The global web real time communications market is projected to reach USD 43.1 BN by 2030, registering 45% CAGR throughout the review period 2017-2023. Web real-time communications provide better video and audio quality at a lower cost than other telecommunications systems.
The factors that contribute to the growth of the web real-time communications market are growing demand for safe communications mode, increasing demand from business to enhance customer relationship management, increasing adoption of such solutions in the healthcare sector, and increasing demand for better communications solutions. In addition, web RTC offers a higher quality of video and audio at a lower cost with an improved level of protection relative to other telecommunications systems and thus could drive the development of the global web RTC industry. The benefits of introducing such approaches also improve the efficiency of an organization, reduce various costs, and reduce the complexities. Web real-time communications can offer improved video and audio quality at a lower cost than other telecommunications systems. Consumer development facing industries such as retail, healthcare, and hospitality will further fuel the development of the RTC web sector.
Web RTC is still an evolving technology, however, and thus has specific problems such as privacy issues in the use of the public internet and data protection. These issues are expected to curb global network RTC market growth. The web real time communication technology is not supported in iOS, and windows are hampering the growth of the overall market.
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The global market has been segmented, based on type, into solutions and services. The solutions segment comprises video conferencing, messaging, voice calling, and others. The services segment comprises of consulting, integration, and others.
Based on the organization size, the market comprises of large, medium, and small.
On the basis of vertical, the global market has been divided into healthcare, IT & telecommunications, media & entertainment, BFSI, government and transportation, retail, among others. Out of these verticals, the IT & Telecommunications segment assessed as the largest market share majorly due to advanced technologies with the existing infrastructure, delivering real-time solutions to consumers, and eliminates various complexities. The healthcare segment is slated to grow at a fast pace over the review period, 2017-2023.
North America dominates the global web real time communications market. The largest market share attributes to the increased adoption of new technological solutions. Besides, development in the internet infrastructure and growing demand for better operational efficiency drive the growth of the regional market. Moreover, the strong presence of solution providers and well-established technology development centers in the region fosters regional market growth, allowing advanced communication technologies.
The US and Canada contribute to the growth of the regional market predominantly. The rapid adoption of cloud and VoIP services and the growing adoption of advanced technologies, such as IoT and artificial intelligence (AI), substantiate the market demand.
Europe stands second in the global web real time communications market. The market growth is driven by substantial R&D investments that transpired into the development of communication technologies. Additionally, the early adoption of ubiquitous technologies and the presence of big players boost the growth of the regional market.
The UK and Germany, backed by the rapid industrialization and high demand for optimum improved communication networks, leads the web real time communications market in the region.
The Asia Pacific web real time communications market is growing rapidly. Factors such as the adoption of advanced telecom services and development in the media and entertainment industry push the growth of the regional market. Furthermore, increasing adoption of new technology influences the web real time communications market growth in the region.
Rapidly developing nations such as China, India, Japan, and South Korea drive the regional market. Also, the presence of it & telecommunication industries is a key factor driving the APAC web real time communications market.
Global Web Real Time Communications Market - Competitive Landscape
Highly competitive, the global web real time communications market appears to be fragmented due to the presence of several key players. To gain a larger competitive share, players incorporate strategic initiatives such as mergers & acquisitions, collaboration, expansion, and product & technology launch. These players make substantial investments to transform the consumer and business landscape, driving the expansion of product line and global footprint.
Players strive to deliver comprehensive communication solutions developed with adept technology and features. Simultaneously, the growth in terms of technologies and product innovations create substantial investment opportunities for global players in the market. Most enterprises are expanding their technological capabilities by adopting different IoT solutions and better M2M operations.
Key players leading the global web real time communications market are Apidaze (France), AT&T (US), Avaya, Inc. (US), Cisco Systems, Inc. (US), Cafex Communications, Inc. (US), Dialogic, Inc. (US), Polycom, Inc. (US), TokBox, Inc. (US), Oracle (US), GENBAND Inc. (US), Twilio, Inc. (US), and Quobis (Spain) among others.
Industry/ Innovation/Related News
October 20, 2020 ---- Retail Zipline Inc. (the US), a leading global communication and execution platform for retailers, announced a partnership with a US-based leading provider of ai-powered workforce management solutions - Legion Technologies Inc. to bring best-in-class store communication & scheduling to the world’s leading retail brands.
Through this partnership, the two companies would help retail brands drive clarity through best-in-class communication while also driving efficiency via AI-powered scheduling automation through pre-built integrations.
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