The global web real-time communication market size is estimated to reach USD 40.6 billion by 2027 growing at a CAGR of 43.4% from 2020 to 2027, according to a study conducted by Grand View Research, Inc. Web real-time communication (WebRTC) enables real-time communication capabilities over browsers without having the need to install additional plugins. It supports browser-to-browser applications for video chat, voice calling, messaging, and file sharing. Amid the spread of COVID-19, several organizations have adopted work-from-home policies. There is a need to maintain operational efficiency while working from home, and online communication has become an essential tool for all organizations. The increasing demand for online communication is expected to drive the market in the near future.
The
market is expected to witness substantial growth owing to the rising adoption
of real-time communication solutions in mobile applications. Applications, such
as Facebook Messenger and Snapchat, use the technology to power their video
calling features. Furthermore, GSMA estimates that the number of mobile
internet users will reach around 5 billion by 2025, which provides huge
potential for market growth. The technology is cost-effective as it eliminates
the need for installing additional plugins and has a low latency owing to the
high transfer speed. For instance, at sub-500-millisecond latency, WebRTC
offers one of the fastest methods for transferring video over the internet.
The
market is fragmented, and competitive rivalry is high due to the presence of
numerous key players. Market players are focusing on adopting various growth
strategies, such as mergers, acquisitions, and regional expansions, to gain a
competitive advantage. For instance, in September 2016, TWILIO INC. announced
the acquisition of WebRTC technologies developed by the team behind the Kurento
Open Source Project. The acquisition is expected to help the company address
the need for more next-generation video applications, such as those involved in
robotics, computer vision, augmented reality, and the Internet of
Things (IoT).
Full Research Report On Web Real-Time Communication Market Visit Here:
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Web Real-Time
Communication Market Report Highlights
- The solutions
segment is projected to expand at a CAGR of over 40% from 2020 to 2027.
This is attributed to the webification of communication
- Smartphones
& tablets is projected to be the largest enabled device segment.
Increased usage of smartphones for video conferencing and video
calling is a major factor contributing to the segment share
- The
healthcare segment is expected to register the fastest CAGR over the
forecast period. The rising adoption of telehealth solutions that provide
a remote connection between the patient and the clinician is anticipated
to dive the segmental growth
- North America
region held the largest market share of 41.13% in 2019. The large revenue
share is attributed to the presence of several IT and Telecom giants in
the region that need inter- and intra-organization communication on a
daily basis
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About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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