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(Publishing-NewsWire.com, February 16, 2022 ) Web Real Time Communication market size is estimated to reach $4.83 billion by 2026 at a CAGR of 30.5% during the forecast period 2021-2026. The wide adoption of IoT coupled with the increasing popularity of unified communications system among the organizations and demand for web-based communication system has triggered the demand for WebRTC. In addition, the BYOD trend, increasing smart phone penetration and growing demand for secured and enhanced voice over internet protocol (VOIP) communication services resulting in rising demand for this technologyare thereby driving Web Real Time Communication (WebRTC) market growth. WebRTC is made of various interrelated application programming interfaces and many protocols, which works together to achieve various goals and accomplishes several tasks in a cost-effective way. Furthermore, in current situation, the growing demand for tele-health care services, work from home and online educational classes attributed to the global pandemic are anticipated to accelerate the growth for Web Real Time Communication (WebRTC) industry during 2021-2026.
Web Real Time Communication (RTC) Market Segment Analysis - By Organization size
Based on organization size, WebRTC market is segmented into small and medium enterprises, large enterprises. Small and medium enterprises are the fastest-growing segment and is anticipated to witness the growth with a CAGR of 21.3% during 2021-2026. WebRTC doesn’t require any extra infrastructural parts, plug-ins or software installation, which helps the SMEs with the maintenance of its budgetary constraints. Apart from that, the usage of WebRTC reduces the expenditure amount overall by cutting down the travel cost. According to a journal, tele-conferencing reduces national business trip associated cost by 30%. Hence, WebRTC acts as a money and time saver for the SMEs, which is set to boost adoption of this technology among the SMEs, creating tremendous growth opportunity for this market in 2021-2026.
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Web Real Time Communication (RTC) Market Segment Analysis - By End-User Industry
Based on end-user industry, this market is segmented into BFSI, healthcare, education, retail and e-commerce, IT & telecommunication, transportation & logistics, government, media & entertainment, utilities and others. According to the Web Real Time Communication (WebRTC) market report of IndustryARC, Healthcare sector is analyzed to witness the fastest growth with a CAGR of 21.6% during the forecast period 2021-2026. The growth of the healthcare sector is primarily driven by the wide adoption of digital-healthcare services along with increasing investment towards digital health sector. In May 2020, Invest India published a report on digital healthcare investment and according to that report, the digital health market will reach $504.4 Billion by 2025. In addition, currently the growth in demand for tele-health and voice over internet protocol services can be attributed to the global pandemic wherein such services help to maintain norm of the social distancing, by visiting doctor virtually thorough the video conferencing and eliminating the requirement for the patients to visit the health institutes. According to a report presented by Centers of Disease Control and Prevention, the number of tele-health visits increased by 50% during the first quarter of year 2020, compared to year 2019. Thus, these factors ultimately contribute to the market growth during the forecast period 2021-2026.
Web Real Time Communication (RTC) Market Segment Analysis - By Geography
North America dominated the market with a major WebRTC market share of around 30.1% in 2020 owing to the early adoption of new technologies, increasing IoT penetration, growing investments for WebRTC development, acquisition, collaboration and new product launches by the major and new companies of this region are the major factors driving the market for this region. In February 2020, CafeX Communications launched Challo, a simple, cloud based, secured, all in one collaboration platform for enterprises. It offers video meetings, file sharing, screen sharing, chatting and many other applications in real time. In September 2019, Cisco systems announced about the acquisition of a real time solution providing company, Voicea. Furthermore, APAC is anticipated to witness the highest market growth during the forecast period 2021-2026 owing to the growing adoption of smart phones, emerging technologies and increasing ICT investments. According to a joint report published by Indian Cellular and Electronics Association and KPMG, India will have 820M smart-phone user by the year 2022. In February 2020, Government of Pakistan launched an initiative named “Digital Pakistan” and under digital policy Pakistani Governments aimed to increase the size of ICT industry by $20 billion within next few years. In addition, most of APAC countries are developing countries with large number of small and medium enterprises which is also positively affecting the deployment of affordable and efficient WebRTC.
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Web Real Time Communication (RTC) Market Drivers
Webification of Communication:
The webification of real time communication is a major driver WebRTC. Webification of RTC represents the embedment of communication into web which offers better user experience and can be accessed from any screen. Webification of communication not only provides immediate communication access but also makes communication more efficient. Apart from that, in current situation, the growing demand of online educational classes, unified communications, work from home, tele-medicine and tele-health services attributed to the global pandemic accelerated the usage of web based real time communication system. In March 2020, Ribbon communications launched a cloud-based Work from Home offerings which can provide enhanced remote working capabilities to enterprises. In March 2020, SimplyDoc, a HIPAA-compliant tele-health platform, launched a Care-Driven Tele-health solution for enhancing the patient care.
Low Associated Cost:
With other communication solutions, there is a requirement for the servers and the same app installation or plug-ins in both of the devices to communicate with each other, wherein WebRTC do not require that extra plug-ins or expensive software installation to provide direct and secured communication. This in turn, makes WebRTC, a cost-effective solution compare to other communication solutions. WebRTC is made of various interrelated API and many protocols. This APIs and protocols works together to achieve this goal and to accomplish several tasks. Furthermore, WebRTC is easy to deploy and it supports different browsers and offers real time communication with high reliability at a low cost. Owing to the above-mentioned factors, WebRTC faces a huge demand from SMEs with budgetary issue.
Web Real Time Communication (RTC) Market Challenges
Lack of Skills and Technical Expertise:
Although WebRTC market is growing at a rapid phase, the lack of technical expertise is estimated to hinder the market growth. To add file sharing, chatting, video calling options in the websites, more complex coding and technical expertise is needed. Furthermore, WebRTC code scripts can be written in different programming languages and this technology is still under developing phase. For developing WebRTC in a proper way, experienced developers with specific skills are required which is hard to find. Hence the lack of skilled experienced developers hinders the market growth in the forecast period 2021-2026.
Web Real Time Communication (RTC) Market Landscape
Technology launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the WebRTC market. In 2020, the industry of WebRTC outlook has been fragmented by several companies. Web Real Time Communication (WebRTC) top 10 companies include Cisco Systems, Inc., Ericsson AB, TokBox, Inc., Avaya, Inc., Oracle Corporation, AT&T, Inc., Polycom, Inc., CafeX Communication, Inc., Apidaze, Inc., Twilio, Inc. and others.
In September 2020, Twilio launched a new product offering, Twilio video WebRTC go, a free entry level tier which allows the developers to operate and build 1:1 WebRTC application.
In July 2020, Haivision, developer of video streaming technologies, had acquired a company Teltoo Inc., which offers a peer to peer and WebRTC enabled real time video delivery services.
Healthcare sector is analyzed to witness the fastest growth during the forecast period. The growth is attributed to the wide adoption of digital-healthcare services as well as the increasing investment towards the development of the digital health sector.
·North America dominated the market with more than 30.1% Web Real Time Communication (WebRTC) market share in 2020, early adoption for new technologies and increasing investment for the development of WebRTC are the key factors contributing to the market growth.
The demand for WebRTC is estimated to witness a significant upsurge during the forecast period, owing to its low associated cost and webification of commutation system across the globe.
Web Real Time Communication (WebRTC) industry outlook has many top market players, including Cisco Systems, Inc., Ericsson AB, TokBox, Inc., Avaya, Inc., Oracle Corporation, AT&T, Inc. and others.
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