 and is expected to propel throughout the forecast period owing to the increasing demand for video, audio, and data communication and transferring platforms in recent years. North America is technologically well developed and possesses high-speed internet connectivity that is driving the web RTC market growth. Video communication tools are increasingly used for educational and working usages in North America. For instance, in April 2020, Microsoft Corp stated that teams productivity software is experiencing high video calling and educational usages owing to the increasing remote working of employees and schools conducting online classes for the rest of the academic year during the pandemic. Moreover, according to a survey conducted by Statista, a database company, in March 2020, about 47.6% of adults were using FaceTime as their videoconferencing app to communicate with their families and friends during the pandemic period boosting the global web RTC market.
The report also provides an in-depth analysis of web RTC market dynamics such as drivers, restraints opportunities and challenges
Note: Challenges along with in-depth market dynamic analysis is mentioned in the report. Speak with our Analyst
COVID-19 Impact on the Web RTC Market Analysis
The COVID-19 pandemic has a universal and deep impact on the global web real-time communication market. According to the WHO, the sudden shutdowns and the lockdowns have impacted humans’ mental health, and many are struggling to survive within restricted and uncommon lifestyles during these lockdowns. The web RTC-based communication platform is estimated to facilitate the needs of mental support by an affected individual during the pandemic and Movement Control Order (MCO). An increase in the adoption of real-time video and audio communication tools is observed during the forecast period for the global web RTC market. For instance, according to Statista, a German company specializing in market and consumer data, Zoom Video Communications, a proprietary video teleconferencing software experienced a huge revenue hike of 169 % in the financial year 2020-21 owing to the increased usage during the pandemic.
The report also provides an in-depth analysis of key trends in the web RTC market
|1||The growth of broadcasting technologies combined with web RTC is expected to be driven by hybrid events||Positive|
|2||The increasing adoption of web RTC in telehealth for the medical systems||Positive|
|3||The rising trend of remote working and work from home is expected to propel the web real-time communication market size during the forecast period.||Positive|
The report also provides an in-depth analysis of recent news developments and investments
The unique insight provided by this report also includes the following:
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