The Global WebRTC Market Will Exceed 19 Billion Dollars By 2023

The growing business focus to improve the overall experience of customer interaction is one of the main drivers of WebRTC market growth. According to the report “Web Real-Time Communication Market 2016-2023”, published by Credence Research Inc., the global WebRTC market will exceed 19 billion dollars in 2023, with an annual growth rate of more than 40% in the next five years.

The expansion of the application area of WebRTC solutions in banking, financial services, insurance and public sectors is driving the adoption of solutions and services enabled for WebRTC. In addition, according to the report, the growing demand for real-time communications and the increase in the number of social networks and Internet users support the growth of the WebRTC market until 2023

Market Prospects

Web Real-Time Communication offers ease of efficient communication in real time to the end user with a high degree of ease and low implementation cost. Therefore, Real-Time Communication Web solutions experience positive adoption trends, especially in small and medium-sized companies. In addition, the increase in mobility trends (BYOD) is driving WebRTC’s innovation, and its suppliers are introducing new and innovative solutions developed for mobile platforms, web browsers and the Internet of Things.

The Web Real-Time Communication market is segmented according to the type of messaging and file sharing solutions, voice calls and video conferencing, as well as other solutions. In addition, it is divided into implementation services and integration services.

End-user organizations that operate in important sectors such as banking, financial services, insurance and healthcare are increasingly implementing real-time communication solutions to offer improved services to their clients. This, in turn, is driving the growth of the WebRTC market worldwide. In addition, the expansion of the application area of WebRTC solutions in emerging sectors such as media and entertainment and retail sectors is also driving market growth. It is expected that other factors such as the increase in the number of users of social networks and the increase in the penetration of mobile broadband will drive market growth over the next five years.

WebRTC: Regions with the highest growth

North America has one of the largest shares in the global real-time communication market. High-tech adoption trends among various sectors and businesses in this region have driven the growth of the WebRTC market. Asia Pacific is one of the markets that is experiencing faster growth due to the presence of some of the economies with greater development capacity, such as India and China. Small and medium-sized companies in the Asia-Pacific regions show a high tendency to adopt WebRTC solutions, since it offers efficient communication services, with low cost and ease of implementation.

Key Trends In The Evolution Of The Global WebRTC Market

According to the report, there are three key trends that will mark the evolution and expansion of the global real-time communications market, especially among small and medium-sized businesses:

• Greater adoption by organizations of the BYOD (Bring Your Own Device) trend.
• Convergence of WebRTC with mobile applications and online portals.
• Introduction of WebRTC platforms and solutions based on the cloud.