|Status : Upcoming||Report Code : VRICT5143||Industry : ICT & Media||Available Format :|
Industry Insights by Product Type (Solution (Voice Calling & Conferencing, Video Calling & Conferencing, Messaging & File Sharing, Others), Services (Consulting Services, Implementation & Integration Services, Others)), by Vertical (BFSI, Media & Entertainment, IT & Telecom, Retail & Consumer Goods, Healthcare, Public Sector & Education, Transportation & Logistics, Others), by Geography (U.S., Canada, Mexico, Germany, U.K., France, Italy, Spain, Netherlands, Japan, China, India, Australia, South Korea, Brazil, U.A.E, South Africa, Saudi Arabia)
The global web real-time communication (WebRTC) market is growing at a significant rate, due to the increasing demand for WebRTC solutions from small and medium enterprises, and increasing employee engagement strategy. The increasing popularity of real-time communication among new generation on social media sites such as Facebook and Twitter make WebRTC an attractive market and is further estimated to gain moment in the future. The main feature pertaining to real-time communication is the smooth exchange of communication. Different solutions such as voice calling & conferencing, video calling & conferencing, messaging & file sharing contributed to the global market size. The healthcare industry is expected to grow at the highest CAGR during the forecast period. The WebRTC is a technology that is used for the real-time human voice and video communications.
Insight by Product Type
On the basis of product and services, the market is subdivided solution and services. Of both the categories, the services segment is anticipated to witness the higher growth during the forecast period as different enterprises are outsourcing the WebRTC services to third-party vendors.
The solution segment is further segmented into voice calling & conferencing, video calling & conferencing, messaging & file sharing, and others. Video calling and conferencing category is predicted to observe the fastest growth during the forecast period as it helps large enterprises efficiently manage their business and remotely conducts e-meets. The services segment is further categorized into consulting services, implementation & integration services, and others.
Insight by Vertical
Based on vertical, the market is segmented into BFSI, media & entertainment, IT & telecom, retail & consumer goods, healthcare, public sector & education, transportation & logistics, others. Among all end users, the healthcare segment is anticipated to witness the fastest growth in demand for the WebRTC solutions and services due to the increasing need for remote consulting and increasing utilization of digital services by providers and payers. The landscape of the organizations has changed over the past few decades, majorly driven by changes in consumer demands and digitalization. WebRTC solution fetches improved communication, channelized data insights, message quality, and accurate clinical information consolidated through the deployment of the same.
The web real-time communication facilitates more reliable and realistic communication mode that is monitored with the use of video and voice communication and is thereby helpful for the users to extract valuable information. The popularity of Voice over Internet Protocol (VoIP) is the key challenges for the industries. The adoption of web real-time communication helps the business organizations to attain effective communication and productivity in their organization with a unified user experience both in the office premises and outside, which paves the WebTRC industry into the positive growth trajectory.
The key factor aiding to the growth of the WebRTC market includes increasing demand for web real-time communication solutions from small and medium enterprises. The small and medium enterprises are required to maintain and develop their global presence in this competitive and hyper-competitive world in which mobility and collaboration are the most essential requirement of any organization. The small and medium enterprises are increasingly adopting the technology to fulfill the increasing demand of workers to provide a consumer-like experience.
Moreover, the employees are seeking an experience that provides flexibility to work from, thus the enterprise communications solutions are being used on perday basis. This technology helps the business organizations to deal with compatible technologies and align them with the day to day operations of the business organization. Moreover, with the implementation of WebRTC, the companies are able to view opportunities for their clients in order to harmonize their operations, escalate team performance and helps in improving business functioning.
The application of web real-time communication as a tool to bring enterprise mobility is creating opportunities for this market to grow worldwide. An organization that is well equipped with the enterprise productivity apps help them to work efficiently and effectively and provides flexibility to its employees to work from the location that is away from the office premise. With the use of smartphones and internet connection the employees are able to move away from their offices. The increasing employee engagement strategy is another factor that is creating opportunities for this market to grow worldwide. The increasing adoption of smart devices has made the interaction among the business enterprises more convenient and easy.
The technology is no longer a distraction for the organization and has started to be the most preferred medium of interaction both by the consumers and the employees of any organization. The service providers that support the mobility feature and web real-time communication should provide their enterprise customers with a huge variety of multi-device unified communications applications that helps in improving the business operations.
However, the data privacy issues, lack of awareness in some countries are hindering the growth of the market to some extent.
Globally, North America is the largest WebRTC market due to the adoption of technologically advanced solutions in the region, high internet penetration, and the existence of key domestic solution providers that are majorly contributing towards the growth of web real-time communication in this region. The increasing demand for improved operational efficiencies and business functioning to operate at low costs is further expected to drive the demand for this market in North America.
The WebRTC market is expected to witness the fastest growth in the Asia-Pacific as the region is witnessing greater opportunities, increasing adoption of WebRTC and technological advancements in this region.
Some of the major players offering the products and services in the global web real-time communication industry are AT&T Inc., Tokbox Inc., Apidaze, Avaya, Inc., Cisco Systems, Inc., Genband Inc., Dialogic Corporation, Polycom, Inc., Oracle Corporation, Twilio, Inc., Quobis and Cafex Communications, Inc.