According to the Research and Markets report, the global WebRTC (Web Real-Time Communication) market was valued at 2.73 billion dollars in 2019, and is projected to reach 45.91 billion dollars by 2027, growing at a compound annual rate of 41.7% from 2020 to 2027.
As WebRTC is adaptable to different system conditions and is also interoperable with Unified Communications (UC) or Voice over Internet Protocol (VoIP), it facilitates organizations to coordinate and communicate smoothly through its current framework, which is expected to drive the growth of the web communication market in real time.
What Factors Will Drive The Growth Of The WebRTC Market?
- Increased adoption of BYOD trend.
- The webization of communication systems.
- Growth in the adoption of the WebRTC solution to offer better customer service and improve your experience.
- The integration of Artificial Intelligence (AI) and the increase of WebRTC use cases in IoT (Internet of Things) will create opportunities for the expansion of the WebRTC market.
Which Sectors Will Experience The Highest Growth Rate?
The service sector is expected to experience the highest growth rate of 43.8% between 2020 and 2027. This is attributed to the need for companies to find a suitable WebRTC solution and help integrate with other business applications. Increased adoption of WebRTC solutions is also expected to increase demand for these services.
The mobile segment accounted for the majority among WebRTC-enabled devices, due to the rapid increase in the number of smartphone users, the increasing popularity of communication applications among millennials, and the low cost of these devices.
Additionally, the significant adoption of mobility and the launch of innovative product offerings are expected to drive growth in the WebRTC market.
Which Regions Will Grow The Most?
Depending on the region, the global web real-time communication market was dominated by North America in 2019 and is expected to continue this trend until 2027.
Factors such as the presence of leading companies using WebRTC in their offerings, such as Facebook, Twitter, Snapchat, Google (Duo, Hangout) and others in North America, and telecommunications companies that form alliances with WebRTC developers to recapture the audience are the main drivers of market growth in this region.